Just a few words about what will probably be, if not the most complex plan, one of the most visible ones in 2014, the reduction in settlement cycles. The CSD Regulation will set 1st January 2015 as the deadline  for European  countries  to  reduce  from  T+3  to  T+2  the  lead  time between  execution  and settlement/delivery of a trade carried out on a market or a multilateral trading facility (MTF). Even though the scope of the regulation is wider than that of T2S, the aim is that the countries concerned should be fully operational for the first wave of T2S scheduled for June 2015.