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: Wednesday 16 August 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 users say about T2S!

The pan-European securities settlement service TARGET2-Securities (T2S) has made cross-border settlement in Europe easier and more efficient.

As the roll-out phase of the T2S project reaches its final stage with only one migration wave left, we take stock of the opportunities and challenges presented by a more integrated financial market in Europe. What has changed for market participants in Europe following the roll-out of T2S? And what areas should be addressed for users to reap the maximum benefits from T2S?

We have asked market participants to share with us their views on how T2S has transformed the post-trade ecosystem from the user perspective. In a two-part interview we speak with two T2S users: Stephen Lomas, Head of Market Policy Global Transaction Banking at Deutsche Bank (Part one), and Marcello Topa, Director EMEA Market & Policy Strategy at Citi (Part two).

Read this insightful interview and other news in MIP OnLine!


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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.