Five central securities depositories join T2S

12 September 2023

The Eurosystem welcomes the five central securities depositories (CSDs) who successfully joined the TARGET2-Securities (T2S) platform over the weekend. T2S now includes 24 CSDs, and the number of European countries with CSDs relying on T2S has increased from 20 to 23.

The five CSDs that have now migrated their systems to T2S are the Bulgarian National Bank Government Securities Settlement System (BNBGSSS) and Central Depository AD (CDAD) in Bulgaria, Središnje klirinško depozitarno društvo d.d. (SKDD) in Croatia, Euroclear Finland in Finland and Euroclear Bank. BNBGSSS is a central securities depository for government bonds in Bulgaria and is one of two CSDs operating in the Bulgarian market. Owned by Българска народна банка (Bulgarian National Bank), the depository provides settlement of dematerialised government securities. CDAD is the other CSD operating in the Bulgarian market. It is a private company providing settlement of corporate securities. SKDD is a private CSD for the Croatian market that offers depository, clearing and settlement services to its clients. Euroclear Finland is the Finnish central securities depository that provides issuance and post-trade services, a centralised digital register of ownership and related data services to its clients. Euroclear Bank is an international central securities depository providing post-trade services globally.

By joining T2S, CSDs can offer their users delivery-versus-payment settlement of securities and cash in euro and Danish krone central bank money.

T2S is one of the TARGET Services provided by the Eurosystem to help improve the integration and efficiency of financial markets in Europe by harmonising securities settlement in central bank money at the pan-European level. In 2022 the platform processed on average 700,000 securities transactions with a total value of €717 billion each day, primarily in euro but also in Danish krone.