Our T2S success story
Since June 2015, T2S has been in production with over 100,000 settlement transactions processed every day. This represents just about 12% of the total volume expected to be processed in T2S upon full implementation in 2017. The system has proven to be stable and our clients have not experienced any difficulties so far.
Our experience with T2S since the Go Live on 22 June 2015 has actually been a positive one. Considering the complexity of such an undertaking, we have been positively surprised by the system’s stability and the low number of issues encountered in production so far. The daily operational schedule and the cut-offs have almost consistently been met, and the few exceptions have not caused any difficulties to our clients so far.
That said, the operating model adopted by SIX Securities Services facilitates access to T2S, while allowing clients to continue benefiting from our comprehensive service offering covering 66 markets out of a single platform, our SECOM system.
Our clients continue, for instance, to use our advanced Triparty Collateral Services encompassing auto-collateralization, securities lending and a multi-currency repo service with the Swiss National Bank out of the SECOM platform.
While in the first stage of our T2S Direct Program, our focus was set on the migration of the Swiss market to T2S (i.e. our Issuer CSD business); our focus has now shifted to the implementation of our direct links with other T2S CSDs (i.e. the Investor CSD links) required for our cross-border business. We are confident that we can complete the remaining tasks as per our plan and with that, keep delivering what we promised.