Call for Expression of Interest: Eurosystem exploratory work on settlement in central bank money

The Eurosystem is to look into how wholesale financial transactions recorded on DLT platforms could be settled in central bank money (CeBM). The purpose of this initiative is to (i) consolidate and further develop the ongoing work of Eurosystem central banks in this area, and (ii) gain insight into how different solutions could facilitate interaction between TARGET services and DLT platforms.

The Eurosystem exploratory work consists of trials (real-life settlement in central bank money available on a regular basis for a limited period of time) and experiments (mock settlement in test environments) by using three solutions based on interoperability between market DLT platforms and central bank infrastructures for settlement in central bank money (referred to as Interoperability solutions):

• Trigger solution provided by Deutsche Bundesbank;
• TIPS Hash-Link solution provided by Banca d’Italia;
• Full-DLT interoperability solution provided by Banque de France.

The Eurosystem exploratory work will focus on settlement in euro of DLT-based transactions, covering settlement of financial assets (Delivery versus Payment, DvP), cross-currency and cross-border payments (Payment versus Payment, PvP) as well as wholesale payments in central bank money.

Experiments and Trials with the Eurosystem are planned to take place over a 6-month period, commencing in May 2024 and running until November 2024. This execution phase would consist of two waves:

• a first wave of participants, ready to start execution phase in May 2024, which could conduct exploratory work during a 6-month period;
• a second wave of participants, starting execution phase in July 2024, which could conduct exploratory work during a 4-month period, and completing at the same time as the first wave, in November 2024.

All information and documents related to the Call of interest and the Registration Form can be found here.

Timeline to express interest

Inscription

Interested participants (licensed in France for market DLT operators, or with T2 account at Banque de France for market participants) should address their Registration Forms to the following address: monnaie-innovation@banque-france.fr.

Questions - including those about the Full-DLT solution provided by Banque de France - may also be sent to the same address: monnaie-innovation@banque-france.fr.

• Documents in the application package may be provided in the following electronic formats: Word, Excel and PDF.
• Each document must be signed electronically by an individual who is authorised to sign for the applicant or, in the event of a grouping, by the representative of the grouping or each company in the grouping, by means of a certificate drawn up in the individual's name.