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 21 February 2018 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.


Report on the impacts and benefits of cross-border activities in T2S

The Advisory Group on Market Infrastructures for Securities and Collateral has published a report on cross-CSD (central securities depository) activity in TARGET2-Securities (T2S). The report sheds light on the multiple ways in which T2S facilitates cross-border access to securities and provides an explanation as to why the settlement integration brought about by T2S is not captured by current cross-CSD statistics. It points out that the market is adapting to the new landscape and embracing the opportunities that T2S has to offer, despite certain obstacles hampering the establishment of a fully harmonised European domestic settlement market. The report also proposes that the current set of cross-CSD indicators should be refined to better monitor cross-CSD activity in T2S. Read the full report for more information.


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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.