{
  "dataset_metadata": {
    "version": "2026.Q1-v1.0",
    "description": "Eurosystem empirical baselines for settlement latency, TARGET2 operating window exposure gaps, and systemically relevant reserve fragmentation metrics.",
    "audited_by": "DCM Core Scholarly Committee",
    "last_updated": "2026-05-18",
    "publications_referenced": [
      {
        "institution": "European Central Bank",
        "title": "TARGET2 Transaction Statistics — Consolidated Quarterly Report (Q1-2026)",
        "url": "https://www.ecb.europa.eu/paym/target/target2/profuse/html/index.en.html"
      },
      {
        "institution": "European Banking Authority",
        "title": "EBA Clearing SCT Inst SLA latencies",
        "url": "https://www.eba.europa.eu/risk-analysis-and-data/payments-data"
      }
    ]
  },
  "metrics": {
    "target2": {
      "weekend_gap_exposure_bps": 0.14,
      "daily_liquidity_replenishment_window_hours": 11.5,
      "ncb_weekend_credit_asymmetry_coefficient": 1.45
    },
    "sct_inst": {
      "mean_latency_seconds": 4.80,
      "jurisdiction_sla_divergence_seconds": {
        "de": 15.20,
        "es": 2.80,
        "fr": 5.10,
        "it": 6.30
      },
      "api_gateway_rate_limit_throttle_tps": 250
    },
    "macro_indicators": {
      "str_overnight_rate_pct": 3.90,
      "hqla_pool_rehypothecation_frequency_annual": 4.20
    }
  }
}