The European Central Bank’s Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) published its 15th TARGET2-Securities (T2S) Harmonisation Progress Report, tracking compliance with securities settlement harmonisation standards across 26 T2S markets served by 24 T2S central securities depositories (CSDs). The report finds little overall change versus the previous progress report, largely reflecting already high compliance, while corporate actions remain the main area where full compliance is still not achieved. AMI-SeCo expanded its monitoring framework by introducing a new core T2S Harmonisation Standard on providing directly connected parties (DCPs) with access to T2S when requested, aiming to ensure uniform availability of direct connectivity across T2S CSDs. Overall, 91.2% of assessed market-standard statuses are fully compliant, while 8.1% remain non-compliant. Among monitored core standards, aggregate non-compliance persists for T2S corporate actions (11 markets), corporate actions market standards (19 markets), and specific standards including matching fields (Spain), settlement day schedule (Hungary), restrictions on omnibus accounts (France and Finland), and the new DCP access standard (Euroclear Bank, Euroclear Finland and Hungary). In the wider post-trade environment, France is also assessed as non-compliant with securities amount data standards. Non-compliant markets are expected to provide plans for reaching compliance under the established monitoring framework, although some cases depend on action by public authorities or changes to national legal requirements. The report notes expected remediation milestones in several areas, including anticipated resolution of Spain’s matching-fields issue by Q1 2025 and Euroclear Bank targeting compliance with the T2S corporate actions standard in line with the start of its intra-CSD settlement activity in T2S, planned for January 2026.
European Central Bank 2025-01-20
European Central Bank AMI-SeCo publishes T2S harmonisation report showing 91.2% compliance and adding new standard on direct access to T2S
The European Central Bank's Advisory Group on Market Infrastructures for Securities and Collateral published its 15th TARGET2-Securities Harmonisation Progress Report, noting high compliance but persistent non-compliance in corporate actions across 11 markets. A new core T2S Harmonisation Standard was introduced for direct connectivity, with 91.2% of market-standard statuses fully compliant. Non-compliant markets must provide compliance plans, with some issues dependent on public authority actions or legal changes.