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 April 2018 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.


Collective agreement between NCBs and CSDs comes into force

On 20 March a collective agreement between the national central banks (NCBs) operating TARGET2 and the central securities depositories (CSDs) operating TARGET2-Securities (T2S) comes into force.

The agreement allows for a common moment of entry for payments and securities transfers. It also provides participants in the systems with more clarity, in particular on the provision of information and on liability in the event that any one of them becomes insolvent.

The collective agreement is the latest milestone in the harmonisation of procedures and tools available to system operators using the T2S platform.

Explanatory note


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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.