 Ok, nous allons réconverter notre workshop, donc nous sommes presque en temps de retour. Et juste une chose, parce que j'ai vu certains de vous prendre des photos du slide, ce qui est bien, je veux dire, nous sommes filmés par contre, donc la présentation sera faite pour vous sur le site de demain, pour que vous... je veux dire, vous pouvez toujours faire des photos, pas de problème, mais... Vous allez avoir le slide dans un format meilleur probablement, de Vilebo sur le site, incluant probablement une sorte de videossommerie de la meilleure partie. Donc, si vous parlez bien, vous allez être sur le... Ok, ce qui a été dit, je vous donne la flore, Patrick. C'est pour vous l'après-midi session, vous devez nous protéger avec comment les services de business pourraient être annoncés. Oui, merci beaucoup Marc. Et oui, donc il va être un challenge de présentation après-midi, mais je vais essayer mon meilleur de vous protéger, et bien sûr, nous avons le fameux outil qui nous aidera aussi. Donc oui, donc ma présentation est maintenant sur la troisième partie de la consultation, et je suis bien sûr très heureux d'y couvrir cette partie. C'est sur, comme vous pouvez le voir sur le slide, comment les services de business peuvent être annoncés. Donc, nous parlons de services de business, donc je pense que nous parlons beaucoup de vous. Nous avons des idées où nous devons avoir des messages sur le marché, parce que c'est vous qui, en fin de détermination, quelle information, les tools que vous avez besoin, afin de gagner votre business. Donc, en faisant ceci, je vais vous donner une outline de la présentation. Donc, premièrement, je vais regarder un peu sur l'assessment de ce qu'on a aujourd'hui. Ensuite, nous allons bouger et regarder plus dans le futur. Nous allons aussi regarder les systèmes de l'accélération, ce que nous avons mentionné ce matin, donc c'est couvert ici, à un certain extent. Nous allons regarder, potentiellement, les services de service que nous offrons, les features de management de liquidité. Ensuite, nous allons regarder quelque chose de nouveau, nouveau aussi pour les banques centrales, de toute façon, l'analyse des données. Et, en fin de détermination, les services que nous pouvons potentiellement offerter pour vous aider en rencontrant les requirements réguliers. Donc, ceci, comme vous l'avez vu dans la présentation de Sylvain, et bien sûr, je ne vais pas être répétissant le même. Mais, bien sûr, c'est aussi important de linker cette présentation dans la rapport consultative. Et, probablement, trois choses que je voudrais dire sont importantes pour cette présentation. Sur l'un de l'autre, nous pouvons apprendre du Target 2, des services de services ITGS que nous avons offerts. Deuxièmement, nous pouvons, bien sûr, apprendre de la sécurité de Target 2, parce que, aussi là, il y a des fonctionnalités que nous n'avons aujourd'hui dans le Target 2. Et bien sûr, la dernière, mais bien sûr, mais le plus important est, bien sûr, d'essayer de votre input pour savoir les besoins, les besoins du marché. Bien, let's start with the assessment of the current services. So, the current services means looking at Target 2. And before we now look at the assessment of the different services, it's also time to acknowledge a bit the achievements that have been made, that we together made with Target 2. So, we established a single system. We came across the border of domestic and cross border with introducing Target 2. We introduced already a nighttime settlement at the time that was not existing before across the EU area. We managed to have a broad participation. We have a high number of direct participants. We have a high number of indirect participants. We have common operational procedures. Sounds simple, but was also not so simple to achieve across all the center banks, the 25 that are now using Target 2. We have harmonized services that were introduced with Target 2 to the largest extent, not all of them, but to the largest extent. We managed to introduce liquidity management features that today are considered to be a basic function of an RTGS system, but before Target 2, these were only existing in some systems. We managed to harmonize the prices. We managed to have ancillary systems joining Target 2 using generic settlement models. We also achieved with a new platform, at this time new platform, a high resilience. If you look at old statistics, you see that we had more than 100 incidents per year, whereas with Target 2, this number reduced dramatically. We also managed, meanwhile, to ramp up the work on analytics. So also here, this is a particular part of the presentation. We also made a huge step forward. We contributed heavily to financial integration. If you look at the financial integration report of the ECB, you will see market infrastructure has always been mentioned and in particular also the achievements on the RTGS side. And last but not least, I think through the last crisis events with the banking or sovereign crisis, the RTGS system was also valued for providing a very stable backbone. So I think these are some great achievements, but it's no time to rest. It's not time to lean back and that's what we're doing. We're looking actually forward in order to see what service can we provide in the future to make this service even stronger and even answering more to the market needs. Now looking at the assessment of the current services, so we're starting with that slide. Actually, you see a distinction that sounds a bit technical, but that was done at this time of mandatory core services. So it's really the core of the current system. We have the payments module together with its participants interface, the Ancillus systems interface, the RZ, as well as the interface for target two securities. We have the information and control module for the non target two people. This is what we have. It's a GUI, TITRA, so to say. We have a static data module and we have also the contingency module that Marco mentioned this morning. So these are the core services. And what we did from the user system we looked at the services that we have today and we tried to evaluate in how far are these services used. When we