TARGET2——欧洲支付系统的一体化

TARGET2--an integrated Europe for individual payments

泛欧自动实时总额清算快速转移系统(简称TARGET),由一个技术连接平台将16个国家级的RTGS系统连接,它同时还与欧洲央行的支付机制相互连接,是欧洲金融基础设施的重要一环,对金融稳定至关重要。2007年11月,欧洲将推出基于单一技术平台上的新一代TARGET2系统,该文从TARGET2系统的设计、参与方式及其证券清算系统等方面全面介绍了新一代TARGET2系统,认为它将为市场参与者提供成本、运行以及流动性管理等方面的诸多便利。

TARGET （Trans-European Automated Real-time Gross Settlement Express Transfer）, by using a technical interlinking platform, interlinks 16 national RTGS systems, and is combined with a payment mechanism operated by the European Central Bank （ECB）. It is an important piece of the European financial infrastructure and key for financial stability. In November 2007, TARGET2, the new generation, will be launched in Europe, based on a single technical platform. From the perspectives of design, forms of participation and TARGET2-Securities, this paper presents a comprehensive introduction of the new-generation TARGET2 and conclude＇s that TARGET2 will bring a number of advantages for the market participants in terms of costs, operations and liquidity management.