Integration of large-value payment and securities transactions: TARGET2, T2S, CCBM2  The final Special Feature, entitled “Integration of large-value payment and securities transactions: TARGET2, TARGET2-Securities and CCBM2”, considers the advances towards an integrated and well-functioning European market infrastructure, focusing on the contribution of the Eurosystem [see slide 23].
During the run-up to the introduction of the euro, the Eurosystem established the TARGET system and the Correspondent Central Banking Model (CCBM) which enabled the area-wide settlement of large-value transactions in central bank money and the cross-border delivery of collateral to the Eurosystem.