T2S, a platform that will enable integrated securities settlement across Europe, was successfully launched. Four securities depositories and their users are now connected to T2S: 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. Italy will be next on 31 August 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. Managed by the Eurosystem and operating in central bank money T2S will cut the cost of securities settlement and facilitate liquidity and collateral management.