ECB-T2S

Eurosystem securities settlement.

Definition

T2S connects 21 European CSDs (Euroclear, Clearstream, Iberclear, Monte Titoli, Interbolsa). Volume 850K transactions/day, EUR 1 trillion/day. ISO 20022 messaging sese.023/024/025/030. Legacy MT migration completed 2017.

Origin

Decided by ECB 2008 ; operational 22 June 2015 ; progressive CSD migration 2015-2017.

Example in context

A German broker settles a French equity trade via T2S — T+2 DvP settlement at Clearstream and Euroclear France.

Related terms

• T2 — related cash rail.