Target2-Securities (T2S): completion of the fourth wave of the migration plan

Last weekend marked the successful completion of the fourth migration wave scheduled for Target2-Securities (T2S), the Eurosystem’s platform for the settlement in central bank money of securities transactions.

The group of markets that migrated includes the central depositories and banking communities of Germany, Austria, Luxembourg, Slovakia, Slovenia and Hungary, and brings to 18 the number of financial centres operating on T2S, accounting for about 90 per cent of the volume of transactions expected at the end of the migration process in September 2017. This is the last step towards greater integration and efficiency in the European financial market.

The migration was coordinated by the Eurosystem team based at the Bank of Italy’s Donato Menichella Centre.