Videos and publications

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T2S brochure for Sibos 2014
Download (September 2014)
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T2S brochure for Sibos 2013
Download (September 2013)
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T2S brochure for Sibos 2012
This brochure provides a general overview of the T2S project and Community following the signing of the Framework Agreement and of the Currency Participation Agreement.
Distributed at the 2012 edition of Sibos in Osaka, the information presented here will remain relevant during the whole development phase of the T2S project.
Download (October 2012)
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T2S: half-way to delivery – Addendum
Since the brochure was published in October 2010, the Governing Council of the ECB and the T2S Programme Board have taken a number of decisions on the T2S project. This addendum provides an update on these decisions and developments and outlines the T2S Pricing Proposal.
Download (September 2011)
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T2S: half-way to delivery
At the time of publication of this brochure, the project is exactly half-way to delivering T2S. The brochure takes stock of the experience gained in the first half of the journey and looks ahead at the challenges in the coming years before T2S reaches the final destination. It also offers some reflections on the questions raised by the market about some crucial issues for the success of the project.
Download (October 2010)
T2S pricing proposal (October 2010)
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T2S. Settling without borders
This brochure aims to provide readers with a broad overview of T2S. First, it highlights the drawbacks in Europe’s current post-trading environment. Second, it explains what T2S is, with a focus on some of its core features, in particular, the horizontal integration of the securities settlement stage of the post-trading value chain across the whole of Europe and the generalisation to a new higher level of the “integrated model” of securities settlement. Third, the brochure describes how Europe will benefit from T2S.
Download (November 2009)
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T2, CCBM2, T2S, SEPA. A single currency – an integrated market infrastructure
Looking ahead, further integration of European financial markets, as well as an increase in their competitiveness, cannot adequately progress without the integration of their clearing and settlement infrastructures. The Eurosystem is very much committed to fostering this process by playing its operational and catalyst role.
Download (October 2010)
Special Series

The T2S Special Series is a series of papers, each addressing in detail a specific topic related to T2S. Contributions to the T2S Special Series are very welcome from T2S stakeholders, and can range from strategic and business matters to technical and operational issues.

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One year with T2S – what’s next?

With T2S having just celebrated its first anniversary, this issue of the T2S Special Series reflects on what we have achieved so far and where we are heading with our common market infrastructure. We ask market participants about their views both on the roll-out of T2S so far and on how they see the future.
download (June 2016).
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T2S – 360° around the globe

This issue of the T2S Special Series entitled “T2S – 360° around the globe” explores the impact of T2S on the post-trade industry around the world – not only as the technical platform which facilitates access to Europe for global market participants, but also as a blueprint for other similar initiatives, which can learn from the T2S experience. Mehdi Manaa, T2S Programme Manager at the European Central Bank, asked eminent interview partners from different organisations within the industry (CSDs, banks and central banks) in Europe, the Americas, Asia and Africa about how T2S is influencing their area of business. download (September 2014).
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T2S: from issuer to investor

In this paper Mehdi Manaa asks representatives of issuers (Susannah Haan, Patrick Renard and Markus Kaum), investors (Vincent Dessard and Mick McAteer), banks (Adolfo García, Stephen Lomas and Pierre Colladon), CSDs (Valérie Urbain, Robert Head, Mathias Papenfuß and Paolo Cittadini), and one CCP (Diana Chan) how TARGET2-Securities (T2S), Europe’s future common platform for the settlement of securities transactions, will change the securities chain from issuer to investor and the interactions along the chain. The respondents answer specific questions, for example on how issuer services offered by banks and CSDs, and the relationship of banks and CSDs with issuers, are going to change with T2S, or on how T2S will impact the interactions and relationships between investors and their intermediaries. For the first time, this Special Series issue sheds a more detailed light on the expected changes along the securities chain by giving the floor to those most affected by the change. download (September 2014).
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Corporate actions in T2S

This paper outlines how corporate actions (CAs) will be managed in the context of T2S. It describes the general set-up of CA processing in T2S and the T2S CA standards, which specify how the European market standards for processing corporate actions on flows (transaction management) will be implemented in T2S. It emphasises the need for harmonisation, not only among the CSDs but among all the relevant actors involved in corporate action processing, in order to achieve safe and efficient transaction management across all T2S markets. download (January 2014).
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T2S Auto-collateralisation

The design of the T2S single settlement platform includes a state-of-the-art auto-collateralisation feature. This functionality is expected to significantly decrease banks’ liquidity needs as well as the number of failed instructions, leading to savings in terms of liquidity and securities, as well as decreased borrowing costs for banks. It will be available not only to payment banks, but also to their clients. T2S will provide an array of tools facilitating the individual set-up of the auto-collateralisation feature, thus allowing for flexible adaptation to different users’ needs, as well as to changes in the post-trade environment. In view of the significant positive externalities generated by auto-collateralisation, the function is offered by the Eurosystem to payment banks free of charge. download (October 2012).
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T2S benefits: much more than fee reductions

The T2S single settlement platform will have a transformational effect on Europe’s financial markets, delivering a wide range of benefits. For the first time, it will create an integrated market for settlement. It will also make markets safer and more efficient. Much attention has been focused so far on the efficiency gains achieved from reductions in settlement costs, but it is important to emphasise that T2S will also generate major collateral savings for the banks, enable custodians to streamline their back offices, and provide new business opportunities for all players in the future competitive post-trade environment. Furthermore, T2S will play a significant role in strengthening the resilience and safety of the financial system. download (June 2012)
Annual Reports

Find here a comprehensive review of the T2S project's most important activities and accomplishments in the past year.

Financial statements T2S OnLine