The ECB's Governing Council has announced that the launch of T2, its new real-time gross settlement system which will replace TARGET2, will go ahead as planned on 20 March 2023.
The go-live date was previously pushed out from 21 November 2022 to 20 March 2023 to ensure greater system stability and user readiness, and to facilitate as smooth a transition as possible to the new platform.
"The T2-T2S consolidation
project will consolidate both the technical and the functional
aspects of TARGET2 and TARGET2-Securities (T2S). The current
real-time gross settlement system, TARGET2, will be replaced by a
new system, T2, which will optimise liquidity management across all
TARGET Services and offer enhanced and modernised services to the
market."
https://www.ecb.europa.eu/paym/intro/news/html/ecb.mipnews230220.en.html
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
