ECB T2S
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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.