Second wave of T2S migration complete

Euronext has successfully migrated its Portuguese Central Securities Depository Interbolsa, to T2S, capping off the second wave of implementation.

The National Bank of Belgium’s securities settlement system also made the transition this week, joining the five other central securities depositories (CSDs), which made the switch last year.

The two CSDs make up 5% of the overall market volumes.

T2S began on 22 June 2015, with the aim of creating a single European securities settlement system with one set of rules applying to all transactions. Romania, Greece, Malta and Switzerland took part in the first wave, followed shortly after by Italy.

The aim is to reduce the complexity of the market structure, making the European markets more attractive and efficient.

The next wave of implementation is expected in September 2016, with Euroclear migrating its three European CSDs. Euroclear was initially supposed to migrate its systems this month, however moved the date saying it needed more time for a ‘safe and stable migration’.