Set for live launch in 2015, T2S is intended to streamline securities settlement across the Eurozone. Swift is one of two networks, alongside a joint venture between SIA and Colt, licensed by the ECB to provide connectivity to the platform for CSDs, central banks and their customers.

The Link Up Market CSDs - Austria (Oesterreichische Kontrollbank), Cyprus (Cyprus Stock Exchange), Denmark (VP Securities), Egypt (MCDR), Germany (Clearstream Banking Frankfurt), Greece (Hellenic Exchanges), Luxembourg (VP Lux), Norway (VPS), South Africa (Strate), Spain (Iberclear), and Switzerland (SIX SIS) - represent 50% of European as well as 90% of African securities transactions.

The contract is a significant victory for Swift, opening the door to new business among the 11 participating CSDs, who intend to switch over their current shared messaging infrastructure to the Swift network as the project progresses.

Irene Mermigidis, managing director, Link Up Markets, says the depositories expect to achieve "significant cost saving"s by connecting to T2S through Swift and by extending the networking benefits into their domestic markets.

"As a global financial services provider, Swift is perfectly positioned to extend the benefits of interoperability already achieved through Link Up Markets to an even wider community," he says. "The CSDs are also keen to tap into the value-added services Swift is developing to address common industry problems, and support their market participants by extending the benefits of streamlined, standardised communications further into their domestic environments."