{
  "url": "https://openlegislation.uk/eu-decision-2007-7/annex-II/appendix-V",
  "json_url": "https://openlegislation.uk/eu-decision-2007-7/annex-II/appendix-V.json",
  "legislation": "eudn/2007/7",
  "legislation_title": "Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2007-7",
  "path": "annex/II/appendix/V",
  "kind": "appendix",
  "number": "V",
  "heading": null,
  "text": "OPERATING SCHEDULE\n1.\nTARGET2 is open on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, 25 December and 26 December.\n2.\nThe reference time for the system is the local time at the seat of the ECB, i.e. CET .\n3.\nThe current business day is opened during the evening of the previous business day and operates according to the schedule set out in the T2S Scope Defining Set of Documents.\n4.\nThe T2S Platform is available for U2A and A2A mode during the whole settlement day, except during the technical maintenance period from 03:00 until 05:00. During the technical maintenance period messages sent using the A2A mode will be queued. It will not be possible to submit messages via the U2A mode.\n5.\nThe operating hours may be changed in the event that business continuity measures are adopted in accordance with paragraph 2 of Appendix IV.\n6.\nAn overview of the operating hours and significant business events during the day is shown in the following table:\nSSP schedule\nT2S schedule (applicable to T2S DCAs )\nTime\nDescription\nTime\nDescription\n18:45 – 19:00 ( 1 )\nStart of day processing (sending of GL files shortly after 18:45)\n18:45 – 20:00\nStart of day:\nChange of business date\nDeadline for acceptance of CMS data feeds (19:00)\nPreparation of the night time settlement\n19:00 – 19:30 ( 1 )\nNight-time settlement: provision of liquidity from SF to HAM and PM; from HAM to PM and from PM to T2S DCA .\n20:00 – 03:00\nNight-time settlement:\nFirst Night-time settlement cycle\nLast Night-time settlement cycle (Sequence X includes the partial settlement of unsettled payment instructions eligible for partial settlement and that have failed to settle due to a lack of securities; Sequence Y includes the reimbursement of multiple liquidity providers at the end of cycle)\n19:30 ( 1 ) – 22:00\nNight-time settlement (NTS1):\nStart-of-procedure message;\nSetting aside of liquidity on the basis of standing orders for the night-time processing (ancillary system settlement procedure 6 and T2S)\n22:00 – 01:00\nTechnical maintenance window ( 2 )\n03:00 – 05:00\nTechnical maintenance window ( 3 )\n01:00 – 07:00\nNight-time processing (ancillary system settlement procedure 6 and T2S)\n05:00 – 18:00\nDay trade/Real-time settlement ( 4 ):\nReal-time settlement preparation ( 4 )\nPartial settlement windows at 14:00 and 15:45 ( 5 ) (for 15 minutes)\n16:00: DvP cut-off\n16:30: Automatic auto-collateralisation reimbursement, followed by the optional cash sweep\n17:40 : Cut-off for Bilaterally agreed treasury management operations (BATM) and central bank operations (CBO) cut-off\n17:45 : inbound liquidity transfer cut-off\nAutomated cash sweep after 17:45\n18:00: FOP cut-off\n06:45 – 07:00\nBusiness window to prepare daylight operations\n07:00 – 18:00\nDay trade phase:\n17:00 : Cut-off for customer payments\n17:45 : Cut-off for liquidity transfers to T2S DCAs\n18:00: Cut-off for interbank payments and incoming liquidity transfers from T2S DCAs\n18:00 – 18:45\n18:15 ( 1 ): Cut-off for the use of standing facilities\nData needed to update the accounting system is available for central banks, shortly after 18:30\n18:40 ( 1 ): Cut-off for use of marginal lending (NCBs only)\nEnd-of-day processing\n18:00 – 18:45\nEnd of T2S settlement processing\nRecycling and purging\nEnd of day reporting and statements\nNotes to table:\n( 1 )\nPlus 15 minutes on the last day of the reserve maintenance period.\n( 2 )\nOver a weekend or on a holiday, the technical window will last throughout the weekend or the holiday, i.e., from 22:00 on Friday until 1:00 on Monday or, in the case of a holiday, from 22:00 on the last business day until 1:00 on the next business day.\n( 3 )\nOver a weekend or on a holiday, the technical window will last throughout the weekend or the holiday, i.e., from 03:00 a.m. on Saturday until 05:00 a.m. on Monday or, in the case of a holiday, from 03:00 a.m. on the holiday until 05:00 a.m. on the next business day.\n( 4 )\nReal-time settlement preparation and real-time settlement may start before the maintenance window if the last night-time settlement cycle ends before 03:00 am.\n( 5 )\nEach partial settlement window lasts for 15 minutes. The partial settlement applies to unsettled payment instructions eligible for partial settlement and that have failed to settle due to a lack of securities.\n7.\nUp-to-date information on the operational status of the SSP and the T2S Platform shall be available on the TARGET2 Information System (T2IS) and the TARGET2-Securities Information System, respectively, on dedicated webpages on the ECB's website. The information on the operational status of the SSP and the T2S Platform on T2IS, TARGET2-Securities Information System and the ECB's website shall only be updated during normal business hours.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Inserted by Decision (EU) 2015/929 of the European Central Bank of 26 May 2015 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2015/22)."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24)."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Inserted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24)."
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "CET takes into account the change to Central European Summer Time."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2007/7/annex/II/appendix/V",
    "retrieved_at": "2026-11-01T15:17:18.350563+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}