T2S is one of the largest infrastructure projects launched by the Eurosystem so far. It brings substantial benefits to the European post-trading industry by providing a single pan-European platform for securities settlement in central bank money.

Status of the T2S system

Last update: Saturday 06 February 2016 03:00

The T2S services are closed for settlement in accordance with the T2S calendar.

The T2S services will reopen on the next T2S settlement day as per T2S calendar.The Eurosystem cannot be held liable for the information provided here.


T2S migration moving forward

At its meeting on 10 December 2015, the CSD Steering Group (CSG) agreed with the T2S Board on a new migration plan and to introduce additional mitigating actions that would aim to; (i) avoid further delays for any CSDs and, (ii) reduce the impact of such delays on other CSDs.

On 2 February, the migration plan has been slightly revised to accommodate the Baltic CSDs’ migration in the final wave. In addition, the successful migration weekend dress rehearsals of wave 2 (Interbolsa and NBB-SSS) and wave 3 (Euroclear ESES, VP Lux and VP Securities) show that progress is being made – a reason for increased confidence in the ability of the CSDs and the Eurosystem to meet the different milestones set out in the new plan.

There is now a better understanding of the CSD migration dependencies. Although there are only a very limited number of migration dependencies between CSDs, the risk remains that a further delay of one CSD triggers changes in the migration plans of other CSDs.

The T2S Board and the CSG are continuing to monitor the CSD migration preparations in the context of the migration plan.


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.