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