What is TARGET2-Securities (T2S)?

When investors buy and sell securities the security and payment need to change hands – a process called securities settlement. TARGET2-Securities, or T2S, is a safe platform where the exchange can happen simultaneously, i.e. where delivery versus payment is possible. Safer and more efficient securities settlement.

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.

Instead with T2S we have a common platform on which securities and cash can be transferred between investors across Europe, using harmonised rules and practices. Currently 20 European countries use T2S.

Banks pay for securities on the platform using the account they have with their central bank, so the money used to settle transactions is central bank money. As a result, transaction risk is greatly reduced.

Read more about TARGET2-Securities on the European Central Bank's website.


Queries in relation to T2S may be sent to the Central Bank at [email protected] / [email protected].