TARGET2-Securities ("T2S") is one of the most ambitious projects that the Eurosystem has embarked upon. The purpose of T2S is to provide harmonised delivery-versus payment settlement in central bank money in a variety of currencies for almost all heavily traded securities circulating in Europe. It will be a major step forward in creating a single market in securities, removing many of the Giovannini barriers to cross-border clearing and settlement, as well as acting as a catalyst for further harmonisation in post-trading services. It is intended that T2S will make cross-border settlement identical, in terms of cost, risk and technical processing, to domestic settlement. In November 2011, the Governing Council of the ECB endorsed the T2S Framework Agreement and related schedules. The T2S Framework Agreement is the core legal document governing the rights and obligations of the Eurosystem and the central securities depositories in relation to the development and operation of T2S. The European Central Bank has now published a management summary which summarises the structure and content of the T2S Framework Agreement.