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 23 January 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.


T2S: what will 2017 bring?

2016 has been another successful year for T2S! T2S has grown significantly since the launch of the platform in 2015. With the latest wave of CSDs that joined the platform last September, T2S is now processing almost 50% of the total transaction volume expected by 2017.

The platform is running smoothly, making it possible for 12 European CSDs to safely and efficiently settle securities transaction in central bank money.

T2S is now entering a crucial year: the last two migration waves will take place in February and September 2017, bringing another nine CSDs on board. Community testing of wave 4 CSDs is progressing as planned and we are looking forward to welcoming them next February!

We wish you all a merry Christmas and a happy new year.


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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.