TARGET Services pricing guide published

31 March 2021

The TARGET Services pricing guide v1.0 is now available on the ECB website. The guide provides TARGET Services participants with a comprehensive overview of the pricing schemes and billing-related aspects of the future consolidated TARGET Services (concerning euro-denominated activity). In particular, it covers central liquidity management (CLM); real-time gross settlement (RTGS); TARGET2‑Securities (T2S); and TARGET Instant Payment Settlement (TIPS).

The T2-T2S consolidation project will optimise certain functional aspects of the existing market infrastructures operated by the Eurosystem. A number of components will be introduced and shared across all TARGET Services, including a common billing system to help optimise the Eurosystem’s operational costs.