Programme plan

T2S migration plan

Migration takes place over several weekends. On the Monday morning following these migration weekends the central securities depositories (CSDs) will be operationally settling in T2S.

The table below shows the start of each wave and the allocation of CSDs per wave. The migration plan was approved by the Governing Council of the ECB on 18 March 2016.

Wave 1
22 Jun 2015 - 31 Aug 2015
Wave 2
29 Mar 2016
Wave 3
12 Sep 2016
Wave 4
6 Feb 2017
Final wave
18 Sep 2017
Bank of Greece Securities Settlement System (BOGS)
Interbolsa (Portugal)
Euroclear Belgium
Centrálny depozitár cenných papierov SR (CDCP) (Slovakia)
Baltic CSDs (Estonia, Latvia, Lithuania)
Depozitarul Central (Romania)
National Bank of Belgium Securities Settlement Systems (NBB-SSS)
Euroclear France
Clearstream Banking (Germany)
Malta Stock Exchange
  Euroclear Nederland
KDD - Centralna klirinško depotna družba (Slovenia)
Iberclear (Spain)
Monte Titoli (Italy)
  VP Lux (Luxembourg)
KELER (Hungary)
SIX SIS (Switzerland)
  VP Securities (Denmark)
LuxCSD (Luxembourg)
      OeKB CSD (Austria)

Euroclear Finland: migration date to be decided.
Národný centrálny depozitár cenných papierov, a. s. (NCDCP)(Slovakia): migration date to be decided.

Project phases

Synchronisation points (SPs)

Throughout the planning of the T2S project, the concept of a “synchronisation point” is used. A synchronisation point is a point in time at which the T2S Programme is to reach a specific objective. The purpose of a synchronisation point is to monitor the progress of all parties to check that they are in line with the programme plan. There are 17 synchronisation points in total, which mark the achievement of significant milestones in the plan, for example the start of connectivity setup and the start of the different testing phases. A short description of each synchronisation point is provided in each phase.

Preparation phase (July 2006 - July 2008)

In July 2006, the ECB Governing Council decides to further explore, in cooperation with CSDs and other market participants, the possibility to set-up a new pan-European service for securities settlement in the euro area. Later in 2006, a feasibility study of the T2s initiative was carried out bythe ECB Governing Counci.

The preparation phase elaborated in close collaboration with all stakeholders the user requirements of the TARGET2-Securities platform. The requirements were completed at the end of 2007. At the beginning of 2008, a public consultation gave all stakeholders the opportunity to provide their feedback once more. Thereafter, the final version of the user requirements was submitted to the ECB decision-making bodies for approval.

A formal proposal was made by the ECB Governing Council to all European CSDs to join the T2S initiative in May 2008. At the same time, a T2S Economic Impact Assessment was published by the ECB in cooperation with CSDs, as a result of the public consultations held in 2007.

Specification phase (July 2008 - Sept 2012)

The specification phase started in July 2008 and was completed in Sept 2012 with the publication of the User Defined Functional Specifications (UDFS) V1.2.1. This phase was devoted to drafting the technical documentation that was used for programming the T2S software. The most important documents produced in this phase were the:

  • User Requirements Document (URD) V5.0
    : The document describes the features of T2S as required by the CSDs and market participants. The URD embodies the user’s concept of T2S and provides the foundations for all further T2S technical documentation.
  • General Technical Design (GTD) V2.0
    : The document details the solution envisaged for the T2S non-functional requirements, more specifically with regard to the application design and the infrastructure design.
  • General Functional Specifications (GFS) V4.0
    : The document explains how the requirements expressed in the URD will be fulfilled by the T2S platform from a functional perspective
  • General Specifications (GS) V1.0
    : Together with the GFS and the GTD, the document describes how the Eurosystem envisages implementing the URD. In particular, the General Specifications focus on those user requirements that do not have a functional or technical dimension, such as operational support, testing, migration and information security.

Further key milestones achieved during this phase were the appointment of the T2S Programme Board to manage the project on behalf of the Eurosystem and the signing of a Memorandum of Understanding (MoU) with 27 CSDs interested in joining T2S.

Development phase (April 2009 - March 2014)

The development phase started in April 2009 and was completed in March 2014. During this phase, the software for the T2S platform was developed and tested by the 4CB.

On the client side, CSDs and NCBs have undertaken a feasibility assessment to ensure that adapting their systems to the T2S platform is feasible.

In addition, during the Development Phase the Eurosystem subscribed the contractual agreements with the participating CSDs (so-called Framework Agreement) and the non-euro area NCBs that will use T2S for settlement in their local currencies (so-called Currency Participation Agreement).

Finally, a tender took place in this phase whereby two providers of Value-Added Network (VAN) services in T2S were selected: SWIFT and SIA/COLT.

This project phase elaborated in close collaboration with all stakeholders the user requirements of the TARGET2-Securities platform. The requirements were completed at the end of 2007. At the beginning of 2008 a public consultation gave all stakeholders the opportunity to provide their feedback once more. Thereafter, the final version of the user requirements was submitted to the ECB decision-making bodies for approval.

