- TARGET2
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European UnionThe second generation of the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system (TARGET).TARGET2 is the current real time gross settlement (RTGS) payment system for the settlement of euro transactions within the eurozone which is promoted by the European Central Bank (ECB) (). It went live on 19 November 2007 (see Legal update, TARGET2 launched (www.practicallaw.com/1-379-0843)) and completely replaced TARGET on 19 May 2008 (see Legal update, TARGET2 migration process now complete (www.practicallaw.com/7-381-9669)).It is a centralised payment system with a single shared technical platform, unlike TARGET which was a decentralised network of payment systems. It is open on the same days as TARGET was, i.e. every weekday, except New Year's Day, Good Friday, Easter Monday, 1 May, Christmas Day and 26 December.The Bank of England (www.bankofengland.gov.uk) and the Sveriges Riksbank (Sweden) decided not to participate in TARGET2.For more information on TARGET2, see the ECB website ().
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.