Target2-Securities User Detailed Functional Specifications - R2026.JUN - Revision

Sep 7, 2026

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Target2-Securities User Detailed Functional Specifications R2026.JUN define how the T2S platform supports settlement services and user interactions. The document details T2S features including settlement, liquidity management, information management, and operations and support. It specifies party, securities, account, currency reference data, instruction types, penalties reference data, and auto-collateralisation eligibility and valuation links. It also covers connectivity, authentication and authorisation, access rights, message subscription, GUI and security, settlement day scheduling, operator actions, application process descriptions, and system limitations such as timeouts and data handling.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages2022

Reading Time84 h 55 min

AccessFree to download

Introduction

Reader’s guide

1 General Features of T2S

1.1 T2S Features Overview

1.2 Configuration of Parties, Securities and Accounts

1.3 Access to T2S

1.4 Settlement Day

1.5 Possible actions of T2S Operator

1.6 Application Processes Description

1.7 Limitations of the system

2 Dialogue between T2S and T2S Actors

2.1 Introduction

2.2 Communication processing

2.3 Send Settlement Instruction

Target2-Securities User Detailed Functional Specifications R2026.JUN 22 January 2026 Table of Contents Introduction ............................................................................................................ 9 Reader’s guide ....................................................................................................... 14 1 General Features of T2S ........................................................................................ 18 1.1 T2S Features Overview .................................................................................. 18 1.1.1 Settlement ............................................................................................ 18 1.1.2 Liquidity management .......................................................................... 24 1.1.3 Information Management ..................................................................... 26 1.1.4 Operations and Support ........................................................................ 26 1.2 Configuration of Parties, Securities and Accounts......................................... 28 1.2.1 Parties ………………………………………………………………………………. 28 1.2.2 Securities reference data ...................................................................... 71 1.2.3 Auto-collateralisation eligibility, securities valuation and close links.. 79 1.2.4 Currencies reference data..................................................................... 82 1.2.5 Instruction Types .................................................................................. 86 1.2.6 Accounts structure and organisation .................................................... 90 1.2.7 Reference data for penalties............................................................... 110 1.3 Access to T2S ............................................................................................... 112 1.3.1 Connectivity (A2A/U2A) ..................................................................... 112 1.3.2 Authentication and authorisation ....................................................... 122 1.3.3 Access rights ....................................................................................... 134 1.3.4 Message subscription.......................................................................... 135 1.3.5 Graphical User Interface ..................................................................... 153 1.3.6 Security…………………………………………………………………………….. 153 1.4 Settlement Day ............................................................................................ 155 1.4.1 T2S calendar ....................................................................................... 155 1.4.2 T2S schedule ....................................................................................... 156 1.4.3 Overview description of the settlement day....................................... 158 1.4.4 Detailed description of the settlement day ........................................ 163 1.5 Possible actions of T2S Operator ................................................................. 217 1.5.1 Business and operations monitoring .................................................. 217 1.5.2 Archiving management ....................................................................... 217 1.5.3 Trouble management .......................................................................... 218 1.6 Application Processes Description ............................................................... 218 1.6.1 Settlement .......................................................................................... 218 1.6.2 Liquidity Management ........................................................................ 575 1.6.3 Information Management ................................................................... 653 1.6.4 Operations and Support ...................................................................... 720 1.7 Limi

FAQs

What main functional areas does the R2026.JUN specification cover for T2S settlement users?

It covers settlement, liquidity management, information management, and operations and support, plus related configuration, access, and security aspects.

How does the document describe user access to T2S?

It outlines connectivity options (A2A/U2A), authentication and authorisation, access rights, message subscription, and references the graphical user interface and security.

What system limitations and technical constraints are addressed?

It includes limitations such as timeout management, oversized data management, combined timeout/oversized-data behavior, compression, real-time communication query responses, and store-and-forward communication for reports and notifications.

Sep 7, 2026

Upload by Rowan