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Shared features

A number of components will be shared across the TARGET Services. We created a new page that offers a single point of access to information about the TARGET Services Common components and other shared features.

Shared documentation
T2S change requests
Technical/functional documents

The T2S Connectivity Guide describes the communication modes, the connectivity options and the access to the A2A and U2A services for the Directly Connected T2S Actors.

The Business Functionality for T2S Graphical User Interface provides a list of business functions available in the U2A mode (via the graphical user interface) and a brief description covering the purpose and key features of these business functions. ( T2S Graphical User Interface (GUI) demo , GUI Demo User Guide )

T2S Data Migration Tool Specification - The document describes the details of the format of the excel and flat files to load bulk static and dynamic data into T2S for migration.

General Functional Specifications (GFS) - The document explains how the requirements expressed in the URD will be fulfilled by the T2S platform from a functional perspective.

The T2S General Principles are the founding principles of the T2S project. They have been formulated in cooperation with the market and aim at ensuring the resilience, integrity and neutrality of the Eurosystem’s settlement platform.

General Specifications - Together with the GFS and the GTD, the document describes how the Eurosystem envisages implementing the URD. In particular, the General Specifications focus on those user requirements that do not have a functional or technical dimension, such as operational support, testing, migration and information security.

General Technical Design (GTD) – The document details the solution envisaged for the T2S non-functional requirements, more specifically with regard to the application design and the infrastructure design.

User Detailed Functional Specifications (UDFS) – This is a user-oriented document that illustrates the features of T2S from a business perspective, provides details about application-to-application (A2A) dialogue between T2S Actors and T2S and gives a detailed description of the set of messages processed by T2S.

User Handbook – The document is a user manual for the T2S graphical interface. It exclusively focuses on the U2A (user-to-application) dialogue with T2S.

User Requirements Document (URD) - The document describes the features of T2S as required by the CSDs and market participants. The URD embodies the users‘ concept of T2S and provides the foundations for all further T2S technical documentation.

Legal documents

Collective Agreement

On 20 March 2018 an agreement enters into force between the central banks operating TARGET2 component systems and the CSDs operating on the TARGET2-Securities platform. The agreement covers the provision of information and liability in the event of a participant in the systems becoming insolvent (Explanatory note).

It defines a common moment of entry for payments and securities transfer orders that are settled in these systems. It is another milestone in the integration of payments and securities settlement systems across Europe.

Addendum Agreement

On 23 September 2016, the Governing Council of the ECB approved an addendum to the T2S Framework Agreement and the Currency Participation Agreement, introducing thresholds to simplify the T2S billing processes. The addendum entered into force on 10 November 2016.

T2S Guideline

On 18 July 2012, the Governing Council adopted the recast of the T2S Guideline ECB/2012/13. The Guideline is the cornerstone of the legal framework for T2S and the basis for all other future legal agreements.

Currency Participation Agreement (CPA)

On 23 February 2012 the Governing Council endorsed the T2S Currency Participation Agreement and the related schedules. The CPA governs the relationship between the Eurosystem and non-euro area central banks that wish to make their currency available in T2S. It is the main document that comprises all of the contractual provisions (the “core CPA”) and the more technical and operational schedules that are annexed to the agreement and form an integral part of it. The schedules cover, among other things, the T2S Programme Plan, user testing, user migration, the Service Level Agreement, governance and change management.

Framework Agreement (FA)

On 17 November 2011 the Governing Council endorsed the T2S Framework Agreement and the related schedules. The FA sets out the contractual rights and obligations of the Eurosystem and each contracting central securities depository (CSD), and covers the development and operation of T2S. For more details see the high level summary and the latest version of the approved Annexes to Schedule 2 .

On 22 November 2011 the President of the ECB, Mario Draghi, transmitted the Framework Agreement to the boards of CSDs which had previously agreed to participate in T2S. The FA becomes effective when it is signed by the parties to the Agreement.

T2S eligibility criteria for CSDs

On 17 November 2011, the Governing Council adopted the Decision ECB/2011/20 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access T2S services.

Other documents
Knowledge-based repository

This repository of presentations aims to provide insights into key technical issues related to T2S. We value your comments at

Disclaimer: The information contained in this knowledge-based repository is not, nor should be misconstrued as, amending, complementing or prevailing over the T2S scope-defining set of documents, the T2S Framework Agreement, its Schedules and its Annexes.

