Quick Answer: T2S is a European securities settlement engine which aims to offer centralised delivery-versus-payment settlement in central bank funds across all European securities markets. It is important to take note of the fact that T2S is not a central securities depository, but a platform intended to enable CSDs to increase their competitiveness. After market consultations and a decision by the Governing Council of the European Central Bank, the project was launched in 2008 and the platform started operations in 2015. The T2S Framework Agreement, negotiated between CSDs and the Eurosystem, has been signed by 24 CSDs, which migrated to the T2S platform in four waves between June 2015 and February 2017. The fundamental objective of the T2S project is to integrate and harmonise the highly fragmented securities settlement infrastructure in Europe.