While in general the early experience in large, cross-industry consolidation appears to be successful, we have not yet had the test of a slowing economy. Until we have gone through a full business cycle, it is hard to know how strong the business case for integration truly is.
The main reason for the Eurosystem to embark on this project was to address the costly fragmentation of securities settlement market infrastructure, and to achieve greater technical harmonisation in the European securities settlement market. T2S allows for efficient and integrated securities settlement.