Access to T2S
T2S access rights
  • How does the T2S access rights model work?
  • How do you configure administrator privileges in “four-eyes” mode?
  • What is the difference between privileges assigned directly and via role?
  • Are there any automatic processes for disseminating privileges to users?
  • How do you prevent an entire party from using a privilege?
  • What happens if a new privilege is introduced?
Availability of T2S generated reports
  • How are reports generated in T2S?
  • What are the key considerations for configuring reports in push and pull mode?
  • What are the differences in terms of availability of push and pull reports?
Who needs to conduct certification tests?
  • What is the definition of technical/business sender and instructing party?
  • What is the purpose of the certification tests and who needs to be certified?
List of T2S privileges and third-party receipt privilege
  • What privileges are used in A2A mode?
  • Is a particular privilege applicable to a central securities depository or national central bank by default?
  • What is the type of a privilege? System or object privilege?
  • How do you configure the third-party receipt privilege?
Connecting to T2S
  • Who is responsible for what when defining a new entity in T2S?
  • What is the process for creating a T2S user ID?
  • What is the high-level view on A2A messages
Message subscription and routing
  • How can message subscription be set up?
  • Who can receive messages from T2S?
  • What is the concept of routing configuration?
  • What are the different types of transfer services?
Using the business application header (BAH)
  • What is the BAH?
  • What are the key fields of the BAH?
  • How are the fields used and filled in?
Delta Reports in T2S
  • Overview of report generation in T2S
  • Delta vs complete reports
  • Detailed description of delta versions
T2S settlement day schedule
  • Overview of T2S statuses for scheduled windows/sequences and the processes available during each window/sequence
Frequently asked questions about T2S functionalities
  • Answers to questions regarding access rights, billing, collateral, connectivity, instructions, matching, queries, reports, static data and validation
T2S billing and invoicing
  • What is the T2S invoice process and its content?
  • How do you query billing data?
Mapping of service items with T2S price list
Liquidity management and collateral management
T2S guide for payment banks
  • How are payment banks and their clients set up in T2S?
  • How is liquidity provided to payment bank clients?
  • How are limits monitored and controlled?
T2S auto-collateralisation – static data setup and messages
  • How do you set up the static data for central bank auto-collateralisation (with repo and pledge model) and client collateralisation (with repo model)?
  • What are the different processes involved in auto-collateralisation in T2S?
  • How does information related to auto-collateralisation flow between T2S and T2S actors via different messages?
Partial settlement
  • Which types of instructions/restrictions are subject to partial settlement?
  • How is the partial settlement executed in detail?
  • What are the differences in the execution of partial settlement between the instruction types?
  • How is partial settlement reported to T2S Actors?
  • Which specific scenarios need to be considered in regards to partial settlement?
Prioritisation of instructions
  • Which factors are relevant when competing instructions are ready for settlement with the same priority?
  • What is the behaviour for competing settlement instructions and settlement restrictions during night-time and real-time settlement?
Multiple statuses in a status notification
  • What is the multiple-status principle for instructions in T2S?
  • In which scenarios and combinations will T2S send multiple statuses within a single status advice message notification (sese.024)?
  • In which scenarios are changes in counterparty instruction status notified to the party?
  • Where can T2S status information be found within sese.024 message fields?
  • Which sese.024 elements are relevant for T2S status reporting?
Using Minimum Settlement Units (MSUs), Settlement Unit Multiples (SUMs) and Deviating Settlement Units (DSUs)
  • How does T2S quantity validation work?
  • What are the T2S partial settlement rules regarding MSUs and SUMs?
  • What are the T2S auto-collateralisation rules regarding MSUs and SUMs?
  • What differences regarding the usage of MSUs, SUMs and DSUs exist between quantity validation, partial settlement rules and the auto-collateralisation process?
Matching fields from a message perspective
  • What is matching?
  • How can I fill in the matching fields in the messages sent to T2S?
  • Where can I find the matching fields in the messages received from T2S?
  • Which are the main messages related to the matching process?
Configuring intra-, cross- and external CSD settlement in T2S
  • Which elements are needed for intra-, cross- and external CSD settlement?
  • How do you set up security CSD links, CSD account links and eligible counterpart CSD links?
  • How do you configure various scenarios of intra-, cross- and external CSD settlement?
  • What has to be done to change the security maintaining entity (SME)?
Conditional Securities Delivery (COSD) in T2S
  • What are the guiding principles of COSD?
  • What are the components of the T2S COSD Framework?
  • What does T2S communicate to the process stakeholders?
  • How can the process stakeholders monitor and control the COSD process?
Linking instructions in T2S
  • What is the concept of linking of instructions in T2S?
  • How can linked instructions be created and amended?
  • How are linked instructions validated and how does their settlement take place?
Configuring restriction types in T2S
  • What are restriction types and why are they required in T2S?
  • How do you set up restriction types in the T2S static data?
  • How are the various restriction types processed?
  • What are the best practices and key considerations for configuring restriction types in T2S?
Governing Council decisions
19 July 2012

ECB Governing Council appoints members of the new T2S Board

3 July 2012

Fifteen additional Central Securities Depositories intend to sign the T2S Framework Agreement

8 May 2012

Eurosystem signs T2S Framework Agreement with first Central Securities Depositories

23 February 2012

The ECB Governing Council endorses the T2S Currency Participation Agreement and the related schedules

16 November 2011

The ECB Governing Council decides on detailed rules and procedures for implementing the eligibility criteria for CSDs to access T2S services

22 July 2011

The ECB Governing Council sets deadline for finalisation of the T2S Framework Agreement with CSDs

18 November 2010

The ECB Governing Council agrees on the T2S DvP settlement price in T2S

16 September 2010

The ECB Governing Council appoints members and alternates of the T2S Programme Board for the second term (starting 1 November 2010)

21 April 2010

The ECB Governing Council adopts the Guideline on TARGET2-Securities (ECB/2010/2)
Governing Council decision

14 January 2010

The ECB Governing Council adopts five eligibility criteria for CSDs in T2S .

23 April 2009

The ECB Governing Council appoints members and alternates of the T2S Programme Board

2 April 2009

The ECB Governing Council sets up the T2S Programme Board

17 July 2008

The ECB Governing Council decides to launch the T2S project

26 April 2007

The ECB Governing Council decides on the organisation of the first phase of the T2S project

20 October 2006

The ECB Governing Council decides to conduct a study to assess the feasibility of T2S

7 July 2006

The ECB Governing Council decides to consult the market on the possibility to launch the T2S project

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