first start with the core of the system, of course we speak about the participation and indeed we see a high number of direct participants. I think it's up to 1,800. We have a high number of indirect participants. We have also a high use of features like unpublished bics. We have a high use of the features of multi-attressable bics. And also, we have also a high use of internet-based access to the system. When we come to transactions, well you know that it's been quite a demand for bank-to-bank payments. There's quite a demand for customer payments. Although frankly speaking we have seen some reductions after the introduction of SEPA. And of course we also have a system highly used for indirect system transactions. So overall we feel when looking at the core service that the core service is of course most important for the platform but it's also most important for the market if you would have to really consider it as of today. And we all see a port participation and a high use of the payments. If we go ahead with optional services, so some services in target 2 are core services so they offer to all but we have the option to use them or not. Here we have of course the liquidity management features and we have also the value added services that we introduced for target 2 securities. So we also looked at those features so we empirically looked at how much are those used. And the result is that the usage of priorities and of reservations so you know the priorities of highly urgent payments and to reserve liquidity for these categories is actually very well and frequently used. The same is for time payments. Time payments are payments that have either starting an earliest settlement time or a latest settlement time and also these are highly used. Where we have to be frank where the use is lower than we initially expected was on the account pooling so virtual account that we have what's about to mention in this presentation this morning. This usage is rather low also the usage of limits is low. So limits you know sender limits that a bank can put sender limits bilateral one towards a counterparty multilateral towards many fold counterparties in order to limit the outflow of liquidity but these limits are not used to a high extent. Of course when we we may have to take on board said target 2 offers built-in mechanisms that support liquidity management as such this is for instance the optimization mechanism so the entry disposition as well as that we have queues where algorithms are running of course these help also and may have also to be reflected when we speak about the usage of liquidity management features. When we speak about target 2 securities value added services well here we speak you see below there's a little bit of a disclaimer we speak about the projected use because we don't have all of you on board yet but it appears that the value added services are going to be also quite demanded. So overall looking at the slide liquidity management features yes they are used but not all of them so some of them are are rarely used value added services for target 2 securities as of today are actually quite demanded. Furthermore we have also ancillary systems we have a number of them around 80 systems that are connected to target 2 which is a reasonably high number but of course it's not only a free choice of course there's a big demand for ancillary systems to find settlement in central bank money we have also services that are provided only if a central bank has opted to use those this is for instance a case for the standing facilities model for the minimum reserve module also a home accounting module and here we see a growing number of central banks using those central banks that are giving away proprietary systems and are moving to modules that are offered by the platform and last but not least I think more for completeness we also have some modules that are offered to central banks only so that are so to say invisible for you which is a data warehouse of target 2 the billing module as well as what we call the target 2 simulator so looking at this slide overall we could say indeed ancillary system services are highly used and central bank services are also used but that's more as a matter of the task of a central bank now the the user system and looking at all this information actually we consider that the functions as we have them provided today in the RTGS system are actually quite justified for what we see from the usage so from this perspective without saying that everything should remain as it is of course things may have to be changed but at least it seems to provide a basic subset of services that we may also consider for the future but that is our assumption and therefore we also of course have it's a question like how how do you are going to see it so if you would ask you about the current services would you say yes I think all of these services should be provided in the future well maybe not all of them but some of them if you have that opinion then the number to be voted would be 2 or last if you say like none of these services should be provided and we're gonna know who's selecting 3 so I think we can start the vote but I'm not voting okay I think we can go for the results ah very good I'm still surprised about the number 3 so but it but it shows so of course large majority indeed seems also to to support the view of the use system said we should build on the current services I think the maybe indicates that indeed some services may be refued whether they are required as they are or if they may have to be aligned for the future I don't know whether there's anybody in the audience who would like to shed a bit more light on the answer given whether the positive or the negative one I think you made a remark already in one of the slides say that the current liquidity situation doesn't really push banks to the max right so that has something to do with the tools used I think and well I guess one of the next subject shall be about enhancing tools and expanding it because I think there's room for that as well so it's a bit of both I think what we have I don't think we should throw away but obviously we should