The European Central Bank has issued Guidelines of 18 July 2012 on TARGET2 Securites (T2S) (recast).

The T2S is based on a single technical platform integrated with central bank realtime gross settlement systems and shall be a service provided by the Eurosystem to CSDs allowing for the core, neutral and borderless settlement of securities transactions on a delivery-versus-payment basis in central bank money. The Guidelines lay down the rules on the internal governance of T2S.