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T2 (RTGS)
T2 is a financial market infrastructure that provides real-time gross settlement (RTGS) of payments, mostly in euros. It is operated by the European Central Bank and is the critical payments infrastructure of the euro area. With turnover in the trillions of euros every day, it is one of the largest payment systems in the world. It is one of three so-called TARGET Services, together with TARGET2-Securities (T2S) for securities and TARGET Instant Payment Settlement (TIPS) for fast payments. The acronym TARGET stands for Trans-European Automated Real-time Gross-Settlement Express Transfer. T2 replaced its predecessor RTGS system, TARGET2 (itself introduced in 2007-2008), on . Overview Like other RTGS systems, T2 allows individual banks to submit payment orders and have them settled in central bank money, namely the euro. T2 settles payments between banks as well as those related to the Eurosystem's own operations. Member banks can connect to T2 either via SWIFT or via NEXI-Colt, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Market Infrastructure
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assessme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Italy
The Bank of Italy (Italian: ''Banca d'Italia'', informally referred to as ''Bankitalia''), (), is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's current governor is Ignazio Visco, who took the office on 1 November 2011. Functions After the charge of monetary and exchange rate policies was shifted in 1998 to the European Central Bank, within the European institutional framework, the bank implements the decisions, issues euro banknotes and withdraws and destroys worn pieces. The main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance with rules and regulations; the bank pursues it through secondary legislation, controls and cooperation with governmental authorities. Following a reform in 2005, which was prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CHAPS
Chaps ( or ) are sturdy coverings for the legs consisting of leggings and a belt. They are buckled on over trousers with the chaps' integrated belt, but unlike trousers, they have no seat (the term "assless chaps" is a Tautology (language), tautology) and are not joined at the crotch. They are designed to provide protection for the legs and are usually made of leather or a leather-like material. Their name is a shortened version of the Spanish word ''chaparajos''. ''Chaparajos'' were named after the chaparral (thick, thorny, low brush) from which they were designed to protect the legs while riding on horseback. Like much of western American horse culture, the origin of ''chaparajos'' was in the south of Spain, from which it then passed on to the part of New Spain that later became Mexico, and has been assimilated into cowboy culture of the American west. They are a protective garment to be used when riding a horse through brushy terrain. In the modern world, they are worn for both ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fedwire
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009). Transfers can only be initiated by the sending bank once they receive the proper wiring instructions for the receiving bank. These instructions include: the receiving bank's routing number, account number, name and dollar amount being transferred. This information is submitted to the Federal Reserve via the Fedwire system. Once the instructions are received and processed, the Fed will debit the funds from the sending bank's reserve account and credit the receiving bank's account. Wire transfers sent via Fedwire are completed the same business day, with many being completed instantly. In conjunction with Clearing House Interbank Payments System (CHIPS), operated by The Clearing House P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CLS Group
CLS Group (for Continuous Linked Settlement), or simply CLS, is a specialized financial infrastructure group whose main entity is the New York-based CLS Bank. It started operations in 2002 and operates a unique global multicurrency cash settlement system, known as the CLS System, which plays a critical role in the foreign exchange market (also known as forex or FX). Although the forex market is decentralised and has no central exchange or clearing facility, firms that chose to use CLS to settle their FX transactions can mitigate the settlement risk associated with their trades. CLS demonstrated its risk-mitigation value in the financial crisis of 2007–2008, during which the forex market remained orderly even in times of severe systemic financial stress, and again during market turmoil associated with the COVID-19 pandemic in early 2020. The CLS System's sophisticated payment versus payment concept does not entirely eliminate forex settlement risk, but reduces it considerably am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Danmarks Nationalbank
Danmarks Nationalbank (in Danish often simply ''Nationalbanken'') is the central bank of the Kingdom of Denmark. It is a non-eurozone member of the European System of Central Banks (ESCB). Since its establishment in 1818, the objective of the Nationalbank as an independent and credible institution is to issue the Danish currency, the krone, and ensure its stability. The Board of Governors holds full responsibility for the monetary policy. The building which houses the bank's headquarters was designed by the renowned architect Arne Jacobsen, in collaboration with Hans Dissing and Otto Weitling. After Jacobsen's death, his office, renamed Dissing+Weitling, has brought the construction to completion. Danmarks Nationalbank undertakes all functions related to the management of the Danish central-government debt. The division of responsibility is set out in an agreement between the Ministry of Finance of Denmark and Danmarks Nationalbank. Danish and Faroese banknotes were previou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CLS Bank
CLS Group (for Continuous Linked Settlement), or simply CLS, is a specialized financial infrastructure group whose main entity is the New York-based CLS Bank. It started operations in 2002 and operates a unique global multicurrency cash settlement system, known as the CLS System, which plays a critical role in the foreign exchange market (also known as forex or FX). Although the forex market is decentralised and has no central exchange or clearing facility, firms that chose to use CLS to settle their FX transactions can mitigate the settlement risk associated with their trades. CLS demonstrated its risk-mitigation value in the financial crisis of 2007–2008, during which the forex market remained orderly even in times of severe systemic financial stress, and again during market turmoil associated with the COVID-19 pandemic in early 2020. The CLS System's sophisticated payment versus payment concept does not entirely eliminate forex settlement risk, but reduces it considerably ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro Banking Association
The Euro Banking Association (EBA) is an industry forum for the European payments industry with close to 200 member banks and organisations from the European Union and around the world aimed at fostering and driving pan-European payment initiatives. Through its industry initiatives and the euro payment systems it has delivered, the EBA is a key contributor to the creation of a standardised Single Euro Payments Area (SEPA). History and structure The Euro Banking Association (EBA) was founded in Paris in 1985 by 18 commercial banks and the European Investment Bank. The European Commission as well as the Bank for International Settlements (BIS) supported the founding of the EBA. Since then, the number of members has risen to almost 200. The institutions come from all member states of the European Union as well as from Norway, Switzerland, Australia, China, Japan, the United Arab Emirates and the United States. In its early years, the agenda of the EBA included the promotion of the E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurosystem Collateral Management System
The Eurosystem Collateral Management System (ECMS) is a unified platform for collateral management in the Eurosystem, intended to support the effectiveness of monetary policy in the euro area. It is one of the Eurosystem's TARGET Services, together with T2 for large payments, TARGET Instant Payment Settlement (TIPS) for instant payments, and TARGET2-Securities (T2S) for securities settlement. Overview The ECMS is scheduled for implementation on , when it will replace the national collateral management systems that have been operated since the inception of economic and monetary union by each National Central Bank. The ECMS project has been jointly developed by the Bank of France and Bank of Spain on behalf of the Eurosystem. Its start had originally been scheduled in late 2022, but was subsequently postponed several times. See also * Marketable collateral * Monetary Policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the intere ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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