think about doing more okay thanks I think really made a very important aspect I did not underline it too much but of course we are currently in a different liquidity situation so when we build target 2 and the liquidity management features we had in mind extremely tight liquidity situation and of course now we are in a different situation which is comfortable it's comfortable in terms of liquidity management of course times may change so but we want to have I guess a tool set that allows us to manage liquidity under all situations well I would say that was so far looking backwards now let's look forward and let's see what's future may bring but I'm not center-close so I cannot bring anything I can only propose some ideas and what you see now are some ideas are proposals all for the future services may entail and we will start with the anxiety system related services so as mentioned we have around 80 market infrastructures furniture market infrastructures that are today connected to target 2 in order to find the settlement of the business in center bank money for this we offer six generic models the settlement models I don't go go through them but at the time they were designed they were also responding to the market needs in order to understand what are the settlement models the anxiety systems need and then the six models were defined in fact when we look at the usage of these six models all of them are used but to varying degree of course as you will see in the slides that comes later on only one of these models at the moment supports an item settlement with this model 6 dedicated liquidity all other of these settlement models are currently not available during night time of course since we have set up target 2 since we have set up these models a lot of things has changed one of the things is of course we have target 2 securities with target 2 securities we will have the movement of CSTs away from the anxiety systems interface to target 2 securities and as Marc mentioned we speak about 23 anxiety systems that will not participate in target 2 so to say but we will be then using target 2 securities of course that's quite important because it changes a bit the perspective how we look at the anxiety systems interface in fact in the future we may have while the current models may have been more designed for the needs of security settlement in the future may have designed more for the needs of other anxiety systems speaking in particular about the majority of the systems that would remain as anxiety systems which are not surprisingly ACHs and CCPs but also not to forget even though the number is low but there's an important FX settlement system CLS being connected and as well some other payment system including a large value payment system also connected so we have also to see that of course these needs would be fairly reflected in the future of anxiety systems so when we speak about potential options of what we have in mind we indeed think that having the shift in focus in mind that one could and should align the settlement models that are currently offered we have currently the six models we may have to reflect on are these models still answering to the needs of anxiety systems in the market with that we may also look at the ability of providing support to an anxiety system in case it faces a difficult situation so contingency solutions which the less models we have may even allow to also provide a contingency solution Sylvain alluded on it earlier but of course another question is about daytime and nighttime so as said we currently we have one model that supports the nighttime the settlement model six is this still the way how we should do it in the future should we really have this restriction or should nighttime daytime be kind of merged and all models being available throughout the operating time another aspect that we may have to think of potentially but here we speak of course another control of the ancillary systems and also expect the feedback from the ancillary systems to the consultation that's the question of how to support cross ancillary system settlement of course we had cross csd settlements we had with the discussions although it's not particular part of this presentation but of course we have also discussions about instant payments and solutions in the space of instant payments where we have cross a ch solution that may have to be considered and where we may have to see a way of how we can support those I guess also in the space of ccps we will also find cross ccp actions so a number of areas where we may have to think not only serving one ancillary system but to keep in mind that there are also cases where there may be settlement required across ancillary systems on the other hand we have this ancillary system but we have also users of the ancillary systems and the question is also to the users of the ancillary systems how they would see the service in the future so also the users may have so wish for enhanced services this could be in the space of monitoring so they would like to have enhanced monitoring features it could be in the space of potentially automatic liquidity adjustment so if you're running short in liquidity that could be an adjustment from one account to the other or if you're running high on liquidity that you may get the liquidity automatically back there may be also the idea as a wish of settlements to control better the services they offer to correspondent banks so if you are participating for correspondent bank in ancillary system you allow the settlement on your account you may wish to have a limit system in order to ensure that not too much liquidity is eaten up by an indirect participant so a number of fields that one could think about also in the ancillary systems space that could be potentially provided one question also that we would in particular have is so these are the settlement models this is the usage by the ancillary systems and don't count them because some of the ancillary systems use more than one model but if you would count them you would realize that not all ancillary systems are using the ancillary systems interface so some of them can use the participants