An initiative by the European Central Bank designed to harmonise post-trade practices in the EU went live last week, but the loss of its largest market at the eleventh hour has marred a launch long in the making.

Just before the Target2-Securities system went live, Italian securities depository Monte Titoli, the only depository from a large country that was planning to join on its first day, said it wanted to delay entry to August 31 to allow more time for testing. A spokesperson for Monte Titoli, which is owned by London Stock Exchange Group, declined to comment.