Abstract icon Target2-Securities (T2S) is a trans-European platform for securities settlement.

The European central banks are working with the central securities depositories (CSDs) and market participants to establish a trans-European securities settlement system, Target2-Securities (T2S), in which cross-border securities trades are settled just as efficiently as domestic trades. The system will be commissioned over several waves, where Denmark migrated with securities settlement in euro in September 2016 and will migrate with securities settlement in kroner in 2018.

The system is based on a single technical infrastructure to which the CSDs outsource their settlement. In other words, accounts and business transactions with Danish participants are still managed by VP Securities, and likewise the payment part in kroner will be regulated by Danmarks Nationalbank's Terms and Conditions for accounts.

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