The ECB Governing Council launched a public consultation on June 6, 2025, on extending T2 (RTGS) operating hours - potentially the most significant structural change to European wholesale settlement since T2's launch.
Options Under Consideration
Three dimensions are being explored: extending to a 24-hour operational day (currently limited hours), expanding to a 6 or 7-day week (currently Monday-Friday), and moving to 365-day operation. The consultation closed September 30, 2025, with results expected in Q1 2026.
Why Now
The Instant Payments Regulation requires TIPS to operate 24/7/365, creating a mismatch with T2's limited hours. Banks must manage liquidity across both systems, but can only move funds between T2 and TIPS during T2's operating window. Extended T2 hours would simplify liquidity management and enable round-the-clock large-value settlement.
What This Means
Moving Europe's wholesale RTGS toward 24/7 would fundamentally change how liquidity management, collateral allocation, and settlement timing work across the continent. For treasury and operations teams at European banks, this is a structural change that affects funding models, staffing, and risk management. The Q1 2026 consultation results will set the direction.
Source: ECB