The project of the European Central Bank to integrate its payment settlement system, TARGET2, with its securities settlement sister T2S, has its go-live date pushed forward 12 months. November 2022 is the new … eh, target.

“The project had already entered an internal software testing phase, known as “Eurosystem acceptance testing”. However, a recent community readiness survey showed that the coronavirus (COVID-19) pandemic and the rescheduling of SWIFT’s global migration of cross‑border payments to ISO 20022 had posed challenges to national financial communities across Europe,” the European Central Bank writes in a news release.

The decision was made by the central bank’s governing council. As a consequence of the delayed consolidation, it also decided that the delivery of the planned Eurosystem Collateral Management System (ECMS) should have its go-live pushed from November 2022 until June 2023 at the earliest. A specific date for this is to be announced coming October.


As we noted yesterday, the post-trade community also just learned of a one-year delay, from February 2021 to February 2022, of the entry into force for the much-debated settlement discipline regime under the Central Securities Depositories Regulation.

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