The T2S system provides a single platform for securities settlement in central bank money in Europe, according to BNP Paribas.

BNP Paribas said the settlement system will harmonise the way in which securities transactions are completed, “contributing to a smoother are more robust financial system in Europe”. 

The T2S platform will be launched across Europe in waves, beginning with Italy, Switzerland, Greece, Romania and Malta from June 2015, BNP Paribas said. 

BNP Paribas Securities Services head of clearing and custody services Alain Pochet said the company is preparing for all kinds of client requirements in the lead up to the launch of T2S to provide its clients with the flexibility they require. 

“Clients can link to T2S across multiple markets via a flexible account structure and with options to settle in commercial or central bank money,” said Ms Pochet. 

 “T2S will harmonise a number of core settlement features, bringing efficiency and stability to our clients to our clients but is not designed to handle all local market specificities and this is where we bring value”. 

BNP Paribas said it plans further service enhancements for liquidity management, as well as value added services for settlement such as pre-matching management, prioritisation and standing instructions. 

The company said signing up for wave one connectivity will enable the European Central Bank to evaluate the eventual scale for the platform required across Europe and begin testing.