T2S was designed as a platform for several currencies: central banks outside the euro area can access the platform to carry out securities transactions denominated in their respective national currencies when they sign the Monetary Participation Agreement (CPA). The Central Bank of Denmark was the first to sign the CPA and to make available the Danish kroner liquidation on T2S in November 2018. Currencies other than the euro can be used for T2S settlement if the central bank concerned is connected to the platform and is ready to add its currency. In addition to the euro, the Danish krone has been available in T2S since October 2018. Currency Participation Agreement The two main documents constituting the T2S framework of the T2S Treaty are the framework agreement for the DCT setting out its contractual rights and obligations with the Eurosystem and the participation agreement that governs relations between the Eurosystem and non-euro area central banks wishing to make their currency available in T2S. Today, only the Central Bank of Denmark has signed this agreement and it foresees the migration of the Danish krone to T2S in 2018. Safe and effective settlement systems are a prerequisite for the proper functioning of markets: in particular, in order to guarantee the possibility of investing in a single currency area in all markets under the same conditions, the cross-border settlement of financial instruments must be carried out under conditions equivalent to those of national settlement systems. In line with this objective, the Eurosystem has created TARGET2-Securities (T2S), the pan-European platform for the settlement of securities transactions in central bank currencies. Today, thanks to T2S, securities transactions are carried out at the same cost and in all national markets of the European Union (EU), regardless of the investor`s country of origin.

Monte Titoli was one of the first CSDs to migrate to T2S in August 2015. In 2015, Banca d`Italia carefully examined the availability of the custodian and the Italian financial market and coordinated the preparation of an orderly migration. Other depots moved to T2S at different times between September 2016 and September 2017. The Governing Council decided to launch the T2S project in 2008, after several consultations on the market, and to attribute the development and management of the Bundesbank, Banco de Espaa, the Bank of France and the Bank of Italy, which bear the name 4CB.