The European Central Bank has published its sixth progress report on TARGET2-Securities harmonisation. The report focuses on the level of compliance achieved by the markets in the first migration wave. It also covers the remaining gaps in the T2S harmonisation agenda, which largely relate to legal and regulatory issues. The action plan for the creation of a capital markets union (CMU) and the establishment of the European Post-Trading Forum (EPTF) are important initiatives that could potentially address most of these issues. Where relevant, the expected impact of the CMU agenda on the T2S harmonisation list is reflected in the report. The advisory group plans to publish a status update before the third T2S migration wave, as well as a full, seventh report before the fourth T2S migration wave, which is scheduled for February 2017.