This is the cornerstone of the T2S legal framework. It defines the respective roles and responsibilities of T2S and 4CB, as well as the relationships between them and external stakeholders. In addition, the fundamental principles of the financial system, the rights of the Eurosystem with regard to the platform, the conditions of access for DTCs and the eligibility criteria for DTCs have not been defined in the euro monetary system. It was adopted by the Board of Governors on April 21, 2010. The successful internal audit of the T2S-SSP by the Eurosystem was followed in October 2014 by the user testing phase, in which all the DTCs and the central banks involved participated. As part of the Community trial phase, clients of each ZENTRAL custodian and each central bank will gradually be involved in testing activities, participants in the first wave of migration (which began testing in March 2015). Following market consultations and a decision by the Governing Council, the project was launched in 2008 and the platform is expected to be operational in 2015. The T2S framework agreement negotiated between the DCT and the Eurosystem was signed by 24 DCT who will migrate in four waves to the T2S platform between June 2015 and February 2017.  In October 2020, T2S and the associated ECB payment system, TARGET2, succumbed to a nearly 11-hour failure. The Euronext NV, a stock market on the continent, has also experienced failures.
 These documents list the tests to be performed by participants to prove that they have tested the Target2-Securities (T2S) features they will use in production. Another great advantage is that T2S facilitates liquidation in highly liquid and secure central bank currency. This advantage, combined with real-time billings and shorter billing chains, minimizes post-trading risk. TARGET2-Securities (T2S) is the name of the proposed harmonized and centralized centralised central bank currency securities regulation. T2S is a special settlement service, which means that the retention of securities and related services remains a matter of central custodians of securities (DTCs) for which a stake in T2S is optional. The T2S concept is based on an integrated model that combines the settlement of the leg in cash in central bank currency and securities settlement on a common platform through a delivery-for-payment (DVP). It operates on the Eurosystem`s unique common platform (PND), which is already used for TARGET2`s real-time gross settlement system. For more information, please visit the European Central Bank`s website. T2S (TARGET2-Securities) is a new European securities settlement engine that is intended to offer a centralised settlement of delivery versus regulations (DvP) in central bank funds in all European securities markets.