The Riksbank starts negotiations on T2S
News The Riksbank has decided to start contractual negotiations with the Eurosystem to use the T2S platform for the settlement of securities in Swedish kronor. The Swedish central securities depository (CSD) Euroclear Sweden AB will also start contractual negotiations with the Eurosystem and carry out its own preparations ahead of the transition to T2S.
As early as 2021, the Riksbank made a strategic decision to move to the Eurosystem’s securities settlement platform, T2S. The aim is to align securities settlement in Swedish kronor with common technical solutions and standardised processes in the EU, which will contribute to more uniform flows for the participating markets.
T2S is the Eurosystem's technical platform for securities settlement. It has been in use since 2015 and is currently used by 24 CSDs from 23 different countries. At the moment, securities are settled in either euros or Danish kroner on T2S, but it is designed to be able to handle more currencies.
“Our assessment is that the T2S platform is the most appropriate way to ensure that the Swedish securities market is harmonised over time with the rest of Europe. Using the same technical platform makes it easier for banks and other actors operating in multiple markets. In addition, the T2S platform maintains a high level of cybersecurity and redundancy regarding its operations,” says Christina Wejshammar, Head of the Payments Department.
The transition to the T2S platform is planned to be completed by September 2030 and will take place in cooperation with Euroclear Sweden AB.