interface and here we would like to understand also why so how we can make the ancillary systems interface more attractive to ancillary systems to use this interface while then the participants interface so what we as your system would see as potential benefits of course the overall aim would be to make the ancillary system a connection more attractive so following the last item I mentioned to ensure that ancillary systems are really using the interface that we offer but of course the key principle for us is that we would need to support ancillary systems in order to be able to find the settlement in central bank money we think that the consolidation of the settlement models can be very helpful in order to have increased we may have increased efficiency but also in terms of increased resilience so matching this contingency tool is something like this could be developed we see also this of course not only for the ancillary systems side but also on the bank side so also this aspect we see closely interlinked so that would be what we would what we have put forward in the report for ancillary systems interface so we expect we hope we get a good feedback and a lot of feedback from the market from the ancillary systems themselves as well as from the users of the ancillary systems in order to put us in a position to design the connection of ancillary systems in a way that really meets the needs are there questions comments on this one on this one there is no voting if there are no questions then I would suggest I move on to liquidity management services so this is of course to the presentation it sounds a bit like a potpourri of different aspects and which is very nice but there's also a lot of interlinkages in between them which we will see throughout the presentation now looking at liquidity management services of course this has been a core of the service offered today the first sentence is more or less how the basal committee for banking supervision and the CPMI are viewing liquidity management if you look in one of the report on intraday liquidity management they indeed spell out that the successful intraday liquidity management is closely interrelated with the smooth functioning of the RTGS and I guess one cannot deny the statement the objective of liquidity management is that we reduce the bank's liquidity needs and that we support them in their liquidity management that we allow the banks to have all the monitoring tools available to control their liquidity flows and that we of course set all incentives not to delay payments so not to end up in a situation as we have it on the image here that one is so polite to wait for the other to react first because then you're not gonna move forward so in a world of payments there's always one who has to send the payment first and you cannot wait that the counterparty sends first and we have to ensure that we have means that allow you to control that you're not so one providing the liquidity and someone is free writing on your liquidity of course overall these liquidity management features should support the smooth operations of the RTGS system and of course they should all support a high liquidity circulation this of course it's very important for an RTGS system because as you know a basic RTGS system is quite liquidity requires a lot of liquidity so therefore these features are of course necessary in order to reduce the liquidity needs now what are the scope of services that we may consider so we structured them in four parts the first one is to try to reduce the liquidity needs of the participants the second one is to provide the tools in order to manage the liquidity the third one probably likewise important is to give the tools to monitor liquidity and the fourth one is to report on liquidity situations there's a very strong link to analytics that will come later in the presentation there's also a strong link to regulatory recompliance and there's also a link to ancillary system services starting with reducing liquidity needs well today we have the and I guess tomorrow as well we will have the optimization built in the system so different optimization mechanisms just to mention the highly successful entry disposition that we have in the system that clears the way quite a bit we have also the availability of different payment queues where algorithms are one also in order to find optimization an optimal use of the liquidity of course we have also to consider that it somehow reduces the liquidity needs is the availability of infrared credit as well as of auto call in target to securities still it's not completely reducing the liquidity needs because you still have to provide eligible collateral but at least it gives you a certain way to react to liquidity stress manage liquidity so what are the tools that could be considered under managing liquidity so what are the options that we think of so on the one hand side you may have the reservation of liquidity for certain categories of payments you may see some familiarity of these pictures they were also in the presentation of Sylvain so this one here so you could as as today reserve liquidity for different categories of payments for instance highly urgent payments or urgent payments you could also dedicate liquidity for ancillary system so today you have you can dedicate liquidity for T2S and you should also do that in the future as well as to potentially to subaccounts used for ancillary system settlement so this actually goes head in hand it could be a concept like that with different accounts or it could be also as mentioned by Sylvain Mounin the idea of a universal account they could have all these reservations in one account so instead of having a multiplicity of accounts the other extreme would have would be a universal account but of course there a number of shades in between taking up the comments that was made earlier today another option that we see under liquidity management features are the use of time or event-driven payments predefined payments so we speak about standing orders we speak about payments with an early established time late established time these are highly used today and there seems to