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Frankfurt am Main | 19.09.2017

T2S: Migration of all markets successfully completed

Last weekend, the Spanish and Baltic central securities depositories (CSDs) successfully migrated to T2S in the last regular wave. This completes migration to the European securities settlement platform. As a result, 20 European CSDs are now conducting their entire securities settlement in central bank money through the T2S platform.

For the Eurosystem, especially for the Bundesbank as part of the development and operating syndicate, and for the market participants alike, the completion of migration represents a milestone. All the connected participants can now enjoy the full benefits of T2S, a chief advantage being a more efficient liquidity management. One of the platform’s key design features is its multi-currency capability. From October 2018, the Danish krone will be the first currency after the euro to be made available for securities settlement in T2S.

T2S was launched with five CSDs in its initial migration wave as long ago as 2015. The other CSDs and their markets followed in stages.

Additional information


Film explains TARGET2-Securities

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TARGET2-Securities (T2S) is a platform for the centralised settlement of securities transactions within the European Union. T2S went live on 22 June 2015. In a short film, the Bundesbank explains how T2S works, its importance to the German market, and the role played by the Bundesbank.