Last weekend, the Spanish and Baltic central securities depositories (CSDs) successfully migrated to T2S in the last regular wave. This completes migration to the European securities settlement platform. As a result, 20 European CSDs are now conducting their entire securities settlement in central bank money through the T2S platform.

For the Eurosystem, especially for the Bundesbank as part of the development and operating syndicate, and for the market participants alike, the completion of migration represents a milestone. All the connected participants can now enjoy the full benefits of T2S, a chief advantage being a more efficient liquidity management. One of the platform’s key design features is its multi-currency capability. From October 2018, the Danish krone will be the first currency after the euro to be made available for securities settlement in T2S.

T2S was launched with five CSDs in its initial migration wave as long ago as 2015. The other CSDs and their markets followed in stages.