TARGET2-Securities Annual Report 2023

22 May 2024

TARGET2-Securities (T2S) settled over 177 million transactions with a total value of €200 trillion in 2023. This corresponded to a daily average volume of 700,000 transactions and a daily average value of €790 billion. Compared with 2022, the value of settled transactions increased by 9% while the volume of settled transactions dropped by 2%. The platform’s operational stability and efficiency continued in 2023, with almost 100% technical availability. These and more takeaways can be found in the 13th edition of the T2S Annual Report, which describes the performance and evolution of T2S and presents settlement data for 2023.

The March 2023 launch of T2, which replaced TARGET2 as the Eurosystem’s new real-time gross settlement system, generated further efficiency gains for T2S. Consolidating the two systems on the same technical platform further facilitated and optimised liquidity management across all TARGET Services.

On 11 September 2023, five new central securities depositories (CSDs) successfully migrated to the platform:

• Bulgarian National Bank Government Securities Settlement System
• Central Depository AD in Bulgaria
• Euroclear Bank
• Euroclear Finland
• Središnje klirinško depozitarno društvo d.d. in Croatia

The onboardings mean that 24 CSDs from 23 European countries are now connected to the T2S platform, all using harmonised securities settlement services to improve the integration and efficiency of financial markets in Europe. Euroclear Bank, the first International CSD in T2S, will phase-in settlement activities in T2S over the next two years. T2S is also a multi-currency platform, which settles transactions in both euro and Danish krone.