be really some market need for these features of putting a time to a payment in order to have these being settled at a certain point in time limit setting the feature not so well used today but potentially if used being critical so you may consider bilateral limits towards a certain counterparty or multilateral limits from you towards a number of counterparties for banking groups we may following the presentation we had this morning consider the pooling of separate accounts so like building one virtual account so the virtual cloud would be kind of around these accounts and this would allow you to manage all these accounts so something that we have in place today not very much used or also the idea of to the other extreme universal account that could also allow you to reserve liquidity not for a certain payment category but for instance for a certain participant which would then work with a limit system which would be a bit similar potentially to the CMB the secondary CMB and T2S we have a limit system in order to manage the exposures the rights that you give to your participants monitoring liquidity this is where the tools to manage the liquidity on the monitoring side there are of course also a number of tools that could be considered intraday monitoring is highly important it's a demand from the regulator to be able to monitor the liquidity intraday and when we speak about intraday liquidity management we can of course think about having parameters to set up parameters and alerts that help a bank even more to manage its liquidity by being aware of what's happening for instance one can develop intraday patterns one can have mean intraday patterns to see what are deviations from typical intraday patterns one can analyze payment in and outflows versus forecasted so only forecasted in and outflows one could also consider to monitor the activity of clients so of indirect participants to see what is their payments traffic so a number of tools would be available and I guess the list is can be extremely long of the different aspects one could look at but the overall idea is to provide information that helps the bank read to be aware of what's going on most of you may it's maybe an assumption of me but some of you may not so it would be from an RTGS perspective there may be services in order to help the banks doing so I think a way another proposal would be what we have in target to securities to have information about floor of reaching a certain set floor on the account so when your liquidity balance goes too low that you get an alert or even if it gets too high you get an alert moreover you create of course one could put parameters for the value of payments so if a payment reaches a certain amount that it triggers an alert that you have specific setups for clients so when you have a certain client behavior that also in that case you are informed informing however does not mean that the payment should be stopped so we would more see that an alert is raised but the payment is still being settled so not building up use but still allowing the settlement by considering that it's important that you are aware of what's going on if you go then to the reporting that is closely related to the monitoring but of course you could consider the provision of intraday indicators regularly by different means on the screen as messages you could also consider to receive reports about your interplay liquidity management that you could then share internally within your institution because there may be different areas being interested in what you are doing on the operational side as well as sharing with external parties external parties well you're standing in a central bank who may be also interested as regulator to get to know what the supervised institutions are doing so overall when we look at the potential benefits that we may see from the liquidity management features so we think that we would like to provide the market with a huge set of features that help you to manage your liquidity and to monitor your liquidity we would like to bring in a position that you can manage your liquidity across all accounts where these are group accounts or client accounts we would like to potentially support you with reports with indicators about what is going on on your accounts and where we think this can also help the banks in fulfilling the compliance or the requirements that comes from the regulator side of course when speaking about all these different features one have to be careful that the wish list is still matching the the cost side so for instance today we have also a number of features unfortunately some of them are as said barely used so that is of course also a consideration when asking for the features to also consider indeed there is a need to use them so I guess now it's again time for me to lean a bit back and to give the power to you to answer the question so the question is what would you like the platform the future platform to offer in few of liquidity management services you press one if you think it should be just a set of liquidity management functionalities so the tools you press two if you would like to have services that allow you to monitor in real time the liquidity levels you should press c no number three if you think you would like to have both the tools to manage the liquidity and the tools to monitor the liquidity four if you think like nice of the services interested for me and five I guess that's no service no interest in liquidity management services at all so you see there's a wide range of answers and I would say we can start the vote I still hear some clicking so let's wait a moment okay now I don't hear any clicking anymore so okay now we can close ah okay so that is actually that's actually very very very rather strong in terms of I would have expected indeed some support for liquidity management tools but that's indeed rather reassuring to know that we have an interest but in both in monitoring capabilities as well as in the management tools someone wants to shed some light on the answer provided for the why is it so important to have these liquidity management features and monitoring tools available