TARGET2-Securities, or T2S, is a safe platform where the exchange can happen simultaneously, i.e. where delivery versus payment is possible. T2S revolutionised securities settlement in Europe because it brought an end to complex cross-border settlement procedures and the problems caused by different settlement practices among countries.

The T2S Guideline ECB/2012/13 is the cornerstone of the legal framework for T2S and the basis for all other future legal agreements. The Guideline lays down the rules on the internal governance of T2S.

T2S is a Eurosystem infrastructure that provides the European post-trading industry with a single, borderless, pan-European platform for securities settlement in central bank money. It provides core settlement services in central bank money to many euro area and non-euro area central securities depositories (CSDs) and central banks.

TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. [1] T2S offers centralised delivery-versus-payment (DvP) settlement across several European securities markets, without being itself a central securities depository (CSD) since it does not offer CSD services such as custody or ...

2025年2月27日 · The pan-European TARGET 2 Securities (T2S) platform, which is used to complete trades in cash and securities across 24 depositories such as Euroclear, was also back online after being...

As part of the Eurosystem’s tasks in accordance with Articles 17, 18 and 22 of the Statute of the ESCB, T2S aims to facilitate post-trading integration by offering core, neutral and borderless pan-European cash and securities settlement in central bank money so that CSDs can provide their customers with harmonised and commoditised delivery-versu...

TARGET2证券(TARGET2-Securities，T2S)是由欧洲中央银行主导开发的泛欧证券交收综合技术平台。 T2S 旨在通过与欧洲中央银行资金实时支付系统连接进行货银对付的证券交收，消除欧洲各国证券境内及跨境交收的差异，实…

Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) ECB/2022/8

2019年6月20日 · In view of the provision of T2S services, the Governing Council of the European Central Bank (ECB), as ultimate decision-making body of the Eurosystem, established the T2S Advisory Group (AG) to ensure that T2S continues to meet the needs of the market.

2025年3月6日 · The situation started going south shortly after 8 a.m. Frankfurt time on Thursday when the ECB's system for settling financial trades, Target 2 Securities (T2S), crashed.