• Beyond T2S - Realising the benefits of harmonisation

TARGET2-Securities (T2S) is a 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

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TARGET2-Securities (T2S) is a 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 fully implemented by 17 national central banks in the euro area (which are collectively known as the “Eurosystem”.

T2S integrates and harmonises 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 is therefore 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 is owned and operated by the ECB and 17 national central banks in the euro area (which are collectively known as the “Eurosystem”).

European Central Bank: TARGET2-Securities

Show content of T2S Waves

T2S Waves – these should come with too but we need to make the following change to the opening sentence: TARGET2-Securities (T2S) was 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)

    T2S and regulation: an infographic explaining why the custody industry faces a regulatory dichotomy and how to navigate it.

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