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The three core components of the financial system are markets, institutions and market infrastructures. The latter facilitate the handling of payments and the clearing and settlement of financial instruments.
Safe and efficient payment, clearing and settlement systems are of fundamental importance for economic and financial activities, the conduct of monetary policy and the maintenance of financial stability in the euro area.
TARGET2
Real-time gross settlement of euro payments in central bank money
Correspondent central banking model (CCBM)
Cross-border handling of collateral in Eurosystem credit operations
ERMS
Provision of reserve management services for euro assets to central banks and monetary authorities outside the euro area
TARGET2-Securities (T2S)
A pan-European platform for the settlement of securities transactions
Collateral Central Bank Management (CCBM2)
A platform for the management of eligible collateral used for Eurosystem credit operations
SEPA
Towards the establishment of an integrated market for euro retail payments
