A large participation in T2S will also result in a wide harmonisation of practices and procedures across Europe – harmonisation, which will, in turn, bring significant efficiency gains for T2S participants. The close involvement of CSDs has been a crucial factor throughout the project so far, and it will become even more crucial from now on.
I wish to join the President in congratulating those who have been involved in the project’s governance. T2S is an entirely new concept. It is unique and nothing comparable has ever been done before. From the inception to the go‐live, it will have required the engagement and collaboration of numerous different stakeholders, from the industry, from central banks and from other public authorities.