New publication looks at what follows after a successful year with T2S
To celebrate the first anniversary of T2S we are launching a new Special Series issue, A year with T2S – what’s next? Marc Bayle takes stock of where we are and looks ahead to consider the future direction of our common market infrastructure. In an interview, some of the main actors involved in the project share insights from T2S. And in a dedicated article you can find out what the market thinks about the future of real-time gross settlement and the consolidation of TARGET2 and T2S. To get a better understanding of the Eurosystem’s real-time gross settlement services, check out the new ECB explainer, What is TARGET2?. We hope you enjoy the read!
22 June 2016 - Celebrating T2S – a year in
Happy first birthday, T2S! A year has gone by in the blink of an eye, but what an eventful year it has been. On 22 June 2015, four central securities depositories (CSDs) from Greece, Malta, Romania and Switzerland completed their migration to T2S. The Italian market joined them shortly after on 31 August 2015. Since then, two more CSDs from Belgium and Portugal have begun operating on the T2S platform.
T2S and its community have grown in more ways than one. Dealing with unexpected challenges has been a part of the journey, but they have not deterred us from the end goal. We are eager to welcome the remaining CSDs joining T2S in the remaining three waves, with the final wave scheduled for September 2017. Do you want to know more about how T2S is performing? Keep an eye out for the upcoming Special Series to be published next week.
29 March 2016 - T2S welcomes the wave 2 CSDs!
The roll-out of T2S has moved forwards as the Portuguese and Belgian central securities depositories (CSDs) – Interbolsa and National Bank of Belgium Securities Settlement System (NBB-SSS) – successfully completed their migration activities, as scheduled, over the Easter weekend and started operating on the platform as of 29 March 2016.
The two CSDs made up the second wave of the T2S migration plan approved by the Governing Council of the ECB. The Belgian and Portuguese markets’ compliance with the T2S harmonisation standards was assessed prior to their migration and is presented in the Sixth T2S Harmonisation Progress Report.
15 March 2016 - 2015: a remarkable year for T2S
2015 saw the launch of T2S and the successful migration of the first wave of CSDs to the securities settlement platform. The T2S platform has proved to be stable for daily operations and settles, on average, 1.87 million securities transactions every month.
The 2015 T2S Annual Report presents further key facts and figures on the first six months in operation, as well as a comprehensive review of the financial situation. It also highlights the current European initiatives aimed at harmonising and integrating the post-trade market beyond securities settlement.
Substantial progress has also been made over the past year towards harmonising post-trade activities across T2S markets. The Sixth T2S Harmonisation Progress Report describes the compliance status of each market with the 24 harmonisation standards defined by the T2S Advisory Group using a “traffic light” colour system.
On 18 March the Governing Council of the ECB approved the updated T2S migration plan.
23 February 2016 - Join the first Focus Session
Following the success of the T2S Info Sessions, and based on the constructive feedback we received from many of our stakeholders, we are excited to announce the first ever Focus Session on 8 April 2016, hosted by Banco de España.
The new Focus Sessions will deepen the dialogue across the financial sector and broaden the range of topics discussed, going beyond T2S and the post-trade world to address current market integration topics more generally.
For a flavour of what’s to come, why not take a look at the full programme for the day? Stay tuned as we announce our industry speakers in the coming weeks.
02 February 2016 - T2S migration moving forward
At its meeting on 10 December 2015, the CSD Steering Group (CSG) agreed with the T2S Board on a new migration plan and to introduce additional mitigating actions that would aim to; (i) avoid further delays for any CSDs and, (ii) reduce the impact of such delays on other CSDs.
On 2 February, the migration plan has been slightly revised to accommodate the Baltic CSDs’ migration in the final wave. In addition, the successful migration weekend dress rehearsals of wave 2 (Interbolsa and NBB-SSS) and wave 3 (Euroclear ESES, VP Lux and VP Securities) show that progress is being made – a reason for increased confidence in the ability of the CSDs and the Eurosystem to meet the different milestones set out in the new plan.
There is now a better understanding of the CSD migration dependencies. Although there are only a very limited number of migration dependencies between CSDs, the risk remains that a further delay of one CSD triggers changes in the migration plans of other CSDs.
The T2S Board and the CSG are continuing to monitor the CSD migration preparations in the context of the migration plan.
10 December 2015 - Agreement reached on new migration plan
In their meeting of 10 December the CSD Steering Group discussed the outcome of the technical assessment of solutions for the delayed migration of Euroclear ESES CSDs to T2S. Agreement was reached to follow a migration plan that would allow Euroclear ESES CSDs to migrate on 12 September 2016 together with VP Lux and VP Securities, while Clearstream Banking AG, the Baltic CSDs, CDCP, KDD, KELER, LuxCSD and OeKB CSD would migrate on 6 February 2017. The final wave, comprised of Iberclear and Euroclear Finland, would migrate to T2S on 18 September 2017.
NBB-SSS and Interbolsa are maintaining their original plan to migrate on 28 March 2016.
The new migration plan will be complemented by further mitigating actions that will aim to avoid further delays of any CSD and to reduce the impact of such delay on other CSDs. This discussion will be concluded in February 2016 for decision by the Governing Council on the new migration plan.
8 December 2015 - T2S OnLine under your Christmas tree
With the holidays fast approaching, Santa Claus is busy preparing for the season and we are busy preparing the last issue of T2S OnLine, which will be available in HTML format on our website early next week. Marc Bayle, Chairman of the T2S Board, will share his reflections on the following questions:
- What are the current challenges for the T2S project?
