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TARGET 2 and Settlement Finality

Keywords: TARGET 2 , settlement , settlement finality , Directive 98/26 EC , Directive 2009/44 EC

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Abstract:

This article examines how TARGET 2 as system implements the idea of settlement finality regulated by Directive 98/26 EC of the European parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (Settlement Finality Directive) and Directive 2009/44/EC of the European parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (Directive 2009/44/EC). As the title of the article states two points are the cornerstones – TARGET 2 and finality of the settlement in this system.

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