Management of partially released instructions in T2S
LuxCSD1 informs clients that effective
24 November 2025
it will enhance its service offering in the T2S production environment.
Current situation
Timeline for T2S Partial Settlement Windows
Currently T2S attempts the settlement of partially released instructions only during designated Partial Settlement Windows.
Partial Settlement Window | T2S Production: | Execution period |
Partial Settlement 1 | 08:00 | The Partial Settlement Window is scheduled for 30 minutes. |
Partial Settlement 2 | 10:00 | The Partial Settlement Windows are scheduled for 15 minutes. |
Partial Settlement 3 | 12:00 | |
Partial Settlement 4 | 14:00 | |
Partial Settlement 5 | 15:30 | The Partial Settlement Window is scheduled 30 minutes before the Euro DvP cut-off time and deactivated at the closure of the same day T2S Euro DvP settlement. |
Description of enhancement of settlement efficiency
The implementation of Change Request T2S-0827-URD represents an enhancement to the existing partial settlement functionality within the TARGET2-Securities (T2S) platform.
With the implementation of T2S-0827-URD, T2S will immediately attempt settlement upon the partial release of an instruction. If settlement is feasible, meaning the necessary securities and cash are available, it will proceed without waiting for the next window. However, if settlement is not possible at that moment, T2S will defer the attempt until the next scheduled Partial Settlement Window.
This change does not introduce a new service but rather improves the responsiveness and efficiency of the existing partial settlement process. It ensures that settlement opportunities are not missed between windows, thereby optimising liquidity and operational throughput.
Further information
For further information, please contact the LuxCSD Client Services or their Relationship Officer.
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1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.