Target2-T2S Consolidation Project
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
Items/ Participants Requirements
| Feature/Enhancement | Details | Action Item |
| Preponement of overnight debit cash instructions in EUR via T2 | Overnight debit cash instructions in EUR via T2 will be preponed from currently 7 a.m. CET/CEST to 2 a.m. CET/CEST. However, the deadline for fulfillment of the payment obligation will remain at 8 a.m. CET/CEST. | Possible collection of Power of Attorney for customers` T2 accounts. |
| Re-certification of T2 accounts | As part of the migration, Members might be required to close and reopen cash accounts in T2. To ensure a smooth cash processing between Eurex Clearing and their Members’ T2 cash accounts, a power of attorney / debit mandate for AS settlement will continue to be required for every RTGS DCA set up in the Eurex Clearing system. | Renewal of powers of attorney/debit mandates for Ancillary System (AS) settlement. |
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