When we take a look back at the year that has transpired, we can see that we are at a completely different place today. Over the past 12 months, we have made many improvements, both large and small, and now we can see that 98 per cent of all trades on the T2S platform are settled on time. That is the highest it has been during this entire process, and a significant accomplishment.

One of the key factors that has brought us this far is the hard work and collaboration of everyone involved to address the situation after Go live. This type of progress would not have been possible without our customers’ high involvement and the open dialogue during the whole process.

Now is the time to look ahead. We will use the fourth quarter to continue improving the settlement processes across the VP and T2S platforms, and work on harmonising the process for market claims and transformations. Then, with the new year, the focus will shift to the Harmonised Settlement Model. This model, is the natural progression of our work up until this point, and everything that we’ve learnt over the past year will help us to take the next step towards further harmonisation.

Fact: A year in numbers

Note: The T2S platform has a 33 per cent share of the total settlement today – this is higher than the expected 20-25 per cent. This illustrates the need to develop a solution that effectively supports the interaction between the two platforms.