-
NBS Tasks
Browse topics
- Monetary policy
- Financial market supervision
- Financial stability
- Banknotes and coins
- Payments
- Statistics
- Research
- Legislation
-
Publications
- Activity Report of the NBS Innovation Hub Annual Report Economic and Monetary Developments Financial Stability Report Investment Policy Statement of the National Bank of Slovakia Macroprudential Commentary Policy Briefs
- Report on the Activities of the Financial Market Supervision Unit Research Papers: Working and Occasional Papers (WP/OP) Statistical Bulletin Structural Challenges Other publications Sign up for your email notifications about publications
- About the Bank
- Media
- Frequently asked questions
-
For the public
Browse topics
- About the Bank
- Exchange rates and interest rates
- Banknotes and coins
- Payments
- Financial stability
- Financial market supervision
- Statistics
- Legislation
-
Publications
- Activity Report of the NBS Innovation Hub Annual Report Economic and Monetary Developments Financial Stability Report Macroprudential Commentary
- Report on the Activities of the Financial Market Supervision Unit Research Papers: Working and Occasional Papers (WP/OP) Statistical Bulletin Other publications Sign up for your email notifications about publications
- Frequently asked questions
- Media
- Careers
- Contact
History T2S
The objective of the Eurosystem’s TARGET2-Securities (T2S) is to establish a common securities settlement platform.
TARGET2-Securities is based on the TARGET2 platform. T2S operates on a centralized engine enabling harmonized clearing and settlement services of securities in euro and in other currencies providing interest of non-euro area central banks.
In T2S as a single platform for settling both cash and securities transactions in central bank money are centrally managed the cash accounts and the securities accounts. The provision and management of liquidity on cash accounts in T2S is under the responsibility of payment banks (including settlement banks). Liquidity used for securities settlement in T2S is transferred from accounts held in RTGS systems of national central banks. For euro it is TARGET2.
T2S is only a settlement service for all types of securities. That means that custody and other services remain to be performed by central securities depositories. CSDs are the gateways through which market participants are able to access T2S services. Participants continue to contract with one or more CSDs for the settlement of securities eligible and collateral operations for such settlement. Moreover the CSDs – not market participants – contract with the Eurosystem for T2S services. Each CSD is invited to agree to move its settlement to T2S and offer its clients borderless settlement of trading and collateral operations.
T2S was designed and is operated by Deutsche Bundesbank, Banca d´Italia, Banque de France a Banco de Espana (4CB) on behalf of Eurosystem. Involving national market participants into the development of T2S was via National User Groups (NUG-s). In Slovakia was established NUG-SK. Subsequently AMI-SeCo NSG-SK was established in Slovak Republic in September 2017 as follower of NUG-SK to cover also collateral management issues and new Eurosystem projects issues.
The Eurosystem´s T2S initiative started in 2006 with its feasibility study. It was followed by precise setting of user requirements, which were included in User Requirements Documentation. After the specification, development and testing phase was T2S opened for production in June 2015. The migration to T2S was divided into 5 waves according to the Programme Plan. Successful migration of fourth migration wave included Slovak market was completed on 6 February 2017. Last migration wave was successfully completed in September 2017.
Useful links: