Monte Titoli completes Wave 1 of T2S

SIX Securities Services, Bank of Greece Securities Settlement System, Romania’s Depozitarul Central and the Malta Stock Exchange all went live on the ECB’s T2S (Target2-Securities) system on 22 June 2015. Monte Titoli, the Italian CSD and the largest originally included in Wave 1, opted at the last minute to postpone its migration due to concerns raised about the stability of the platform by some of its banks.

Monte Titoli’s delayed migration was performed in agreement with the ECB and the other four CSDs in Wave 1, and the Italian CSD went live on the single European settlement platform on 31 August 2015, in what some had termed Wave 1a.

“Monte Titoli has been a firm supporter of the T2S project from the outset,” says Monte Titoli CEO, Mauro Dognini. “We are delighted to now be live on the platform, which will help harmonise the European cross-border settlement environment. The Italian market will account for around 90 per cent of volumes in the first wave of T2S and represents an opportunity for Monte Titoli to expand its offering, delivering solutions designed to improve efficiencies and increase choice for customers.”

Indeed, with €3,400 billion worth of assets in its custody, Monte Titoli is now the largest CSD on the T2S platform. The IT infrastructure work that needed conducting was completed on time and the CSD was ready to move just over two months after the other CSDs in Wave 1. A statement on the ECB website says that; “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.”

The aim of T2S is to introduce a pan-European settlement platform, to improve efficiencies in the markets and harmonise cross-border settlements across the 22 CSDs that have signed up to the programme

The next wave, Wave 2, of migrations to T2S is set for 28 March 2016, followed by Wave 3 on 12 September 2016 and, finally, Wave 4 on 6 February 2017.

Tags: T2SSettlementECBEurope