ECB to Examine Closer Target2 and T2S Integration

As Europe completes its plan for cross-border settlement, the European Central Bank decides on the future of the T2S platform.

Euro sign outside the European Central Bank in Frankfurt
The ECB is planning to explore a possible consolidation of T2S and the Target2 settlement platform.

Europe took a deep breath on September 19 when the Spanish, Lithuanian, Latvian and Estonian central securities depositories (CSDs) announced their successful migration to the Target2–Securities (T2S) settlement platform. It was the final wave of migration that concluded the planned implemented phases of an ambitious European project, orchestrated by the European Central Bank (ECB).

Envisaged as a single, cross-border platform for the settlement of securities in central bank money, T2S went

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