On business day 29 October 2018 the Danish krone successfully became the first foreign currency to be made available for settlement in TARGET2-Securities (T2S).

From now on, securities transactions that need to be settled in Danish krone can also be processed via T2S.

For euro-denominated transactions, the funds for the settlement of securities come from TARGET2, the payment system operated by the Eurosystem; for transactions in Danish krone, they come from Kronos2, the payment system operated by the Danish central bank.

This is a major leap forward for T2S, allowing it to demonstrate its ability to accommodate multiple currencies for the first time.

The weekend also saw France’s “ID2S” become the most recent central securities depository to migrate to T2S. This brings the number of central securities depositories that currently use T2S for their securities settlement to a total of 22.

T2S is a Eurosystem platform for settling securities transactions in Europe. On average, over 550,000 transactions with a value of more than €800 billion are settled in T2S every business day.