Ludy, you are sitting very close to the microphone, it's very good is it on? yeah um actually I don't want to respond to this specific question your slide earlier started four or five times with participant and of course I'm glad to hear that the participant is at the heart of this discussion but I think we should look collectively at tools and means to save liquidity because a lot of a lot of banks are building their own tools right now if the system is providing additional tools and everyone is going individually to turn the I would say to turn the volume on and off and then you make the the center of the system very inefficient I think so we should think beyond that in developing tools which actually help the community as a whole to be more liquidity efficient and offering everyone the opportunity to be individually liquidity efficient and overall very inefficient very good comment any other few reaction okay then I suggest I move on the next topic that I would like to present are the enhancing of data analysis so the enhancing of data analysis is part of the report you may have seen it with surprise I cannot tell but how do we come here because we understood in the recent years so we started as a from the center bank side to look into the data into the transaction level data and we started to analyze those data and while exploring we understood that this information that payments data keep is very rich and we think it's not only rich for for us but also rich information for for each participant and now the next slides look actually at ways of how data analysis could potentially offered as a service to the participants in the system but first some background so the data and analytics are a very powerful tool I guess for different aspects to manage your risks is a very important it can help to offer also services to clients it's also very important coming back to very for a regulation so sometimes to prove that you are compliant you may need to do analytical work in order to be able to do so actually there are a lot of comparisons between data being the oil of the future Jack Maas but the one who's always mentioned to from who the quote is coming but you see this managing almost everywhere that this is really considered as the oil of the future now if you look at what how we come here of course there has been a huge progress on the demand side as well as on the supply side of data analysis often before we have to the 3 v's velocity so the information comes very fast so think about transactions I think target 2 every second we have 7 new transactions coming in so we speak about high volumes so we speak about big data that needs to be analyzed target 2 data is not so big compared to other data that are available but it's still considerably big so future rtgs data would also be big data and also we see that the variety of the data is getting smaller and smaller which is thanks to standardization that also data work is greatly facilitated by data sets being able to be compared last but not least we have the tools that are developing very fastly so we have very powerful tools in order to work on the data now we think that the use system could support the rtgs service participants in the future with data analysis why on the one hand side thanks to the granularity of the data that are there that are in the system the transaction level data thanks also to the expertise that has been meanwhile built up in terms of analytics and of course also the knowledge of the system which goes hand in hand analyzing data without knowing the system is very difficult and also because the tools are available maybe available in order to run the analytics you will see a bit more on what I mean later in the slide so we speak about the different options that potentially could be considered under data analytics is of course the use of what I mentioned before when reviewing the current services is the review of the services used by a participant and this is not to say why don't you use it it's more to understand and to help a bank to understand why whether it should not use some of the services offered by the system so typical examples are indeed in the space of liquidity management features when we speak about priorities about the use of limits about of time payments on the one hand side one can provide empirical analysis of how much are they used at the same time one can also provide simulations in order to understand what would be if you would use this and that feature a bit more so which of course is then a way of helping also the participants to shape the use of the services offered another area where we think that services may be offered coming out of the data analysis space is of course understanding of liquidity management so what I just said before about intraday liquidity management a lot of this could be supported by analytical work we say what happens in center bank money stays in the rtgs system meaning actually the rtgs system just resembles all activities in center bank money which of course provides a big source for running analysis we could identify payment patterns deviations from them one can identify calendar effects not only changes the peak months and the lowest months most likely but one can even see changes across the days in a week one can of course look at intraday liquidity development not only intraday but really across time series from earliest times to the current day almost one can also look at dependencies and timing aspects timing aspects of payments so the situation of the two gentlemen who sending first this would become very clear out of analytical work so a number of aspects that could also be provided in analytical work in order to support participants in their intraday liquidity management not only intraday overall liquidity management another field of potential benefit for such services would be what is related and often put in the corner of network analysis so network analysis you saw this nice picture that Sivar had in his presentation which is a typical result of network analysis so this slide is based on transaction level data and was able to show who is connected to target 2 so it was our global