Target 2 Securities (T2S) went live as planned and without a hitch on June 22 in four depositaries, the Bank of Greece’s depository for government bonds (BOGS); the depository of the Malta Stock Exchange; Romania’s Depozitarul Central; and SIX-SIS of Switzerland. 

The industry welcomed the platform that will enable integrated securities settlement across Europe. 

“This is a tangible step forward for financial integration in Europe”, said Yves Mersch, ECB executive board member. “After seven years of hard work to make this happen, T2S will benefit people in 21 countries and will support the creation of a true single capital market in Europe.”

Thomas Zeeb, Division CEO SIX Securities Services was pleased with the migration, saying that the depository's clients are sure to benefit: 

"Throughout the project, SIX Securities Services has represented the interests of the Swiss financial center. Our clients have been involved in the change processes and implementation of T2S from day one. Being part of T2S is part of our continuing strategy to enhance the Swiss value chain."

Alan Cameron, head of relationship management for international banks and brokers at BNP Paribas Securities Services agreed, describing T2S as a "game changer" for European settlement.

"The benefits of T2S are numerous. For example it allows participants in European financial markets to simplify processes, in particular for cross-border settlement, and build economies of scale. Also the auto-collateralisation function that T2S brings will make the markets more robust in the future," said Cameron.

"In the long-term it should be a great benefit for European financial markets."

Kashyap Kapasi, director of strategic solutions, investment services at Fiserv said that T2S “will not only advance the dialogue for greater coordination in settlement procedures, but also promote investment growth through an enhanced, harmonised settlement process, both in Europe and globally”.

Italy will be next to migrate to T2S on August 31 2015. Three more groups of markets will follow in stages, and the full complement, covering a total of 21 European countries, will have migrated by February 2017.

Alain Raes, chief executive, Emea and Asia Pacific at SWIFT, said: “The successful transition by T2S to live operations is a major milestone in the ongoing harmonisation of clearing and settlement in Europe. We are delighted to be supporting our community in this important transition and we look forward to continuing our support as the migration progresses.”