The European Central Bank has published its sixth T2S harmonisation progress report.
Target2-Securities (T2S) is the Eurosystem platform for settling securities in Europe and was launched on 22 June 2015. Key messages in the harmonisation progress report include:
- common standards have already been identified for 17 out of a total of 24 T2S harmonisation activities;
- substantial progress has been made since the last reporting cycle (completed in March 2015) regarding compliance of the T2S markets with the T2S harmonisation standards;
- two new markets will migrate to T2S on 28 March 2016 – Portugal (Interbolsa) and Belgium (NBB-SSS);
- the definition and implementation of a harmonised settlement discipline regime remains the key gap to completing the high priority T2S harmonisation activities; and
- the T2S Advisory Group will focus on harmonisation work which will include the monitoring of the implementation plans of the T2S markets that will migrate to T2S on 12 September 2016 – Belgium (Euroclear), France (Euroclear), the Netherlands (Euroclear), Denmark (VP Securities) and Luxembourg (VP Lux).
View Sixth T2S harmonisation progress report, 18 March 2016