Defining the System Boundary of T2
The system boundary of T2 defines which responsibilities belong to T2 and which belong to its environment. I use this boundary to separate the T2 core from connected TARGET Services and shared infrastructure. T2 combines Central Liquidity Management (CLM) and Real-Time Gross Settlement (RTGS). Other services exchange liquidity, data, or settlement instructions with T2, but that does not make them part of T2. A clear boundary therefore keeps requirements, interfaces, ownership, and testing precise.
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