T2-T2S Consolidation

The T2-T2S consolidation project is a European infrastructure project driven by the European Central Bank (ECB) with a planned go-live in November 2022. The aim of the T2-T2S consolidation project is to consolidate and optimize the provision of the TARGET2 (T2) and TARGET2-Securities (T2S) services and to address the increasing demand for having an effective facility for the provision of liquidity to existing and future Eurosystem payment and settlement services.

Simulation start: Dec 2021
Production start: Nov 2022

Based on the timeline and milestones defined by European Central Bank, ECC is performing a member simulation campaign for Clearing Members and auctioneers starting on 13 June 2022.  

As part of this campaign, ECC will conduct penny tests with each Target2 member account held by Clearing Members, auctioneers or the respective EUR settlement banks of Clearing Members and auctioneers. These penny tests shall include at least one debit and one credit payment between ECC's Target2 account and the respective customer’s Target2 account within the European Central Bank's test environment (the so-called UTEST system). Prior to the start of the penny tests, ECC will inform the contact persons indicated by the participants in the ECC T2-T2S Consolidation survey (see Clearing Circular 8/2022) about the planned test activities. 

Furthermore, ECC recommends Clearing Members to conduct their own simulation scenarios. For this purpose, Clearing Members can make use of ECC’s "T2-T2S Consolidation Member Simulation Guide", which contains information and advice on the test schedule, preparation tasks and simulation scenarios:

A prerequisite for participation in the tests for both Clearing Members and auctioneers is that the respective Target2 participant is registered in ECC's Settlement Bank Account Group (see Clearing Circular 23/2022).

Circulars