Project Readiness

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.

New features, changes and improvements: 

  • Functional convergence
  • Consolidated payment infrastructure

Simulation start: December 2021
Production start: November 2022

Participants Requirements



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.

What´s next?

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