TARGET 2-Securities, T2S (also in German)

Settlement system set up by the ECB for securities transfers – more precisely, transactions paid for by institutions with central bank money; also referred to as settlement business – in the euro area. The aim of the project was to make the highly fragmented market for securities in the euro area more efficient. – This ECB initiative triggered considerable concern. This is because private services are being replaced by public ones. It was also feared that a monopolistic provider would, in the long term, hinder the efficiency of settlement in Europe and thus the attractiveness of its financial markets. After all, customer service and the application of new technologies can basically only be ensured through competition. – See settlement systems, exchange concentration, European clearing house, automatic, Euroclear, capital transfer system, electronic, retail payments, electronic, Target 2-Securities, trade assignment, remittance system. – Cf. Deutsche Bundesbank Annual Report 2006, p. 104; ECB Annual Report 2006, p. 115 f. (presentation; economic efficiency), Deutsche Bundesbank Monthly Report of October 2007, p. 69 ff. (detailed presentation of Target 2; overviews; p. 81 f.: specifics on securities clearing), Deutsche Bundesbank Annual Report 2007, p. 113 ff. (progress in implementation), ECB Annual Report 2007, p. 119 ff. (progress; interlinking with TARGET), Deutsche Bundesbank Monthly Report of March 2009, p. 56 ff. (historical development; overviews), Deutsche Bundesbank Annual Report 2008, p. 111 (statistics), Deutsche Bundesbank Annual Report 2009, p. 121 (T2s programs boards; fully operational by mid-2010), ECB Annual Report 2009, p. 119 f. (progress on T2S).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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