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Article (110/279)
T2S Regulation
T2S Regulation

T2S Regulation


Our regulatory memo explaining the Target2-Securities (T2S) regulation: what it is, its scope, key dates and how it will impact you

T2S is an initiative led by the Eurosystem to create a European settlement platform.

Main objectives are:

  • Harmonising settlement rules and timing as well as some post-trade market practices
  • Maximising settlement safety and efficiency (through DVP mechanisms and integration of settlement of cash and securities on the same IT platform)
  • Pursuing cost reduction and optimising liquidity management
  • T2S introduces a single pan-European settlement platform for: (1) cross-border and domestic trades (2) securities denominated in euros and other currencies, and (3) settlement in central bank money only

The platform is operated by the Eurosystem to service central securities depositaries (CSDs), national central banks (NCB) and direct connected participants.

T2S operates securities accounts on behalf of CSDs and cash accounts on behalf of central banks. CSDs keep issuer functions and national settlement specificities.


Download the regulatory memo:


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