SP1 – Start Feasibility
Assessment Confirmed

Each CSD and CB is required to undertake a detailed assessment to ensure that it is feasible to adapt their IT systems and processes to the T2S Platform. SP1 marks the confirmation that the Eurosystem has provided the required set of specifications and documents to the CSDs and CBs to enable them to undertake a detailed feasibility assessment for the adaptation of their IT system and processes to T2S.

SP2 – Confirmation
of Feasibility

SP2 marks the confirmation by CSDs and CBs that they have reviewed the specifications and documents delivered for SP1 and confirm that it is feasible to adapt their IT systems and processes to interoperate with T2S. As part of their feasibility assessment, CSDs and CBs have identified their approach to the adaptation of their IT systems as well as impacts on processes and potential changes to their service offering.

SP3 – T2S Programme
Plan Comprehensiveness

SP3 marks the mutual assessment and confirmation that the T2S Programme Plan is fully comprehensive and adequately reflects all specifications and planning elements. This SP represents the achievement of a mutual baseline plan for T2S, given all information available at that time.

SP4 – Network Providers

SP4 marks confirmation that the network service providers have been selected for T2S. The Eurosystem and the selected Network Service Providers (NSP) undertake proof of concept and Network Acceptance Tests to demonstrate that the NSPs fulfil the technical requirements as required in the tender in order to provide certainty to CSDs and CBs of the NSP’s capability to support T2S connectivity.

Eurosystem Acceptance Test (EAT) (Ongoing)
October 2014 - Results of the T2S quality assessment

The positive results of the quality assessment, carried out by the European Central Bank and known as Eurosystem Acceptance Testing, or EAT, have served to reinforce our confidence that T2S will go live on 22 June 2015, as planned. The T2S platform is considered sufficiently stable for central securities depositories (CSDs) and central banks to start their testing activities on 1 October 2014. Please find more information here .

August 2014 - Eurosystem ready for user testing

The T2S Board has confirmed that the Eurosystem is ready to start user testing as scheduled on 1 October 2014.

The decision was made at the meeting of the T2S Board on 29 August. It was based on, among other things, an assessment of the results of Eurosystem Acceptance Testing. The purpose of this testing phase was to ensure that the T2S platform is of the required quality and compliant with the scope-defining documents. “The defects identified during Eurosystem Acceptance Testing were not considered critical and their resolution is being pursued with full dedication”, said Jean-Michel Godeffroy, Chairman of the T2S Board. The results have been shared with the central securities depositories and national central banks.

July 2014 - Pilot testing has started

Good progress was made in the first three months of the Eurosystem Acceptance Testing.

This allowed the T2S Board to go ahead with the plan to connect three CSDs of the first migration wave as well as six national central banks as pilot testers.

The nine institutions are: Bank of Greece Securities Settlement System (BOGS), Monte Titoli, SIX SIS, Banque de France, Bank of Greece, Banca d’Italia, Nationale Bank van België/Banque Nationale de Belgique, Deutsche Bundesbank and Banco de España.

The Eurosystem Acceptance Testing is continuing in parallel with the pilot testing, with the objective of confirming that user testing can start on time – and with the appropriate level of quality – in October.

Marc Bayle, T2S Programme Manager

June 2014 - Status of the Eurosystem Acceptance Testing

Two months of the Eurosystem Acceptance Testing have passed. This testing phase was initiated on 31 March and is scheduled to end on 31 September 2014. As previously announced, I will be updating you on a monthly basis to ensure full transparency in this vital phase of the journey towards the launch of T2S.

Overall, the testing process is going according to plan. The purpose of this testing phase is to detect defects and repair them prior to user testing, which is scheduled to begin in October 2014.

So far a number of defects have been identified, although none of these have been critical and the resolution of pending non-critical defects is being pursued with full dedication. I am therefore very happy with the progress made thus far.

Marc Bayle, T2S Programme Manager

May 2014 - Status of the Eurosystem Acceptance Testing

The Eurosystem Acceptance Testing was initiated as planned on 31 March 2014. For the next six month the T2S team at the ECB will test the T2S platform to see whether the Eurosystem can accept it. The first month of testing is over and I would like to give an update on where we stand.

We are still progressing in line with the plan. Our expectation for the Eurosystem Acceptance Testing is not an easy journey and the upcoming months will remain challenging. So far, we have not detected defects or faced instability of the test environment that alters the plan.

Constructive cooperation is taking place between the developer, the 4CB, and the testing team at the ECB. Updates to the software are being delivered every other week to solve detects and to progress forward rapidly. I am confident on the progress and you can stay informed on where we will update you on a monthly basis.

