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TARGET2-Securities is live!

TARGET2-Securities (T2S) went live on Monday, 22 June 2015. After years of development and implementation, SIX SIS has successfully connected the Swiss market to T2S, one of the largest infrastructure projects in the European Union.

The European settlement platform TARGET2-Securities (T2S) was launched as planned on Monday 22 June 2015. SIX Securities Services is the first non-EU CSD offering direct access to the pan-European platform for securities transactions in central bank money. Together with the Maltese, Romanian and Greek markets SIX Securities Services is part of the first of a total of four migration waves. Italy postponed its connection to T2S to the end of August 2015.

The introduction of the first phase of T2S represented an extreme challenge for all parties involved. This was not only due to the technical complexity, but also because of the regulatory and political aspects. According to the ECB, the T2S platform experienced certain “teething problems”, which were addressed as a priority. In addition, a great deal of time and effort went into ensuring the readiness of the post-trade community here in Switzerland.

T2S is one of the largest infrastructure projects in the European Union. Operated by the Eurosystem, which comprises the ECB, 21 CSDs and central banks, T2S was launched in 2012 as a pan-European project. The aim is to create a new platform for the settlement of securities in euro central bank money. This involves harmonizing key processes in the area of securities settlement, such as settlement cycles, settlement finality and corporate actions, on a Europe-wide basis.

We would like to take this opportunity to thank all of our clients for their tremendous support over the past few months during T2S Community Testing. Until the very last business day, they invested time and effort to formally confirm the successful execution of test cases and the validation of Corporate Action events. Without the time our clients invested, SIX Securities Services would not have been able to successfully migrate to T2S.