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TARGET2-Securities

T2SACTIVE
Operator: Eurosystem (4CB platform)
Overseer: European Central Bank (ECB)
Legal basis: ECB Guideline on TARGET (ECB/2022/8), Central Securities Depositories Regulation (CSDR)
Launched: Jun 22, 2015
21 CSDs connected
Participants
Jan 1, 2024 · European Central Bank
Quick reference: View technical card →
Executive Summary

TARGET2-Securities (T2S) is the Eurosystem's pan-European platform for securities settlement in central bank money. It enables Delivery-versus-Payment (DVP) settlement across participating Central Securities Depositories (CSDs), harmonising post-trade processing for European securities markets. T2S was integrated into the unified TARGET platform in March 2023.

How It Works
Settlement Model
Delivery-versus-Payment (DVP) in central bank money
Message Standard
ISO 20022 (sese messages for settlement instructions)
Max Transaction
No limit
Clearing Mechanism
Direct DVP settlement — no separate clearing for the settlement leg (though trades may be cleared by CCPs before reaching T2S)
Settlement Cycle
Night-time settlement (NTS) cycle + real-time settlement during daytime hours. Real-time settlement runs during T2 operating hours.
Message Flow
CSDs submit settlement instructions to T2S on behalf of their participants. T2S matches instructions between counterparties, checks securities availability in the CSD account and cash availability in the Dedicated Cash Account. On successful matching and availability, T2S simultaneously debits/credits securities and cash, achieving DVP finality.
Typical Use Cases
Government bond settlement, corporate bond settlement, equity settlement, collateral transfers, repo transactions
Key Data
Participants
21 CSDs connected
As of Jan 1, 2024 · European Central Bank
Participants & Access
Membership Requirements
Participation through a connected CSD. 21 European CSDs currently connected including Euroclear, Clearstream, Monte Titoli, Iberclear.
Governance & Risk
Governance Model
Part of the TARGET platform under ECB governance. CSD Steering Group provides market input. T2S Advisory Group includes market participants.
Concentration Risk
High — T2S is the dominant pan-European securities settlement platform. National CSD alternatives exist but are converging onto T2S.
Resilience & Business Continuity
Eurosystem dual-site infrastructure. Integrated with the TARGET platform for unified resilience.
Dispute Resolution
TARGET framework applies. Settlement fails are managed through CSD-level procedures and penalty mechanisms under CSDR.
Pricing
T2S pricing per settlement instruction, with volume-based discounts.
Transaction fee: €0.235 per DVP instruction (basic)
Source: European Central Bank
Connectivity
cash settlement via
T2 / TARGET
Cash leg of DVP settlement uses T2 Dedicated Cash Accounts
Regulatory Framework
DelayedNov 14, 2026
SWIFT CBPR+ structured address mandate
SWIFT mandates structured postal addresses in all CBPR+ ISO 20022 messages. Unstructured address fields will no longer be accepted for cross-border payments. Financial institutions must ensure all counterparty address data is structured. Industry reports suggest ~44% of banks are behind schedule for Nov 2026 deadlines.
Timeline
Stored date Jan 1, 2027; precision not reviewed
T2 / TARGET maintenance: New Year's Day — TARGET closing day maintenance window recorded
New Year's Day — TARGET closing day — 2027-01-01 00:00–23:59 CET (full outage). Recorded by ClearingPost on 2026-09-15.
Source
Stored date Dec 31, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
cancelled. Recorded by ClearingPost on 2026-09-03.
Source
Stored date Dec 31, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
Cancelled 2026-09-03: 31 December is NOT a TARGET closing day. ECB working-hours calendar lists 31 December as 'New Year's Eve' without the asterisk marking TARGET closing days; the marked closing days are New Year's Day (1 January), Good Friday, Easter…
Source
Stored date Dec 26, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
TARGET closing day on the ECB calendar. T2 does not settle on TARGET closing days. TIPS is not closed; the ECB states that TIPS settles 24 hours a day, 365 days a year. One of six TARGET closing days designated by the ECB for 2026..
Source
Stored date Dec 25, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
TARGET closing day on the ECB calendar. T2 does not settle on TARGET closing days. TIPS is not closed; the ECB states that TIPS settles 24 hours a day, 365 days a year. One of six TARGET closing days designated by the ECB for 2026..
Source
Stored date Nov 14, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
As of 2026-09-07, per Deutsche Bundesbank 'Information on T2 R2026.NOV release' (dated 30 April 2026): start of release testing 25 September 2026, end of testing 28 October 2026, deployment in production 14 November 2026.
Source
Stored date Sep 4, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
2026-11-28. Recorded by ClearingPost on 2026-09-08.
Source
Stored date Sep 4, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
T2 R2026.NOV release deployment weekend, shifted by the Eurosystem from 14 November 2026 to 28 November 2026. All T2 and TIPS services unavailable during deployment. The two-week postponement follows SWIFT's decision to delay its Standards Release 2026.
Source
Stored date Sep 4, 2026; precision not reviewed
T2 / TARGET maintenance schedule updated maintenance window recorded
As of 2026-09-08, per ECB MIP News of 4 September 2026, which states: 'The Eurosystem has decided to proceed with the planned November 2026 releases for its TARGET Services, shifting their deployment from 14 November 2026 to 28 November 2026.' The same item…
Source
Date not specified
