欧洲央行-关于延长T2运营时间的咨询文件（英）

Consultation paper on the extension of T2 operating hours June 2025 Consultation paper on the extension of T2 operating hours – Contents 1 Contents 1 Purpose of the consultation 3 1.1 Why are we launching this consultation? 3 1.2 Who should reply to this consultation? 4 1.3 What feedback is expected from the respondents? 4 1.4 By when should the respondents provide their feedback? 4 2 Current set-up of TARGET Services 5 2.1 What are TARGET Services? 5 Box 1 Multi-currency capabilities of TARGET Services 6 2.2 What are the current operating times of TARGET Services? 7 3 Reasons and possible options for extending T2 operating hours 11 3.1 Reasons for a possible extension of operating hours 11 Box 2 Experience with the recent extension of T2 operating hours 13 Box 3 How TIPS participants currently manage liquidity outside of T2 operating hours 14 3.2 What are the options for extending T2 operating hours? 15 4 Risks and costs 18 4.1 What risks are associated with extended T2 operating hours? 18 Box 4 Financial stability 19 4.2 What costs are associated with extended T2 operating hours? 20 Box 5 Relevance of T2 operating hours for monetary policy implementation 21 5 Possible impacts on T2S 23 5.1 What are the possible effects of a change in T2 operating hours on T2S? 23 Box 6 Clarifications on the link between this consultation and the move to T+1 25 6 Implementation time 26 Consultation paper on the extension of T2 operating hours – Contents 2 6.1 What time frame does the Eurosystem envisage for an extension of T2 operating hours? 26 6.2 What are the next steps following this consultation? 27 Consultation paper on the extension of T2 operating hours - Purpose of the consultation 3 1 Purpose of the consultation 1.1 Why are we launching this consultation? By launching this consultation, the Eurosystem is taking the first step towards a possible future extension to the operating hours of its T2 system. Although the operating hours of the Eurosystem’s real-time gross settlement (RTGS) system (T2) were already extended in 2023, the growing challenges faced by banks in managing their liquidity due to the increasing use of instant payments in the TARGET Instant Payment Settlement (TIPS) service, as well as the potential future introduction of a digital euro, could reinforce the merit of extending them further. The Eurosystem is therefore engaging with the broader industry (in addition to the discussions that have taken place within the Advisory Group on Market Infrastructures for Payments, AMI-Pay1) to understand current or upcoming market needs and to identify any constraints that may arise if T2 operating hours were extended. The G20’s work on cross-border payments has also identified the extension of RTGS operating hours as a priority action.2 In response, several G20 central banks have launched work on extending their RTGS operating hours by consulting their market participants with a view to developing possible roadmaps for moving in th