T2S Target 2 Securities

Pan-European Eurosystem securities settlement platform.

Definition

T2S settles 700,000+ transactions per day, atomic DvP via TARGET2 cash account and CSD securities account. Participating CSDs: Euroclear (BE, NL, FR, FI), Clearstream (DE, LU), Iberclear (ES), Monte Titoli (IT), VP Securities (DK). ISO 20022 migration (sese, semt, secl) completed June 2022. T2-T2S consolidation wave 2022.

Origin

ECB Governing Council 2008, first migration June 2015 (wave 1: Italy, Greece, Malta, Romania, Swiss Holdings), full T2S 2017.

Usage

De facto standard for cross-border euro securities settlement. T+1 preparation May 2024 EU (lagging US/CA T+1 May 2024).

Related terms

• TARGET2 — plateforme cash jumelle.
• CSD — participants.
• T+1 — horizon settlement.