T2 / TARGET maintenance maintenance window recorded
T2 / TARGET maintenance maintenance window recorded.
Source
Date not specified
New document version recorded: T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)
Version R2026.NOV. Recorded by ClearingPost on 2026-08-06.
Source
Date not specified
Reference document updated: T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)
R2026.NOV. Recorded by ClearingPost on 2026-08-13.
Source
Date not specified
New document version recorded: TARGET Operating Schedule
Version May 2026. Recorded by ClearingPost on 2026-09-03.
Source
Date not specified
Reference document updated: TARGET Operating Schedule
https://www.ecb.europa.eu/paym/target/shared/pdf/TARGET_System_operating_schedule.en.pdf. Recorded by ClearingPost on 2026-09-03.
Source
Date not specified
T2 / TARGET maintenance: Good Friday — TARGET closing day maintenance window recorded
Good Friday — TARGET closing day — 2027-03-26 00:00–23:59 CET (full outage). Recorded by ClearingPost on 2026-09-13.
Source
Date not specified
T2 / TARGET maintenance: Easter Monday — TARGET closing day maintenance window recorded
Easter Monday — TARGET closing day — 2027-03-29 00:00–23:59 CET (full outage). Recorded by ClearingPost on 2026-09-13.
Source
Date not specified
Reference document updated: T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)
2026-11-28. Recorded by ClearingPost on 2026-09-22.
Source
Date not specified
Reference document updated: T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)
T2 documentation set for the November 2026 release cycle. Includes updated UDFS, User Handbooks, URDs and release scope documents, still marked as under TARGET Services Governance review. Includes ISO message upgrade from Maintenance Release 2019 to MR 2024.
Source
Date not specified
Reference document updated: T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)
Release documentation set for T2 R2026.JUN listed on the official ECB T2 professional-use page (R2025.NOV retained as prior set). The page lists the T2 R2026.JUN release scope dated 28 April 2026 and the T2 R2026.JUN main milestones dated 12 November 2025.
Source
Intelligence (25)
NewsSep 8, 2026Headline names “TARGET”
Eurosystem Shifts November 2026 TARGET Services Deployment to 28 November
A two-week postponement pushes the T2, T2S, TIPS and ECMS release weekend to the end of November 2026 while leaving the planned functional scope of the releases unchanged.
Operator source · European Central Bank
NewsSep 3, 2026Summary names “TARGET”
EPC Holds 15 November Unstructured Address End-Date Pending 9 September Board Decision
The Eurosystem decided on 28 August to reassess its November 2026 TARGET Services releases with the European financial industry after Swift extended the Standards Release 2026 timeline.
External source · European Payments Council
NewsJul 7, 2026Headline names “T2”
ECB's T2 Payment System Suffers Second Outage in Eight Days
The ECB's T2 real-time gross settlement system experienced its second processing disruption in eight days on July 6. A software update deployed in June caused both incidents.
External source · Reuters (via EuropeSays)
NewsJul 7, 2026Headline names “T2”
T2 Suffers Two Processing Disruptions in Eight Days After June Software Update
T2 experienced processing incidents on June 29 and July 6, 2026. Both disruptions were traced to a software update deployed earlier in June.
External source · PYMNTS
AnalysisJun 30, 2026Headline names “TARGET”
Bulgaria Retires BISERA6 and Blink as Euro Adoption Shifts Payment Traffic to TARGET and TIPS
Bulgaria's accession to the eurozone on January 1, 2026 retired its domestic RTGS, batch clearing, and instant payment systems. All payment traffic now settles through the Eurosystem's T2, STEP2, and TIPS platforms.
External source · European Payments Council
RegulationJun 30, 2026Headline names “T2”
ECB Revises T2 RTGS Pricing from July 1 as Cost of Capital Rises 35-Fold
The Eurosystem's revised T2 RTGS pricing policy takes effect on July 1, 2026, with increased monthly dedicated cash account fees and recalibrated volume-based pricing bands. The adjustment reflects a cost of capital increase from 0.05% to 1.7755%.
Operator source · European Central Bank
NewsJun 27, 2026Headline names “T2”
T2 Settles €1.93 Trillion Daily in 2025 as Danish Krone Joins TARGET
T2 maintained 99.8% technical availability in 2025, with two incidents classified as having major impact.
Operator source · European Central Bank
NewsJun 25, 2026Headline names “T2”
SWIFT Ends IPLA and SIL Support on June 30, Affecting T2 and CHAPS Connectivity
Red Hat's decision to end support for Fuse, the open-source integration framework underpinning SIL, is the primary trigger. IPLA and SIL cannot fully support ISO 20022's structured data requirements that T2, CHAPS, and TIPS now mandate.
External source · Aqua Global
NewsJun 13, 2026Headline names “T2”
ECB Governing Council Approves Weekend Settlement Windows for T2 Liquidity Management
The Eurosystem will introduce short T2 settlement windows during most weekends within two years, addressing the liquidity management gap created by TIPS operating around the clock while T2 remains closed on weekends and holidays.
Operator source · European Central Bank (Governing Council Decisions)
RegulationJun 6, 2026Headline names “T2”
Eurosystem Commits to Weekend Settlement Windows for T2 Within Two Years
The Eurosystem published a phased roadmap on May 28 for extending T2 operating hours, committing to weekend settlement windows within two years. Medium-term options include near-24/7 CLM operation and extending RTGS toward a 24/5 schedule, with a second market consultation planned for late 2026 or early 2027.
Operator source · ECB Market Infrastructure and Payments
View all →
Wider coverage that mentions T2 / TARGET (10)