picture which is nice to see but network analysis goes much beyond that network analysis could help should help a bank to understand clearly where do I stay in the network so we have a network with different nodes and links and it's very important that each understands which node MI which nodes do I interact what are potentially indirect interactions so again a number of information that could be brought up by working on network analysis we have tiering so tiering acting you acting on behalf of others again an area where you need to be aware what you are doing for the others where you may want to try to get more information about the correspondence you are acting for country and counterparty exposures so I mean anticipating the next part of the presentation which is about regulatory requirements it will also it's also important that one is aware of the exposure one has to counter parties in a certain country because if for instance something like sanctions something like events could happen to know that information where it readily available would be of great help another area potentially benchmarking so where do I stand towards my peers towards the market development so again this could also be an area of support that could be provided by analytical work so is that we would like to give you we want to give you a kind of flavor of what analytical work may may provide in addition to this we have probably the most complex work that is to run simulations what is scenarios which is again very important in particular also in few of the last part of the presentation so stress testing stress testing at platform level stress testing at country level what do you what does he mean with stress testing you may ask we mean really that we try to stress a liquidity situation for instance we can stress so the system as such and of course one can run these tests but it's also nice to share the outcome with participants in order to make you aware of what implications a certain event may have on you we could simulate failures at participant level so the largest counter parties the two largest counter parties so simultaneous failure and what would be the implications direct implications as potentially indirect implications this could be technical failures operational failures as well as potentially financial failures or the financial failures from the designers is rather difficult one can also simulate changing payment behaviors of yourself as well as for your counterparts and to see what are the implications so it's all about making the individual participant a bit smarter based on the information that is there and based on running simulations what is the noise in order to make aware that if and that situation would happen you need to be aware of so potential benefits I guess some of them I already mentioned so we think that these features would allow to support the participants and I guess we speak about participants not only for the banks but also for the ancillary system I think that is likewise potentially important for ancillary systems so we speak about that we can support you in identifying risks in identifying potential space for improvement we would offer with these services a bank to outsource the rather resource intensive task of analytical work actually so far often we had the assumption that each bank is in a position already to run analysis through all the data and is fully aware of what's going what's happening this may be the case or not actually that is this we cannot tell this you can't tell us if you run this analysis already or if there would be a demand to outsource this task to say like I would like to receive that analytical work done and provided to me with that you could of course you could get access to well let's say high quality analysis and last but not least of course it would also be a parameter to be said because your interest would be if in tailored analysis so to have potentially requests for analysis to follow a standard design of analytical output or to have an ad hoc design of the analytical output so these are all potential ideas put out there very important of course whenever we speak about analytics whenever I refer to transaction level data is the underlining of confidentiality requirements of data ownership of course when I speak about benchmarking it would not like oh this is my bank and these are the other banks it would be this is my bank and this is ABCDE or the community so I think that was in order to give you a flavor of what we may have in mind with analytical work and of course we have also put forward a question because you would be interested in your view on what we presented in particular the question is are you interested in enhanced data analysis and business intelligence services press one if yes press two if yes but only if it's tailored to my institutions needs press three if no interest because I do this myself or press four if you say such service is not required at all I think we can close oh that's interesting so this is quite interesting to extend that this was a new what we have said so it's a new task for us not so new anymore but still was a young and of course it's also a service that we do not provide today so it's quite an interesting interesting outcome in particular to see yes if tailored to my institutions needs I think that would be interesting to understand what your expectations would be so the first one the first answer yes that is that is clear I think this would be then common information but the second one would be quite interesting if someone would like to take the floor and to shed a bit more light on what the expectations would be when you are addressing that point that you are explaining that we can grasp a bit if something that is tailor made to you is not by chance also tailor made for your neighbor and becomes something a bit more harmonized than we would have thought Just wanted to highlight that we might have a timing issue because you know this BCBS 248 paper that normally EBA I mean the European Banking Authority is supposed to work on I think next year at some point we will have to implement this as a bank so if it comes before the next