The TARGET2 business day starts on the evening of the previous business day (D-1) at 7 p.m. CET. A "night-time window" is available from 7.30 p.m. to 6.45 a.m. CET, with a three-hour technical maintenance window between 10 p.m. and 1 a.m. CET.
The night-time window is used for the settlement of certain ancillary systems: that is, other market infrastructures including clearing houses, settlement-delivery systems and retail and large-value payment systems in commercial money. These ancillary systems settle their users’ cash balances in TARGET2, the euro payment system in central bank money. All other ancillary systems are settled during the day.
Settlement times for ancillary systems are listed on the ECB (European Central Bank) website at:
Daytime operations begin at 7.00 a.m. CET and end at the following times:
- 5.00 p.m. CET for customer payments
- 6.00 p.m. CET for interbank payments
The day closes at 6.15 p.m. CET, and 15 minutes later on the last day of the minimum reserve period.
6.45 a.m - 7.00 p.m.
Business window to prepare daylight operations
7.00 a.m. - 5.00 p.m.
Day trade phase
Cut-off for interbank payments
End of day
Cut-off for the use of standing facilities
Cut-off for the use of standing facilities on the last day of the minimum reserve period (+15 min.)
Start of day
night-time window for ancillary systems
7.00 p.m. -7.30 p.m.
Provision of liquidity until receipt of start-of-cycle message from ancillary systems
7.30 p.m. - 10.00 p.m.
Start-of-procedure message, setting aside of liquidity and ancillary system night-time processing
10.00 p.m. - 1.00 a.m.
1.00 a.m. - 7.00 a.m.
Night-time processing for ancillary systems
TARGET2 is structured into modules, some of which are mandatory and some optional. This gives national central banks a degree of flexibility in the way they operate the system, while at the same time working on a single shared platform.
Some modules are for use exclusively by central banks. These include the transaction history and billing modules, and the module for reporting information processed on the platform.
Mandatory modules: these carry out all the functions required to process participants’ transactions.
Participants receive a confirmation message (MT012) indicating that their payment has been made. They may also receive a confirmation of debit (MT900) or of credit (MT910) for each payment processed, as well as an account statement (MT950) at the end of the day.
The other modules are optional. They allow central banks to carry out some of their other Eurosystem functions via the TARGET2 platform.
Updated on: 12/13/2016 16:31