- How can they be solved?
- What will happen in the months to come?
Also featured is a detailed status update by Mehdi Manaa, T2S Programme Manager, who will share with you some news on T2S in operation, the lessons learnt so far and the ongoing preparations for subsequent migration waves. Finally, find out what it is like managing a project like T2S in an interview with two of the T2S Board members. As you can see, the new T2S OnLine has a lot to offer, so make sure you don’t miss it!
12 November 2015 - Why join the next T2S Info Session?
The next T2S Info Session is just around the corner, but there is still time to register and join nearly 100 participants who have already secured their place. If you’re still wondering whether the Info Session is worth your while, here are just a few of the compelling reasons why you should attend the event in Copenhagen on 1 December:
- Get the latest updates on T2S in operation
- Learn about T2S and the Nordic market directly from our industry speakers
- Find out where market infrastructure is heading in the near future
- Have your voice heard on topics that have the potential to alter the way we see the post-trade business in Europe
- Network with participants from all over the continent
30 October 2015 - Update on T2S migration
The Euroclear group has informed the ECB that it has experienced some issues in its internal preparations for migrating to T2S. This means the migration of Euroclear Belgium, Euroclear France and Euroclear Nederland, currently scheduled as part of the second migration wave on 28 March 2016, will require more time. The other markets in the second migration wave, as well as those in subsequent waves, are on track with their preparations.
Together with Euroclear, the T2S governance bodies will assess the impact on the T2S Community and identify the best possible way forward for Euroclear’s migration to T2S, while preserving the overall interests of all stakeholders. The ECB is committed to ensuring the smooth migration of all markets to T2S and to safeguarding the stability of the financial market.
28 October 2015 - Registration open for the T2S Info Session in Copenhagen!
We are delighted to announce that registration is now open for the next T2S Info Session hosted by VP Securities. Taking place on 1 December 2015 in Copenhagen, the event will provide an exciting opportunity to get the latest updates on T2S in operation, attend insightful and interactive sessions and network with professionals from all over Europe. Register today to learn more about what T2S can offer the Nordic market and also where European market infrastructure is heading.
21 October 2015 - T2S hot topic at Sibos 2015
The innovation brought about by T2S and the post-trade harmonisation agenda were once again discussed at the annual financial event Sibos 2015 in Singapore.
At the event Yves Mersch, Member of the Executive Board of the ECB, announced the Eurosystem′s vision for the future of Europe′s financial market infrastructure. He said that given the success of the collaboration with the market in the development of T2S, the Eurosystem will again embrace that approach and involve the market in making its vision a reality. He said that the actions the Eurosystem will undertake will complement the European Commission’s plan to establish a capital markets union in Europe, and that T2S and its harmonisation agenda have already laid the foundations for building such a union.
Find more information on how T2S feeds into CMU.
1 October 2015 - T2S Special Series: "T2S – 360° around the globe"
The new issue of the T2S Special Series entitled “T2S – 360° around the globe” is out! It explores the impact of T2S on the post-trade industry around the world – not only as the technical platform which facilitates access to Europe for global market participants, but also as a blueprint for other similar initiatives, which can learn from the T2S experience. Mehdi Manaa, T2S Programme Manager at the European Central Bank, asked eminent interview partners from different organisations within the industry (CSDs, banks and central banks) in Europe, the Americas, Asia and Africa about how T2S is influencing their area of business.
Would you also like to know more about the latest developments related to T2S? Read the September edition of the newsletter T2S OnLine.
23 September 2015 - T2S OnLine No 22, September 2015
The latest edition of T2S OnLine is now available in HTML format! Featuring an editorial by Marc Bayle, Chairman of the T2S Board, and a roundtable interview with T2S participants, the newsletter offers new exciting insights into T2S. Marc Bayle recaps the events from the summer and provides a concise overview of what lies ahead for the T2S Community in the coming months. In the roundtable interview we hear first-hand the impressions of the five CSDs that joined T2S in wave 1, as well as their thoughts on future developments. We would like to thank Silvia Buicanescu, Mauro Dognini, Sofia Koussiadou, Christophe Lapaire and Eileen Muscat for their invaluable contributions.
31 August 2015 - Monte Titoli migrates successfully to T2S
The Italian market carried out its first business day in T2S on 31 August 2015, following the successful migration of Monte Titoli and its user community to the platform.
Monte Titoli joins the four central securities depositories from Greece, Malta, Romania and Switzerland that have been operating on the platform since the end of June.
The migration weekend proceeded smoothly, with most activities being completed ahead of schedule.
9 September 2015 - Final countdown to the T2S Info Session in Luxembourg
Wondering if you should attend the upcoming T2S Info Session in Luxembourg, hosted by LuxCSD on 24 September 2015? Join us and get the latest updates on T2S’s first few months of operation. This will be a highly informative event with insight sessions and a splendid selection of speakers who will discuss a variety of topics, from the role of T2S in establishing a capital markets union in Europe to investment funds in T2S.
Have a look at our programme yourself and see why you should secure your place, free of charge, at the T2S Info Session in Luxembourg. To do so, send an e-mail to
28 August 2015 - Monte Titoli starts migration to T2S
The Italian market has confirmed its readiness to connect to the T2S platform. Monte Titoli, the Italian central securities depository based in Milan, will start migration activities in the afternoon of Friday, 28 August 2015. More information about the outcome of the migration weekend will be provided on Monday, 31 August 2015.
Monte Titoli will join the four central securities depositories from Greece, Malta, Romania and Switzerland, which have been operating fully on the securities settlement platform since the end of June.