The Italian Treasury has published the 2015 auction calendar, which combines elements from the past and some innovative additions. The auction cycles have remained the same, as has the graphic layout used in past years: a selection of celebrative coins minted by the Italian Republic’s Mint that accompanies the succession of months with some esthetic pleasing features. Moreover the color codes are unchanged in order to distinguish between auction announcement dates (blue), auction dates (red) and auction settlement dates (black). As usual, non-working days are marked by a red hedge and a red date, with a clearer nuance for national holidays that are working days for the TARGET system. The most significant novelty is represented by the alignment between primary and secondary markets in the timing of auction settlements: in fact, with very few exceptions, from 2015 an auction taking place at day T will settle - for all securities – at day T+2, consistent with what is already happening since the past October 6th for all secondary market negotiations carried out on electronic platforms throughout the Eurozone. This change aims at harmonizing market practices to make market activity more functional and efficient, in line with the European standards.