T2S has been subject to a number of delays over the last few years although deadlines are fast approaching. The ECB highlights migration of CSDs onto the T2S platform will occur in waves and has been doing so since June 2015. The final wave of CSDs located in countries including the Baltics, Finland and Spain will be migrated onto T2S on September 18, 2017. However, some hypothesise whether blockchain’s evolution and implementation in the securities services industry could threaten or even replace T2S.