TARGET system

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When chatting about financial markets, TARGET usually refers to the storied Trans-European Automated Real-time Gross settlement Express Transfer System, used for settling payments in euro.

Famously workaholic, like rust, the Target system never sleeps, and never has a day off. Except, being European, it's subject to the working time directive, and doesn't work Saturdays or Sundays, or on New Year's Day, Good Friday, Easter Monday, 1 May (Labour Day), Christmas Day or 26 December. And it goes away for a month in August.

See also

• Currency Business Day
• business day convention