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TARGET Services



T2 opened its new business day and is operating normally.

CLM RTS started, and RTGS RTS I and RTS II are scheduled to start at 19:30 and 02:30 respectively of the new business day.

As previously communicated, the start of T2 maintenance window will be delayed to approximately 6:30 am CET on Saturday, 30 September, due to requirements stemming from T2S.

Friday, 29 September 2023 19:15:00 CET

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T2S is operating normally.

A special business day schedule will support the settlement of an exceptionally high volume of corporate actions on the business day of 2 October 2023.
The regular night-time settlement phase (cycle 1 and 2) will be followed by short repetitive night-time settlement cycles (cycle 3). At 02:30 on Saturday, additional night-time settlement cycles (cycle 4 and 5) will take place.

As soon as the additional night-time settlement cycles are completed, T2S will move to the real-time settlement phase. The real-time settlement phase is scheduled to last for 10 minutes after which T2S will enter the weekend Maintenance window.

Friday, 29 September 2023 09:00:00 CET

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TIPS is operating normally.

Friday, 29 September 2023 20:00:00 CET

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TARGET Services are a number of services developed and operated by the Eurosystem which ensure the free flow of cash, securities and collateral across Europe.

These financial market infrastructure services include T2 (for settling payments), T2S (for settling securities), TIPS (a service for instant payments) and ECMS (a service for collateral management). All of them settle in central bank money.

The Eurosystem also engages in a number of initiatives which aim to promote efficiency and innovation and ultimately achieve greater integration in financial markets in Europe. In line with its strategy, the Eurosystem is investigating ways to enhance its financial market infrastructure so that it continues to meet the needs of the market, stays ahead of cyber security challenges and keeps up with the latest technological developments.

Current services

Upcoming services


The Market Infrastructure Board (MIB) is a streamlined management body in charge of Eurosystem initiatives in the field of market infrastructure. It is responsible for the day-to-day operation of T2, TIPS and T2S, as well as for the management of all Eurosystem projects in the area of market infrastructure and payments.

Enhancing our services

The Eurosystem is constantly working towards enhancing the safety and efficiency of its market infrastructure and exploring innovation.

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