TARGET2-Securities (T2S), the Eurosystem’s landmark platform for securities settlement, started live operation on the 22 of June 2015. A first group of securities depositories and their user communities from Greece, Malta, Romania and Switzerland are now connected to T2S for settlement of euro transactions.
T2S, a platform that will enable integrated securities settlement across Europe, has gone live as planned, the European Central Bank announced. Four securities depositories and their users are now connected to T2S: the Bank of Greece’s depository for government bonds (BOGS); the depository of the Malta Stock Exchange; Romania’s Depozitarul Central; and SIX-SIS of Switzerland.
This first group of markets migrated smoothly to T2S over the weekend, beginning the rollout of T2S. Italy will be next on 31 August 2015. Three more groups of markets will follow in stages, and the full complement, covering a total of 21 European countries, will have migrated by February 2017.
“This is a tangible step forward for financial integration in Europe”, said Yves Mersch, ECB Executive Board Member. “After seven years of hard work to make this happen, T2S will benefit people in 21 countries and will support the creation of a true single capital market in Europe.”