14th T2S harmonisation progress report : harmonisation of European securities settlement

AMI-SeCo considers the harmonisation of post-trade processes, including collateral management, to be critically important in the pursuit of financial market integration in Europe. In the area of securities settlement harmonisation, T2S has contributed significantly to the integration of financial markets in Europe by harmonising post-trade processes across all T2S participating markets. The extent to which the potential benefits of T2S materialise will depend largely on all relevant stakeholders adapting to and using T2S in a harmonised manner. In this 14th AMI-SeCo harmonisation progress report, progress is presented on the basis of an established methodology2 and compared with the situation at the time of the previous report (the 13th T2S Harmonisation Progress Report), which was published in January 2023. The purpose of the current report is to provide an overview of AMI-SeCo's activities on compliance and harmonisation based on the T2S harmonisation agenda, with a focus on securities settlement.3 Section 3 focuses on T2S harmonisation, presenting an overview of the progress made and the monitoring results per market. It also sets out the headway made by markets that migrated to T2S. Annex 1 (which has not changed since the 13th T2S Harmonisation Progress Report) presents an in-depth Description of AMI-SeCo core T2S settlement and wider post-trade harmonisation activities. Annex 2 provides detailed monitoring information for each individual T2S market, while Annex 3 contains an impact analysis covering cases of non-compliance with core T2S settlement harmonisation standards. Annex 4 (which has also not changed since the 13th T2S Harmonisation Progress Report) presents the Methodology for progress assessment on AMI-SeCo securities settlement harmonisation activities.