The European Central Bank (ECB) published proposals of the TARGET2-Securities (T2S) Harmonisation Steering Group (HSG).TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time Gross settlement Express Transfer system. The HSG proposals are non-mandatory best practices aimed at minimising the impact of moving to T+2 for market participants and facilitating coordination among T2S markets with respect to the concrete implementation of the new EU settlement cycle, as provided for in the Regulation on improving securities settlement and central securities depositaries (CSD Regulation). While the proposals have been developed irrespectively of the timeline of the individual T2S markets’ migration to T+2, they may be particularly helpful in view of the expected big bang migration of the majority of European markets to T+2 on 6 October 2014.