www.pwc.com/it TARGET2 – T2S Road to Consolidation
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TARGET2 – T2SRoad to Consolidation
The Eurosystem has developed a strategy for the evolution of market infrastructures (so-called “Vision 2020”). Vision 2020 has the ultimate goal of achieving full integration of the European Financial Market, capturing the benefits of further integration and harmonization of cash and securities services.
Integration through T2S evolution
T2 running to embrace T2S and TIPS
Challenging goals• Understand the requests for new
functionalities by the users• Adapt to the corresponding norms and
regulations• Comply with the updates of the ISO
standard for the messagges
Updates1 major release in June (new functionalities)• 1 minor release in November (compliance
with ISO standard)• 2 releases focused on the solution of
software issues (February and September)
Reliability• T2 is smoothly running for more than 10
year• In 2016 reached 100% availability ratio
Volumes• 92.8 Mio payments (3.3% increase
compared to previous year)• 892,155 Bio overall value (9.22% increase
compared to previous year)
Evolution• Soon support instant payment at the
Target Ancillary System Interface
T2S continuous improvement
As - Is Consolidation To Be
T2S solid background
T2SSecurities Platform
T2 RTGSCash Platform
TIPSPayments Add-on
• The combination of T2 and T2S infrastructures, being compliant with the cyber resilience
• The creation of a unique interface (ESMIG) managed by the Eurosystem
• The functional convergence which will allow to develop common services such as the multi-currency in RTGS
• The development of new and improved RTGS services
As a result of T2 / T2S Consolidation, all Eurosystem services will insist on the same platform (CLM), including TIPS (Instant Payments Regulation) and ECMS (Centralized Collateral Management - CCBM evolution / development). The common language will be the SWIFT XML 20022.
New
To know more about TIPS, ask for PwC VP “TIPS: The brand new pan-European Instant Payment Settlement”.
Securities settlement
Reduction of the operational costs thanks to the reinforcement of the cyber resilience and to the combination of the existing platforms.
Sharing of the technological progresses achieved in T2S, to all the system.
Possibility to develop new services and optimize the existent ones, checking the feedbacks in the User Requirement Document.
Benefits are round the corner
Cost reduction
Knowledge sharing
Service optimization
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20282018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Reduction due to the project
Central Liquidity Management
T2S RTGS Services TIPS
High-value payments Instant payments
Common Reference Data
Shared Operational Services
Data Warehouse
ESMIG
1082 on shared services
1026 on central liquidity management
662 on RTGS Services Contact Group
65 on Glossary
URD feedbacks
Combined T2S and RTGS operational costs
Next steps
01 02 03 04
Realisation roadmap
Q1 2018
Q4 2018
Q1 2019
Q2 2020
Q4 2021
Q4 2021
Q1 2020
Q2 2020
Q4 2021
Development phaseFunctional specifications
PwC confidence from repeatable experience
Establishing a technical team under the RTGS SCG, focused
on messages
PwC excellence through execution
Message-related parts of the User Detailed Functional
Specifications in collaboration with the RTGS SCG
PwC deeper client relationships
Generating an RTGS Services Contact Group (SCG)
with market actors
PwC deepindustry insight
Definition of the ISO20022 messages in
cooperation with the technical group
Go-live of shared services required for TIPS
Internal testing phase
Eurosystem acceptance testing phase
User testing phase
Go-live
Stabilisation phase
CIB testing phase
Migration phase
Why PwC
• Participation to ECB post-trade and payment forums
• Participation to DCP forum T2S• Moderator & panelist to the
events organized by entities belonging to the category (ABI and Assosim)
Participation to events and forum
International coordination network Training and awareness
Support to international players
• Support to national and international players about compliance projects and feasibility studies
• Strategic and technological partner of the T2S project for italian and foreign ICP
• Support to regulatory change projects
• Generation of a new working team which involves the global and the european PwC networks and which is focused on the market analysis and the sharing of experiences and solutions
• Training to professional players and financial institutions
• Surveys development in collaboration with other organizations of the same category
PwC
The 300-billion-euroQuestion
Economic analysis of SEPA
Survey on the Benefits of TARGET2-Securities
Benefits and oppotunities ready to be unlocked by stakeholders
Capital Markets 2020
Will it change for good?
Our publications dealing Capital Markets, T2 and Europayment System
Target 2 Securities
Post-trade services in financial markets
L’opportunità di un sistema di regolamento europeo senza confini
Moving from backstage to center stage
FS viewpoint
A survey of financial institution preparedness
Mauro PanebiancoPartner +39 348 [email protected]
Andrea LaurentiDirector+39 348 [email protected]
Contacts
© 2018 PricewaterhouseCoopers Advisory SpA. All rights reserved. PwC refers to PricewaterhouseCoopers Advisory SpA and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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