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: Saturday 26 May 2018 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 in 2017

By the end of 2017, 21 central securities depositories in 20 European markets had migrated to T2S and were able to settle securities transactions across Europe in central bank money. With an average of 570,000 securities transactions settled smoothly each day, T2S offers a single gateway to the European securities market.

The average daily value of settled transactions rose proportionately over the course of 2017, exceeding €800 billion per day in December. Read the 2017 T2S Annual Report for further up-to-date facts, figures and information on the evolution of T2S.


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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.