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T2 is a financial market infrastructure that provides real-time gross settlement (RTGS) of payments, mostly in euros. It is operated by the European Central Bank and is the critical payments infrastructure of the euro area .
As of late 2024, TARGET Services included T2 for large payments (which replaced TARGET2 in 2023), TARGET2-Securities (T2S) for securities transactions, and TARGET Instant Payment Settlement (TIPS) for instant payments. [1] [2] A fourth service, the Eurosystem Collateral Management System (ECMS), is to complement the TARGET suite in mid-June ...
TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. [1] T2S offers centralised delivery-versus-payment (DvP) settlement across several European securities markets, without being itself a central securities depository (CSD) since it does not offer CSD services such as custody or asset servicing.
TARGET2 was the real-time gross settlement (RTGS) system for the Eurozone from its phased introduction in 2007-2008 until its replacement with T2 in March 2023. As such, it was one of the Eurosystem's TARGET Services, replacing the original TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) RTGS introduced in 1999.
T2 is a RTGS system that covers the European Union member states which use the euro. It is part of the Eurosystem, which comprises the European Central Bank and the national central banks of those countries that have adopted the euro. T2 is used for the settlement of central bank operations, large-value Euro interbank transfers as well as other ...
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The TSA confirmed the terminations of 243 probationary workers, citing "performance and conduct issues" with the employees.
Settlement involves the delivery of securities from one party to another. Delivery usually takes place against payment known as delivery versus payment, but some deliveries are made without a corresponding payment (sometimes referred to as a free delivery, free of payment or FOP [4] delivery, or in the United States, delivery versus free [5]).