Future Settlement Services

Developments in the financial markets are increasing the need for harmonisation, common standards and systems capable of handling large volumes of data and interacting efficiently with other infrastructures and markets. At the same time, requirements for security and resilience are growing, particularly considering increasing cyber threats and an increasingly international financial market in which participants operate across multiple jurisdictions. The Riksbank therefore assesses that there are significant advantages in using common European platforms for settlement services.

T2 – future platform for payment settlement

T2 is the Eurosystem’s platform for settlement of large-value payments in central bank money and is currently used for settlement of payments in euro and Danish kroner. The platform enables settlement in multiple currencies and can therefore also be used for payments in Swedish kronor.

Following the completed analysis, the Executive Board decided in June 2024 to initiate contractual negotiations with the Eurosystem on the use of T2 for payment settlement in Swedish kronor. The agreement is planned to be signed during the autumn of 2026.

The Riksbank assesses that joining T2 would bring several important benefits. The platform offers a high level of resilience and operational reliability through a common European infrastructure where several central banks share responsibility for operations and further development. Participation is also expected to contribute to greater efficiency, improved scalability and reduced operational vulnerability, while aligning the Swedish infrastructure with European standards.

In its analysis, the Riksbank also concluded that a transition to T2 is compatible with the Riksbank’s mandate under the Sveriges Riksbank Act and that the platform provides favourable conditions for maintaining a stable and efficient system for payment settlement over the long term. The work now includes continued preparations for a migration from the current RIX system, as well as dialogue and cooperation with market participants regarding planning and implementation. Target date is set for February 2030.

T2S – future platform for securities settlement

T2S is the Eurosystem’s platform for securities settlement and is already used by central securities depositories across large parts of Europe. If Swedish kronor are made available on the platform, securities settlement in Swedish kronor against central bank money could be carried out in T2S.

In June 2026, the Executive Board decided to initiate contractual negotiations with the Eurosystem to enable securities settlement in Swedish kronor on T2S. The Riksbank assesses that participation in the platform would contribute to greater harmonisation with EU financial markets and create conditions for more efficient and standardised securities settlement. The assessment is also that participation would enable competitively neutral access to central bank money in Swedish kronor without affecting the Riksbank’s ability to conduct monetary policy or promote financial stability.

One reason why the work on T2S is now being intensified is that Euroclear Sweden has expressed an ambition to bring forward a transition to T2S to September 2030. This creates opportunities to coordinate changes between the Riksbank and market participants while at the same time achieving efficiencies for the Swedish securities market.

The Riksbank has analysed the legal, operational and security-related conditions for joining T2S. The assessment is that there is a legal basis for connecting Swedish kronor to the platform and that participation is compatible with the Riksbank’s mandate. At the same time, certain issues remain to be addressed within the framework of the contractual negotiations, including matters relating to confidentiality, personal data responsibility, issues relating to private law and the development of new relevant EU regulatory frameworks.

The next step is to carry out contractual negotiations with the Eurosystem. In parallel, the Riksbank will prepare an implementation project, adapt internal systems and processes, and continue cooperation with Euroclear Sweden and other market participants. The Executive Board intends to decide on the budget and timetable for implementation before the end of 2026, with the objective that agreements can be signed during 2027.