GCF spoke to Dirk Bullmann, Advisor, Directorate General Payment Systems and Market Infrastructure at the European Central Bank, on the future of T2S, at the 2015 Global Custody Forum in London.

GCF spoke to Alan Cameron, Head of Relationship Management at BNP Paribas Securites Services, about the latest updates surrounding T2S, at the 2015 Global Custody Forum in London.

When Euroclear announced last month that it’s ESES CSD’s, those under its umbrella in the Netherlands, Belgium and, most importantly, France, would not be able to migrate to the European Central Bank’s single settlement platform for Europe, T2S on time to join Wave 2 in March 2016, it raised a number of questions and came as a big setback for the flagship programme.

After nine years of planning, the first stage of a major new pan-European infrastructure project went live in June this year. Target2-Securities (T2S), whose logo is “settling without borders”, is an initiative of the Eurosystem (the European Central Bank and the central banks of the eurozone member states).

What is T2S and what do investors need to know about it?

What is T2S?

T2S is a project designed to rationalise and harmonise Europe’s system of securities settlement.

Target 2 Securities has added 15 countries to its listed of participants signed up to utilize the settlement system.