Public consultation on possible extension of T2 operating hours

6 June 2025

The European Central Bank (ECB) is seeking input from market stakeholders on potentially extending the operating hours of T2, its real-time gross settlement system. In alignment with the G20’s goals for enhancing cross-border payments, the Eurosystem is considering the possibility of moving T2 towards a 24/7 model. Such an extension would support the international role of the euro and accommodate the increasing demand for real-time transactions resulting from the rise in instant payments. It also aims to foster innovation and facilitate the use of central bank money.

The consultation will consider several options for extending T2 operating hours, including a move towards (i) a 24-hour operational day, (ii) a 6 or 7-day operational week, or (iii) a 365-day operational year. Additionally, the Eurosystem is considering some potential adjustments to key operational features or longstanding conventions such as (i) reorganising payments settlement during night-time, (ii) adjusting key cut-off times and (iii) introducing new value dates.

TARGET Services stakeholders – including direct and indirect users – are invited to share their views on the implications of the potential changes. They can submit their feedback via the response template provided for this consultation and return it via email to TARGET_publicconsultation@ecb.europa.eu until 30 September 2025. The ECB plans to publish a summary and analysis of these responses in the first quarter of 2026.

The primary aim of this consultation is to engage in an open dialogue to understand market needs regarding potential changes to the T2 system. No specific timeframe for potentially extending the operating hours of T2 has been set so far. The consultation seeks to ensure that any future proposals are carefully balanced with the associated benefits, costs, opportunities and risks for all relevant stakeholders, including participants, other financial market infrastructures and central banks.