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: Thursday 25 May 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 in 2016: a foot in the past and an eye to the future

2016 has been another exciting year for T2S! The successful migration of two waves of central securities depositories (CSDs) brought a substantial increase in the volume of transactions settled through the platform. As of the end of February 2017, more than 500,000 securities transactions are settled every day.

The 2016 T2S Annual Report provides an overview of the operational activity of T2S, presenting key facts and figures from the past year. It also gives an insight into the preparations for the final migration wave in September 2017.

The report includes a comprehensive review of the costs and revenues associated with running the platform. For more information on T2S’s financial situation, you can consult the 2015 financial statements or the associated short explanatory note.

The Eurosystem is constantly working towards harmonising post-trade activities across European markets and enhancing the safety and efficiency of its services. How? Discover more about ongoing and future initiatives in the report!


Previous news

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.