TARGET2-Securities

TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. 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.: 2 

T2S is one of the Eurosystem's TARGET Services, together with T2 and TARGET Instant Payment Settlement (TIPS) for cash payments.

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