T2S goes live without Italy

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. They are the first to engage with the system that was first conceived in 2006 and launched in 2008. Better late than never?

The single European settlement platform is no stranger to a delay and Monte Titoli, the Italian CSD, was set to become the largest such infrastructure to join the platform in Wave 1; one of four. The Italian banks, however, were not comfortable enough with the stability of the platform to connect with it on 22 June and will instead join on 31 August in an agreed extension with the ECB.

Monte Titoli had requested that the launch of Wave 1 be postponed, but the ECB rejected this plea. Instead, the four other CSDs set to go live on 22 June proceeded as planned. They all utilised SWIFT’s Value Added Network to access the new platform.

SIX Securities Services is the first non-EU central securities depository to offer access to the European Central Bank's (ECB) T2S platform. Thomas Zeeb, CEO of SIX Securities Services, said, "Throughout the project, SIX Securities Services has represented the interests of the Swiss financial centre. Our clients have been involved in the change processes and implementation of T2S from day one. Being part of T2S is part of our continuing strategy to enhance the Swiss value chain."

A statement from the Bank of Greece commented, “During the migration weekend all our activities were executed in accordance with the playbook and well ahead of the schedule. Our participants have been involved in all relevant testing phases and they were well prepared for the migration.”

“Depozitarul Central was involved from the beginning of the T2S project and it has been a journey full of challenges and accomplishments,” said Silvia Buicanescu, CEO, Depozitarul Central. “All internal as well as bilateral and multilateral tests with T2S and the T2S community were successfully performed. The Eurosystem certification acknowledges that Depozitarul Central has completed the mandatory certification test cases. As part of the first wave of CSDs using T2S, Depozitarul Central reaffirms its long-standing commitment to constantly offering top services. We are proud to be part of this major infrastructure project.”

Yves Mersch, an executive board member of the European Central Bank (ECB), said: “This is a tangible step forward for financial integration in Europe. 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.”

There was no comment from the Malta Stock Exchange at the time of writing.

Tags: T2SEuropeSettlementMonte TitoliECB