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

    Features

    Functional convergence

    Functional convergence of the current Eurosystem’s settlement services (T2S, TARGET2 and TIPS) into a single platform, which will allow the sharing of common components (reference data, data warehousing, archiving, etc.).

    Consolidated payment infrastructure

    Consolidated and optimized provision of the TARGET2 (T2) and TARGET2-Securities (T2S) services by addressing the increasing demand for having an effective facility for the provision of liquidity to existing and future Eurosystem payment and settlement services.

    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.

    In case of any questions or your require further information, please contact us at  

    target2.consolidation@ecc.de

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