The Governing Council of the European Central Bank has decided to launch a public consultation on the creation of a pan-European securities settlement system, known as TARGET2-Securities.

The ECB launched a public consultation on the general principles and the set of high-level proposals defining the nature and scope of T2S today. The comments and views received from market participants will be assessed and incorporated in the T2S user requirements to be prepared by the Eurosystem by the end of this year.

Comments are also invited on the principles for the development of a common platform for Eurosystem collateral management, which will be called Collateral Central Bank Management (CCBM2). These comments will constitute the basis on which the Eurosystem will finalise the user requirements for the new platform.