Clearing Circular 15/2020 | Information on Target2 – Target2 Securities Consolidation

    In November 2021, the Eurosystem will technically consolidate Target2 (T2) and Target2 Securities (T2S) settlement and will replace its current T2 system with a new, real time gross settlement (RTGS) system. The objectives are to increase overall efficiency through the use of joint infrastructure, automate processes, improve resilience to cyber attacks and optimize IT security. Furthermore, messages compliying with ISO20022 have to be used as standard. The launch is mandatory for all market participants in Europe. Last year, ECC started an internal project to assess and identify the impact on its payment infrastructure and processes. This circular aims to inform you about the changes identified. ECC will provide further updates e.g. on test phases, required setup and documentation during the implementation phase of the project*. * The timeline is subject to adjustments according to ECB milestone planning.