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: Monday 29 August 2016 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.


New publication looks at what follows after a successful year with T2S

To celebrate the first anniversary of T2S we are launching a new Special Series issue, A year with T2S – what’s next? Marc Bayle takes stock of where we are and looks ahead to consider the future direction of our common market infrastructure. In an interview, some of the main actors involved in the project share insights from T2S. And in a dedicated article you can find out what the market thinks about the future of real-time gross settlement and the consolidation of TARGET2 and T2S. To get a better understanding of the Eurosystem’s real-time gross settlement services, check out the new ECB explainer, What is TARGET2?. We hope you enjoy the read!


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.