1. What is it?

T2S is a Eurosystem technical platform on which the central securities depositories (CSDs) will entrust the management of their securities settlement-delivery activities in central bank money based on harmonized methods.

It aims at reducing the costs of settlement-delivery in Europe and facilitating the cross-border settlement.

All European CSDs are not necessarily included in T2S, they must sign the “Framework Agreement”, which allow them to technically delegate to T2S the settlement-delivery while remaining the legal officer. The migration will occur in waves.

2. What does it imply?

Euroclear ESES, the French platform shared by Belgium and the Netherlands, will migrate during the second wave in March 2016.

Euroclear loses its settlement / delivery system, its proprietary messaging disappears in favor of the transition to ISO 20022 standard.

The MX Messaging in format Target 2 Securities replaces the Euroclear messaging.

3. To know more

▶ T2S: Securities settlement without borders – YouTube

T2S: Securities settlement without borders: the ECB video