ECB prepares for ‘big-bang’ move to new market infrastructure

Eurozone's payments, instant payments and securities settlement systems will merge by end of 2021

European Central Bank

The European Central Bank is preparing for a single “big-bang migration” to a new set of payments and securities settlement infrastructure at the end of 2021, despite officials acknowledging there are risks involved.

The big-bang approach means the ECB itself, plus national central banks across the eurozone and all major market infrastructure providers and big financial firms, must be ready to make the switch in one go.

“Non-readiness is a big risk in any migration, but definitely in a big

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