TARGET2-Securities (T2S) is a new European securities settlement system which offers centralised delivery-versus-payment (DvP) in central bank funds. The platform harmonises settlement across all T2S markets and, in conjunction with other disruptive changes in the European custody landscape, can deliver benefits that go beyond clients’ initial expectations.

More on T2S

TARGET2-Securities (T2S) is a new European securities settlement engine which aims to offer centralised delivery-versus-payment (DvP) settlement in central bank funds across all European securities markets. The project was initiated by the European Central Bank (ECB) in 2006 and is currently under development.

The fundamental objective of the T2S project is to integrate and harmonise the currently highly fragmented securities settlement infrastructure in Europe. It aims to reduce the costs of cross-border securities settlement within the euro area and participating non-euro countries, as well as to increase competition and choice amongst providers of post-trading services. It will therefore be a critical step forward in the creation of a single market in financial services in the European Union, fulfilling one of the goals of the Lisbon agenda. The IT platform will be built, owned and operated by the ECB and 17 national central banks in the euro area (which are collectively known as the “Eurosystem”).

The first Central Securities Depositaries (CSD) involved in the project are due to migrate in June 2015 with three more waves following that: March 2016, September 2016 and February 2017.

European Central Bank: TARGET2-Securities

TARGET2-Securities (T2S) is currently being rolled out across European markets’ Central Securities Depositories (CSDs) in a series of waves from June 2015 to September 2017.

Wave 1

22 June 2015
  • Bank of Greece Securities Settlement System (BOGS)
  • Depozitarul Central (Romania)
  • Malta Stock Exchange
  • Monte Titoli (Italy)
  • SIX SIS (Switzerland)

Wave 2

28 March 2016
  • Interbolsa (Portugal)
  • National Bank of Belgium Securities Settlement System (NBB-SSS)

Wave 3

12 September 2016
  • Euroclear Belgium
  • Euroclear France
  • Euroclear Netherlands
  • VP LUX (Luxembourg)
  • VP Securities (Denmark)

Wave 4

6 February 2017

  • Oesterreichische Kontollbank (Austria)
  • Clearstream Banking (Germany)
  • KELER (Hungary)
  • LuxCSD (Luxembourg)
  • Centrálny depozitár cennych papierov (CDCP) (Slovakia)
  • KDD – Centralna Klirinsko Depotna Druzba (Slovenia)

Wave 5

18 September 2017

  • Esti Vaartpaberikeskus (Estonia)
  • Euroclear (Finand)
  • Lietuvos centrinis vertybinu popieriu depozitoriumas (Lithuania)
  • Latvian Central Depository (Latvia)
  • Iberclear (Spain)
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