TARGET2-securities annual report 2023

This is the 13th edition of the TARGET2-Securities Annual Report, which now covers a sixth full year since the end of the T2S migration period. The first edition was published in 2011, a pivotal year for the finalisation of the legal and technical documentation of T2S and for the CSDs' preparation of their T2S adaptation plans. This year the report presents the changes in T2S settlement data and confirms the continuing operational stability and efficiency of T2S. It describes the developments which took place in 2023, as well as some of the main incidents that had an impact on the platform throughout the year. The report's target audience is mainly decision-makers, practitioners, lawyers and academics wishing to acquire an in-depth understanding of T2S and how it works. In addition, it will be of interest to members of the public who have an interest in market infrastructure, in particular T2S.