 As a single IT platform for settling almost all securities in Europe, target two securities or T2S eliminates any differences between the settlement of domestic and cross-border transactions. Settlement is an essential part of the value chain. T2S enables securities and cash to be settled in central bank money on a single IT platform. T2S accommodates in one place market participants dedicated central bank cash accounts and their securities accounts. Their securities accounts may be held in either one or multiple central securities depositories or CSDs. This integrated model for securities settlement makes the process fast, highly efficient and low risk. Each securities account held in T2S is attributable to a single CSD. CSDs keep all of their client securities positions in T2S. The dedicated cash accounts in T2S are linked to the market participants main cash account in target two, or another non-Euro area central bank real-time gross settlement account. Each cash account held in T2S is attributable to a single national central bank and the respective T2S client. Each central bank cash account can be used to settle transactions involving the client securities accounts in one or more CSDs. This account structure makes the process more efficient for clients using more than one CSD. Settlement instructions are matched as soon as they reach T2S. Once matched, T2S then carries out delivery versus payment settlement in real-time. All CSDs connected to T2S can offer their client's cross-border settlement in central bank money. T2S settling without borders