The European Central Bank’s (ECB) T2S Board has approved a request from Monte Titoli, Italy’s CSD, to delay going live on Europe’s incoming settlement platform.
The T2S platform is set to go live on 22 June. The board has reiterated that the Greek, Romanian, Malta and Swiss markets will migrate to T2S as planned.
“The T2S Board and the CSD Steering Group agreed to support the formal request made by Monte Titoli (Italy) to reschedule the Italian community’s migration to T2S to August 31 2015,” the ECB says in a statement on its website.
“This solution will be submitted to the ECB decision-making bodies for final approval.”
The Trade reported last week that technical problems for Monte Titoli have caused it to request a delay. Speaking at the NeMA conference in Athens last week, a senior ECB member said while the central bank is ready to grant the delay, some questions remain for the CSD. It will take a “staggered approach" to going live on wave 1.
According to a notice from the London Stock Exchange Group (LSEG), which owns Monte Titoli, the CSD has frozen testing for its migration on T2S until June 19, and will restart on June 22.