TARGET2-Securities, more commonly known as T2S, is a single, pan-European platform for securities settlement in central bank money. It brings substantial benefits to the European post-trading industry and is one of the largest infrastructure projects launched by the Eurosystem so far.

Status of the T2S system

Last update: Tuesday 12 December 2017 05:00

The T2S services are operating normally in accordance with the T2S schedule.

The Eurosystem cannot be held liable for the information provided here.


Read what end users say about T2S now that migration is complete!

The final T2S migration was a key milestone in the integration of the European securities market. It marked both the end of a ten-year journey and the beginning of a new era for T2S. We took this as an opportunity to interview T2S end users.

During this series of MIP OnLine articles, we have already interviewed Stephen Lomas, Deutsche Bank and Marcello Topa, Citi Bank. Now we are ready with two new interviews.

First, we meet Alex Dockx from JPMorgan, asking him about the opportunities and challenges created by T2S. Additionally, we discuss the impact of T2S on cross-border investment and on the European post-trade industry. Second, we meet Alain Pochet from BNP Paribas, asking him about how BNP Paribas Securities Services view the transformation of the post-trade industry in Europe following the arrival of T2S. Take a look at what they had to say!


Previous news

T2S harmonisation

harmonisation logo here

Post-trade harmonisation is a key objective of the T2S Community. It will enable T2S to realise its full potential to benefit the European market, in terms of increasing efficiency and establishing a level playing field.

Key documents

Knowledge base providing insight into key technical, functional and legal documents related to T2S.


The T2S project is owned and operated by the Eurosystem, with the close involvement of all relevant stakeholders in the governance framework.