They will play a central role until T2S goes live by preparing and conducting the testing of the system, and they will help us to ensure that the operations of T2S run smoothly from the beginning. This is especially true for those CSDs that will transfer their operations to T2S as part of the first migration waves.
It is in acknowledgement of this contribution that those CSDs will be entitled to financial incentives reserved for the early joiners . I am delighted to welcome them to T2S. The CSDs that signed the Framework Agreement today represent about two-thirds of the total settlement volume in the euro area.