generation after yet then we might have to to do it by ourselves anyway so it's also a question of timing I think so the better if you could speak to EBA and ask them not to implement BCBS 248 before 2025 this could be great you could seed the other round no but it was just we have dependencies with the other subject in any case there are things that we can already do today in the target 2 system we have some possibilities perhaps not as sophisticated and elaborated as what Patrick has presented but we have some possibilities to make reports including tailor-made reports so there may also be an opportunity to bridge the time gap I would say that's something that we we can already take in the context of the current system ok so then I would suggest I move on to the last part of the presentation and that's about regulatory requirements so I guess all stakeholders are facing an increased level of regulatory requirements compliance is is high in the agenda and since also since target 2 was established they have been quite the number of development we mentioned here some of the regulatory requirements of course we have the anti-monoil laundering and combat terrorist financing requirements we have requirements in order to cope with sanctions sanctions of countries of counterparties of individuals potentially related to the first of course the KYC topic so the parts should know the customer actually it means also to know a bit the customer of the customer and to know the the transaction so it means a lot of due diligence that is required behind transactions a transaction to be done potentially having a different quality is what we just mentioned are the requirements the regulatory requirements for instance for monitoring intraday liquidity so I guess the list could be could be expanded even further and there may also be that the payment system operator themselves may also be the future be compliant in particular in order to support AML as well as CTF now what could be potential services that we could offer in an RTGS system so related to anti-money laundering related to combat terrorist financing of course there's a screening of transactions that needs to be done screening of transactions are the ex-anti before settlement or at least ex post to see yes there has been no breach and I am indeed compliant with the requirements one could also think about trying to identify suspicious unusual payments unusual suspicious payment patterns or client behaviors all this is would be of course greatly enabled by what we heard in the morning in particular that if messages carry structured information this would also enable potentially easier to understand if something is suspicious or unusual one could also in terms of thinking about sanctions consider to have a clear profile of a participant in view of country connections so connection to a certain country connection to a certain counterparty and I think from the world map that the device shown we see that interactions exist all around the world so to be aware of these country exposures potentially via correspondence is also a feature that an RTGS system could provide potentially provide in order to help the participants the last item I think I spent already quite some time on interdélicity management but of course as mentioned before that's an area where support could also be delivered so what do we see as benefits of of providing any services in the space of regulatory requirements well we of course very clear we think we can support you in meeting the regulatory requirements and in reporting on your compliance with regulatory requirements I think that is actually the main the main aspect however and that's also very important disclaimer to be made the obligation of being compliant of course from this you cannot be freed so this would remain of course with each institution but we can try to to potentially help for instance in the screening of transactions a very potential important impact is of course if you have any impact from other usdictions from legislation from regulation in other usdictions that would also potentially have to be considered so screening means also to screen against something so screen against the list what that list is be what that list would be of course they would then require also then the input from the from the participant itself so this would be the short wrap up on the potential services related to regulatory requirements I hope you did not expect that we free you of those so that's not possible but we see ways we look into ways of how we could support our participants therefore the last the last questions that we put forward and we would like to ask you to to use a voting device the question is should the future rtgs services support banks in complying with regulatory requirements one yes for both before settlement and after settlement yes but only prior to settlement yes but only after settlement or no such services are not required at all okay i think we can we can close well again yeah i'm a bit i'm a bit surprised and i'm a bit not not surprised so um no but don't ask me so that's a very good summary i think so um indeed so a quarter of you says no no such support is required i don't know who reported that because we have also center banks being in the audience so i don't know who answered no but um regarding the regarding the regarding the yes before and after payments settlement so the number of you half of the audience that indeed i think that such support would would be helpful i know whether one would like to to add a bit more flavor to what's important would be whether it's really the screening or something else some of the other aspects that we mentioned the presentation from from our perspective what we're looking for here is scale synergies so the more we consolidate hopefully the the the low of the cost will be of such an exercise and the more intelligence will also rest with a screening of these data so that's the background for for pressing yes okay okay thanks a lot so i would say um i come to the end of my presentation um i guess thanks a lot for your attention and i think now the floor goes to mark and the panel thanks a lot