A number of "very important milestones" in the Target2-Securities (T2S) project were reached in 2012, according to the European Central Bank's (ECB) annual report on the programme.
The project aims to create a "single harmonised venue" for the settlement of all major securities traded in Europe, against the euro and potentially other national currencies. The ECB said the programme remained on track to meet its "go-live" date in June 2015, with the migration expected to be completed by 2017.
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