These articles mention T2 / TARGET in their text but not in their headline or summary, so they are listed as context rather than as T2 / TARGET intelligence.

Jul 10, 2026Text mentions “T2”
SWIFT Blockchain Ledger Ready for Initial Use with 17-Bank Pilot
External source · SWIFT
Apr 1, 2026Text mentions “TARGET”
Eurosystem Publishes Comprehensive Payments Strategy, Pontes DLT Settlement Set for Q3 2026
Operator source · European Central Bank
Mar 26, 2026Text mentions “T2”
Eurosystem Accepts DLT-Issued Collateral from March 30 as Appia Roadmap Charts Path to Integrated Tokenised Market
Operator source · European Central Bank
Mar 23, 2026Text mentions “TARGET2”
SWIFT Structured Address Mandate Looms as Industry Surveys Reveal a Third of Payment Providers Unprepared
External source · SWIFT
Mar 21, 2026Text mentions “TARGET”
ECB Recruits Payment Specialists to Define Digital Euro Integration Standards for ATMs and Retail Terminals
Operator source · European Central Bank
Mar 19, 2026Text mentions “TARGET”
Euro Area Instant Credit Transfers Reach 23 Percent of All Transfers in First Half of 2025
Operator source · ECB Payments Statistics H1 2025
Mar 13, 2026Text mentions “TARGET”
Nexus Global Payments Appoints PayNet-NETS as Technical Operator, Indonesia Joins as Sixth Member
External source · Nexus Global Payments
Mar 11, 2026Text mentions “T2”
RTGS, ACH, and Fast Payment Systems: A Practitioner's Guide to Payment Rails
External source · BIS CPMI
Mar 11, 2026Text mentions “T2”
DNS, RTGS, and Hybrid Settlement: How Payment Systems Actually Clear and Settle
External source · BIS CPMI
Mar 5, 2026Text mentions “T2”
ISO 20022 Migration Tracker: Who's Migrated, Who's Next
External source · SWIFT
Reference Documents (3)
TARGET Operating Schedule
ECB · operating_schedule · v2026 · Jan 1, 2026
CBPR+ Roadmap Beyond November 2025External reference · SWIFT
SWIFT · regulatory_text · vJune 2026
The document record does not show the T2 / TARGET operator as its publisher and does not name T2 / TARGET, so its dates are not shown as T2 / TARGET dates.
2 versions tracked
T2 professional-use documentation set (UDFS, User handbook, Information guide, XSD)
European Central Bank · technical_spec · vR2026.NOV · Nov 28, 2026
2 versions tracked
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