For more detailed information on the Eurosystem Acceptance Testing I would like to draw your attention to an interview with Mehdi Manaa, Head of Section, in our T2S OnLine review No 18

Marc Bayle, T2S Programme Manager

April 2014 - Status of the Eurosystem Acceptance Testing

Start of Eurosystem acceptance testing

On 31 March the 4CB delivered the T2S platform to the ECB for testing. The Eurosystem acceptance testing (EAT) will now begin, with the objective of determining whether the T2S platform is compliant with the T2S scope-defining set of documents. This marks the achievement of Synchronisation Point 5 (SP5) on the date scheduled in the T2S Programme Plan.

Gain further insight into EAT in the upcoming edition of our newsletter T2S OnLine and the article T2S from now until Sibos 2014 by Marc Bayle.

The T2S platform was delivered to the Eurosystem in March 2014, after which point internal Eurosystem Acceptance Testing started. In this phase, the Eurosystem conducted formal testing activities to determine whether the T2S platform was compliant with the T2S scope-defining set of documents.

SP5 – start of Eurosystem
Acceptance Test

Eurosystem Acceptance Testing refers to the formal tests carried out by the Eurosystem to ensure that the T2S platform is of the required quality and is compliant with the legal documentation outlining the scope.
SP5 marks the confirmation that the Eurosystem has provided all relevant EAT documentation (e.g. test cases, test calendars, etc.) to the CSDs/central banks and confirms that it is ready to start the acceptance testing.

SP6 – Eurosystem ready
for user testing

SP6 marks the Eurosystem confirmation that the CSDs and central banks can start user testing. The Eurosystem confirms that it has set-up the T2S User Testing environment(s), implemented all supporting processes, trained the support teams and provided the required documentation.

User testing phase (May 2014 - September 2017)

August 2014 marked the beginning of the user testing phase. The first step was SP7 – ready to start connectivity setup. Connectivity testing followed once setup was completed in September 2014.

In Q3 2014 the specific user testing phases begun, involving those CSDs, national central banks and banks which intended to be directly connected to T2S. The different phases of testing activities are outlined below. The purpose of the different phases is to gradually increase the number of T2S actors involved and expand the scope of testing.

The objective of the user testing phase as a whole is to ensure that the T2S platform fully meets the user requirements. In addition, successful completion of the user testing enables CSDs, central banks, directly connected T2S parties and (other) holders of T2S dedicated cash accounts to migrate to and operate in T2S.

The weekend of 22 and 23 November 2014 marked an important achievement that moved the project another step closer to the launch – the successful completion of the rehearsal migration weekend for wave 1 participants. The ECB and the 4CB (the four national central banks of Germany, Spain, France and Italy), as well as the national central banks and wave 1 CSDs, were jointly involved in the migration rehearsal.

(Note that SP9 - 12 are carried out in “waves”.)

SP7: ready to start –
connectivity set-up

SP7 marks the start of the connectivity setup for value-added networks by the CSDs and the central banks, in advance of connectivity testing to the T2S user testing environment(s).

SP8 – start bilateral
interoperability testing

SP8 marks the start of the bilateral interoperability phase. During this phase each CSD tests that it can interoperate with T2S and verifies that all T2S services (e.g. settlement processes) are operating as required. Note that the tests in this stage are carried out in isolation from other CSDs and central banks.

SP9.x – start multilateral
interoperability testing

SP9.x marks the start of the multilateral interoperability phase. During this phase each CSD tests settlement processes with the other participating CSDs and central banks within its migration wave.

SP10.x – start community testing

SP10.x marks the start of the community testing phase. In this phase, each CSD extends its testing activities with other CSDs and central banks to include the users with which it has a contractual relationship. The objective of this stage is to verify that CSD participants can interact correctly with T2S.

SP11.x - start business day testing

SP11.x marks the start of the business day testing phase. This phase comprises the simulation of several consecutive business days of operation. It includes all CSDs of a migration wave, as well as their central banks and community users. The objective of this phase is to test the T2S platform under production-like conditions.

SP12.x – end of user testing
Migration phase (June 2015 - September 2017)

Migration to T2S takes place in waves, with the first wave in June 2015.

The objective of the migration phase is to enable a smooth and successful transition to the usage of T2S services for the CSDs, central banks and their communities. Several steps are required to prepare for the migration weekend, including ensuring the readiness of the production environment (SP13) and uploading common static data.

The different stages of the migration phase are outlined below.

SP14.x – ready to
connect to production

SP14.x marks the confirmation by CSDs and central banks that they can technically connect to the T2S production environment. A connectivity guide has been provided to CSDs and central banks by the Eurosystem and there is a technical helpdesk in place for support during production.

SP15.x – ready to
upload static data

SP15.x marks the start of the upload of static data to T2S. This refers to business information that is common to all T2S users, such as the SWIFT BIC Directory.

SP16.x – ready for
T2S to go live

SP16.x marks the last checkpoint before migration. All common static data have been uploaded. The organisation and timeline of the migration weekend have been defined, staff have been trained and supporting documentation has been delivered to the CSDs and central banks.

Start T2S operations

The T2S go-live date refers to the date at which the first group of CSDs started operations on the T2S platform. The migration phase has continued after this date as the remaining groups of CSDs and other market participants migrate to T2S.