T2S will begin operations in September 2014 when the first group of CSDs start settling in T2S.
The objective of the migration phase is to ensure a smooth transition of data to the T2S system and the consequent adaptation of the processes and technical environments of all T2S Actors, i.e. CSDs, central banks, directly connected T2S parties and (other) holders of T2S dedicated cash accounts.
According to the current Eurosystem plan, the migration will gradually take place within a period of 18 months (incl. contingency wave).
CSDs will prepare a proposal by Q2 2012 with dates and allocation of CSDs for each wave.