Legacy: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Mend link.) |
(Layout.) |
||
| (6 intermediate revisions by 2 users not shown) | |||
| Line 4: | Line 4: | ||
:<span style="color:#4B0082">'''''Legacy RTGS systems'''''</span> | :<span style="color:#4B0082">'''''Legacy RTGS systems'''''</span> | ||
:"TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB. The NCBs of France, Germany and Italy jointly provide the single technical infrastructure and operate it on behalf of the Eurosystem. All of the eurozone countries have migrated to TARGET2 and have chosen to close their legacy RTGS systems upon migration." | :"TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB. | ||
:The NCBs of France, Germany and Italy jointly provide the single technical infrastructure and operate it on behalf of the Eurosystem. | |||
:All of the eurozone countries have migrated to TARGET2 and have chosen to close their legacy RTGS systems upon migration." | |||
:''The Treasurer's Handbook, Payments and payment systems.'' | :''The Treasurer's Handbook, Payments and payment systems.'' | ||
| Line 11: | Line 15: | ||
:<span style="color:#4B0082">'''''Legacy LIBOR contracts'''''</span> | :<span style="color:#4B0082">'''''Legacy LIBOR contracts'''''</span> | ||
:"Legacy contracts are those that do not mature until after the | :"Legacy contracts are those [incorporating LIBOR] that do not mature until after the [cessation of LIBOR] | ||
:Depending on the financial product under consideration (loan, derivative etc), the precise response to the disappearance of LIBOR will vary." | |||
:''ACT Briefing Note, Transition to risk free rate benchmarks.'' | :''ACT Briefing Note, Transition to risk free rate benchmarks.'' | ||
:LIBOR ended in September 2024. | |||
| Line 22: | Line 31: | ||
*[[Fallback]] | *[[Fallback]] | ||
*[[LIBOR]] | *[[LIBOR]] | ||
* [[Migration]] | |||
*[[NCB]] | *[[NCB]] | ||
*[[Payments and payment systems]] | *[[Payments and payment systems]] | ||
* [[Real-time gross settlement system]] (RTGS) | * [[Real-time gross settlement system]] (RTGS) | ||
*[[Risk-free rates]] | *[[Risk-free rates]] | ||
* [[T2]] | |||
*[[TARGET2]] | *[[TARGET2]] | ||
*[[Tough legacy]] | *[[Tough legacy]] | ||
==Other resource== | |||
*[https://www.bankofengland.co.uk/news/2024/october/the-end-of-libor The end of LIBOR - Press release - Bank of England - 1 October 2024] | |||
[[Category:Financial_products_and_markets]] | [[Category:Financial_products_and_markets]] | ||
Latest revision as of 01:10, 5 October 2024
'Legacy' refers to older systems, contracts or other arrangements, implemented before current systems, regulations or other market conditions, but still having a remaining life until their retirement or final maturity.
- Legacy RTGS systems
- "TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB.
- The NCBs of France, Germany and Italy jointly provide the single technical infrastructure and operate it on behalf of the Eurosystem.
- All of the eurozone countries have migrated to TARGET2 and have chosen to close their legacy RTGS systems upon migration."
- The Treasurer's Handbook, Payments and payment systems.
- Legacy LIBOR contracts
- "Legacy contracts are those [incorporating LIBOR] that do not mature until after the [cessation of LIBOR]
- Depending on the financial product under consideration (loan, derivative etc), the precise response to the disappearance of LIBOR will vary."
- ACT Briefing Note, Transition to risk free rate benchmarks.
- LIBOR ended in September 2024.
See also
- European Central Bank (ECB)
- Eurosystem
- Eurozone
- Fallback
- LIBOR
- Migration
- NCB
- Payments and payment systems
- Real-time gross settlement system (RTGS)
- Risk-free rates
- T2
- TARGET2
- Tough legacy
