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T2/T2S Consolidation: Can digital transformation be an opportunity for liquidity management?

T2/T2S Consolidation: Can digital transformation be an opportunity for liquidity management?

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The Eurosystem project to consolidate TARGET2 and T2S and to meet changing market needs by enabling a truly real-time 24x7 settlement infrastructure for cash, securities and collateral aims at increasing efficiencies and optimising liquidity management across all TARGET Services.

 The go-live is scheduled for November 2021, with a big bang migration that will involve all European banks. Any participant not ready by this date will be excluded from central bank monetary operations, unable to pay or be paid in CB money or perform ancillary system settlements. To increase industry focus on this critical undertaking, central banks and the Eurosystem have defined a roster of tasks and milestones to aid a smooth migration and minimize risk.

The role of treasurers has hugely evolved since the financial crisis in 2008. No longer a unit of the bank’s capital markets division, focusing on short-term profit and loss, today they are the managers of the bank’s balance sheet and its liquidity.

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