T2S

Pan-European securities settlement platform.

Definition

T2S settles DVP (Delivery versus Payment) in central bank money. ISO 20022 messages sese.023 (Securities Settlement Transaction Instruction), sese.024 (Modification), sese.025 (Cancellation). Standard T+2 cycle, T+1 planned for 2027.

Origin

Operational launch in 2015 by the Eurosystem.

Example in context

An Italian broker transfers 10,000 LVMH shares to a French investor via T2S Euroclear France.

Related terms

• TARGET2 — cash twin.