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Logo Target2 - Securities

TARGET2-Securities (T2S) is a common technical platform for central depositories that enables the settlement of securities transactions in central bank money within the euro area / EU / EEA primarily in euro and also in other currencies in case of interest of central banks outside the euro area. For the purpose of DvP settlement (delivery versus payment) in the T2S platform, central depositories maintain securities accounts and central banks maintain Dedicated Cash Accounts (DCAs).

The T2S platform in Europe has revolutionized securities settlement by improving the flow of securities across Europe, using harmonised rules and practices. Currently 20 European countries use T2S.

T2S lays the foundations for a single market for securities settlement and thus contributes to achieving greater integration of Europe’s financial market. It does this by:

  • making it easier for investors to buy securities in other EU countries;
  • reducing the cost of cross-border securities settlement;
  • increasing competition among providers of post-trade services (i.e. clearing and settlement services) in Europe;
  • pooling collateral and liquidity, meaning that banks no longer need to keep these in various locations and can quickly move them to where they are needed;
  • reducing settlement risk and increasing financial stability by using central bank money for transactions on the platform.

Národná banka Slovenska has been operating the T2S service since 6 February 2017 and from a legal point of view, T2S DCA cash accounts are part of the TARGET2-SK system.

Decision of Národná banka Slovenska No. 10/2018 on conditions for the opening and operation of a T2S account (T2S DCA) in TARGET2-SK. (available only in Slovak language)

For more information about T2S, visit the following websites: