The European Central Bank (“ECB”) has published a draft first progress report on the TARGET2-Securities (“T2S”) harmonisation project, which is an ECB infrastructure project which aims to provide a single pan-European platform for securities settlement in central bank money. The current timetable aims to achieve harmonisation in crucial areas of the T2S project prior to its launch date of September 2014. The draft report included a detailed presentation of the status of each T2S harmonisation activity together with proposals to the T2S Advisory Group (“AG”) for further action. The draft report concluded that there is good progress in the so called definition process, i.e. the establishment of T2S relevant standards/rules and market practices, but that further work is needed in the context of formal endorsement by relevant bodies (the AG, central securities depositories, the Eurosystem and the European Commission where necessary). The work on the monitoring and implementation processes is at the moment less advanced, however, these processes are only relevant once the definition process is complete.