Wave 2 of European Central Bank’s T2S migration plan completed
ECB’s HQ, Frankfurt, Germany
The second wave of the European Central Bank’s (ECB) migration plan for Target2-Securities (T2S) transactions has been completed.
T2S is the delayed centralised European platform for the settlement of domestic and cross-border securities, and is one of the largest infrastructure projects launched by the ECB.
Wave 2 included Portugal’s central securities depository (CSD) Interbolsa, a subsidiary of Euronext Lisbon, and National Bank of Belgium Securities Settlement Systems.
The first phase took place in mid-2015 with Bank of Greece Securities Settlement System, Depozitarul Central (Romania), Malta Stock Exchange and SIX SIS (Switzerland). Monte Titoli (Italy) was delayed and followed a couple of months later in September 2015.
Wave 3 is scheduled for 12 September 2016. The five set to go live include Euroclear Belgium, Euroclear France, Euroclear Nederland, VP Lux (Luxembourg) and VP Securities (Denmark).
The fourth phase is planned for 6 February 2017. Six are in the mix – Centrálny depozitár cenných papierov SR (CDCP) (Slovakia), Clearstream Banking (Germany), KDD – Centralna klirinško depotna družba (Slovenia), Keler (Hungary), LuxCSD (Luxembourg) and Oesterreichische Kontrollbank (Austria).
The final wave should take place on 18 September 2017 with the Baltic CSDs (Estonia, Latvia, Lithuania), Euroclear Finland and Iberclear (Spain).
