Market involvement and committee work

The successful design and development, smooth operation and needs-driven further development of large market infrastructure projects hinges on the involvement of all parties. The Bundesbank is heavily engaged in the various committees and working groups within this field, acting as a representative for the German market as a whole and speaking up for its interests. At the same time, we actively connect with our market participants at a European and national level, bringing them on board through committees and market contact groups. The formats serve as platforms for information-sharing as well as discussion and help to make sure that the views and needs of system participants are properly taken into account in work to design and enhance our (TARGET) services. 

European committees

At the European level, market participants have the opportunity to enter into dialogue with representatives of other markets and their respective central banks. You can find out about the various topic-specific and TARGET service-specific formats that have been set up to facilitate this below.

Advisory Group on Market Infrastructure and Payments (AMI-Pay)

AMI-Pay is a high-level body serving as a forum for exchanging ideas and views relating to developments in the payments space. The group assists the Eurosystem in developing innovative solutions in the segment, promotes the integration and harmonisation of existing practices in Europe and offers advice on the ongoing development of the Eurosystem’s payment-related services.

T2 Contact Group (T2-CG)

The T2 Contact Group is a working-level committee for sharing information on technical and functional issues relating to the TARGET service T2.  

TIPS Consultative Group (TIPS-CG)

The TIPS Consultative Group is a working-level forum for sharing information on technical and functional issues relating to the TARGET service TIPS (TARGET Instant Payment Settlement). It plays an advisory role in respect of operational matters and the evolution of TIPS.

Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo)

AMI-SeCo is a high-level forum facilitating dialogue around developments and perspectives related to securities clearing and settlement and collateral management. The group assists the Eurosystem in developing innovative solutions in the two segments, promotes the integration and harmonisation of existing practices in Europe and advises on the ongoing development of services offered by the Eurosystem in those areas. This advisory Eurosystem committee brings together all relevant stakeholders, in particular central securities depositories (CSDs), financial institutions and national central banks.

National market contact groups

When it comes to the services that it provides, the Bundesbank has always set great store on working together with the market. The advisory committees serve primarily as platforms for information and dialogue and allow for the comprehensive, continuous and sustainable involvement of all parties at an early stage. Through its engagement in national and European committees, the Bundesbank acts as a point of intersection and helps make sure that the voice and views of the German market are heard in discussions at the European level.

Advisory Group on Market Infrastructures for Payments National Stakeholder Group (AMI-Pay NSG)

© Manuel Hauptmannl

Seeking input from market participants at the operational stage as well as in the ongoing development of market infrastructures is important to the Bundesbank. Corresponding market contact groups have been established to facilitate this over the years. The Payment and Settlement Systems Working Group (Arbeitskreis Zahlungs- und Verrechnungssysteme, or AK ZVS) was set up in 2003 and since then has been the forum for regular engagement with recognised experts in the sphere of high-value payments. Once AMI-Pay was launched in 2017, the AK ZVS took on the role of AMI-Pay National Stakeholder Group for the German market. This step saw the spectrum of topics covered by the committee broaden to include instant payments as well as other innovation and technology in the field of payments. The roster of AK ZVS participants is routinely adjusted to make sure that we get as homogenous a sense as possible of the German market’s views on the many and varied topics discussed in the AMI-Pay setting. The working group meets approximately four to five times a year and is chaired by Christine Moser.

© Bert Bostelmann

“The AK ZVS is a forum for information sharing and discussion. We strive to discuss all relevant topics in the context of payments and settlement systems with our market participants at an early stage. The continuous and profound dialogue with our market participants is essential for the successful collaboration within the Eurosystem.”

The TIPS-related topics are dealt with in the dedicated “AK ZVS-TIPS” grouping under the direction of Monika Merkel.

© Manuel Hauptmannl

© Nils Thies

“The importance of instant payments is steadily growing and requires more intensive treatment of the associated topics. Their separation from the AK ZVS into the newly founded AK ZVS-TIPS takes this development into account, also acknowledging the fact that instant payment topics are in many institutions handled by different persons or work units than the topics traditionally discussed in the AK ZVS. Furthermore, since 2023, the group of participants has also differed at institution level, so that the strongest TIPS users from Germany can be represented regardless of their role in T2 and/or T2S. Despite the separate composition, the two working groups correspond in terms of organisation and objectives and usually take place on the same or consecutive days.”

Advisory Group on Market infrastructures for Securities and Collateral National Stakeholder Group DE (AMI-SeCo NSG)

© Nils Thies

The DE AMI-SeCo National Stakeholder Group set up by the Bundesbank (DE AMI-SeCo NSG) acts as the national-level link between AMI-SeCo and the German financial market. The DE AMI-SeCo NSG brings together representatives of major active participants in the German market, the two big financial market infrastructures of the German post-trade segment – Clearstream Banking AG and Eurex Clearing AG – and the central associations of the German banking industry. In the run-up to an AMI-SeCo meeting, DE AMI-SeCo members meet to share input under the chair of Katharina Tobiasch. Ad-hoc meetings and workshops can also be held as and when the need arises. It is a good idea for NSG members to spend time discussing the sometimes complex topics internally, looking at all angles relevant to their institution or organisation, so that they are best placed to voice their interests once the time comes for the next DE AMI-SeCo NSG meeting.

© Bert Bostelmann

“The regular exchange of views within the AMI-SeCo NSG has more than proven itself for all participants over the years. The NSG means that we can make sure Germany’s financial market players are properly involved in tackling all relevant tasks and challenges and lets us share their perspective at the Eurosystem level too. I think this is one of the key factors behind the lasting success of the Eurosystem’s TARGET Services.”