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Focus Session in Frankfurt am Main

When, where

Thursday, 23 January, 09:00-17:00 CET C2.01-C2.02, ECB Main Building

09:00

Registration

9:30

Welcome address TARGET Services

The Eurosystem has embarked on an ambitious journey to contribute to the integration of Europe’s financial market infrastructure. Enhanced TARGET Services will allow market participants to integrate their liquidity in a single pool of central bank money that can be used for cash, securities or collateral transactions. This will help to optimise liquidity flows across TARGET Services, set credit lines and manage central bank operations in an efficient and harmonised way.

Ulrich Bindseil, ECB

9:40

Project update

The ECB team will give a project update.

Dimitri Pattyn, ECB

09:55

Market readiness assessment

Self-assessments are conducted by market participants – this update offers insight into the current status of this process.

Maria Teresa Arráez, ECB

10:10

Network service providers

SIA-Colt and SWIFT are the two network service providers awarded the concession to provide connectivity to all Eurosystem market infrastructure services via the Eurosystem Single Market Infrastructure Gateway (ESMIG). Market participants need to select one of these two providers by July 2020. These presentations and the Q&A provide an opportunity to gain insight into the services these providers will offer.

Frequently asked questions about ESMIG Connectivity Services Agreements

15 minute presentation by Isabelle Oliver, SWIFT
15 minute presentation by Deborah Traversa, SIA-Colt
Q&A session

Moderator: Ignacio Terol, ECB

10:55

Coffee break

11:30

Global move to ISO 20022

The launch of the new real-time gross settlement (RTGS) system in November 2021 will require a migration to ISO 20022 for large-value payments. Why are RTGS systems across the globe moving to ISO 20022? What benefits can be expected? How should market participants engage with challenges posed by the switch?

Panel members:

Marek Kozok, ECB
Will Lea, Bank of England
Frank Van Driessche, Federal Reserve Bank of New York

Moderator: Paula Roels, Deutsche Bank

12:30

Lunch break

13:30

Central bank readiness

Launching the new RTGS system requires central banks, and central bank communities, to migrate to the new set-up. How are central banks preparing for this? How will they ensure that both they, and their communities, are ready for the change?

Interactive discussion:

Luis Garcia, Banco de España
Michael Schoenmakers, Banque Centrale du Luxembourg

14:00

Panel: What will it take to be ready?

Diverse stakeholders will need to be ready to migrate to the new system in 2021 – financial institutions, central banks, ancillary systems etc. What approach should they take? What is needed to ensure they are all ready in time? What support is available?

Panel members:

Edouard Berthet, BNP Paribas
Olivier de la Maisonneuve, Worldline
Jette Simson, EBA Clearing

Moderator: Sylvain Debeaumont, ECB

15:00

Coffee break

15:30

On-stage pitch

Companies will present on how they can support market participants in the preparation for the migration to ISO 20022 and the launch of the new RTGS in 2021.

16:30

Closing remarks

Dimitri Pattyn, ECB

17:00

End of event

In November 2021 the Eurosystem will replace its current TARGET2 settlement system with a new real-time gross settlement (RTGS) system built on ISO 20022. The launch will consolidate the new system and T2S, the securities settlement platform, on both technical and functional levels. The project will optimise liquidity management across all TARGET Services (TARGET2, T2S, TIPS and ECMS).

All current users – financial institutions, central banks, ancillary systems, network services providers, etc. – will be connected to the new system using a “big bang” approach, i.e. over a single weekend.

Extensive preparations and solid migration plans will be required to ensure everyone involved can meet the transition deadline of November 2021. To facilitate a smooth changeover process, some may choose to use external service providers. To foster transparency for all, the European Central Bank will run a marketplace where potential external providers can showcase their services and engage in dialogue with users of the new RTGS system.

Are you a service provider interested in taking part? The ECB invites you to express your interest by 18 December 2019. See below for more details.

Who can participate?	Interested service providers.
How can I take part?	Send an email to MIP.events@ecb.europa.eu expressing your interest.
Closing date for expressions of interest	18 December 2019
When will I know if my participation is confirmed?	9 January 2020
Venue	European Central Bank Sonnemannstrasse 20 60314 Frankfurt am Main Germany
Date of event	Thursday, 23 January 2020 9:00-17:00
What format will the event take?	The event will comprise a conference and a marketplace. As a confirmed marketplace participant, you will have a stall where you can present your services and interact with all the conference participants. These will include banks operating in the European Union, national central banks, financial market infrastructure providers and industry associations. You are also welcome to attend the conference as a member of the audience.
What should be presented at the event?	You should showcase how you can support TARGET2 stakeholders in their migration to the new RTGS system in November 2021.
What kind of facilities will be provided at the event?	There will be a dedicated area for presenting and discussing your services with market participants.
Cost of participation	There is no participation fee. The ECB will provide a light buffet lunch and refreshments to all participants. The ECB will not cover any travel costs incurred.