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: Friday 24 November 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.


Congratulations Europe – the final wave of migration to T2S has been completed

With the successful migration of the Spanish and the Baltic markets, TARGET2-Securities (T2S) is now fully operational as one of the largest security settlement platforms in the world, settling an average of 550,000 transactions per day.

The T2S project to harmonise rules and procedures and develop an integrated securities settlement platform was officially launched in 2008. Read more on the role and impact of T2S in our latest MIP online article, for which we also spoke to Indars Aščuks, Associate Vice-President and Head of Baltic Markets at Nasdaq, and Jesús Benito, Chief Executive Officer of Iberclear.

Furthermore, we are continuing to monitor the markets’ compliance with the agreed set of harmonisation standards. The mid-year T2S harmonisation update looks at the four markets that recently connected to the platform as part of the final migration wave on 18 September 2017 – Estonia, Latvia, Lithuania and Spain – as well as the six markets that already joined T2S earlier this year. All of them demonstrate a good record of compliance.


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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.