On 15 September 2026 the ECB published a letter, dated the previous day, in which the Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) formally asked Swift to move its 2026 securities message upgrade onto the TARGET Services June 2027 release. AMI-SeCo’s purpose is practical: the group is trying to protect the testing…
On 28 August 2026 the ECB confirmed that the Eurosystem is reassessing the timeline for the November 2026 TARGET Services release. TARGET Services comprise T2 for settling payments, T2S for settling securities, TIPS for settling instant payments and the ECMS for collateral management, so release-calendar changes can affect participants across several Eurosystem market infrastructures. The…
A platform migration in securities settlement is the kind of project that looks like an IT problem until the first cross-border trade fails on a date nobody mapped. On 23 June 2026 the Riksbank decided to open contract negotiations with the Eurosystem to settle Swedish krona securities transactions on TARGET2-Securities, the common Eurosystem platform that…
When a TARGET payment fails to settle, the operations team finds out before the supervisor does. A missed cut-off on the T2 large-value system, a securities leg that does not match in T2S, an instant payment that cannot reach a counterparty bank in another currency: these are the events that turn a quiet afternoon into…