Go-live of the T2-T2S consolidation project confirmed

20 February 2023

Following an assessment by the Market Infrastructure Board of the European Central Bank (ECB), the Governing Council of the ECB has confirmed the go-live date for the T2-T2S consolidation project. The go-live will take place on 20 March 2023, as communicated in October 2022.

In parallel, the decision was taken to postpone the activation of the T2 billing process until shortly after the go-live, in order to allow more time to finalise testing activities.

The T2-T2S consolidation project will consolidate both the technical and the functional aspects of TARGET2 and TARGET2-Securities (T2S). The current real-time gross settlement system, TARGET2, will be replaced by a new system, T2, which will optimise liquidity management across all TARGET Services and offer enhanced and modernised services to the market.