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08 May 2012

Eurosystem signs TARGET2-Securities (T2S) Framework Agreement with first Central Securities Depositories (CSDs)


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The agreement governs the legal relationship between the Eurosystem and each CSD participating in T2S. The CSDs that signed the contract today account for approximately two-thirds of the settlement volumes in the euro area.


The European Central Bank hosted an event to mark the signing of the T2S Framework Agreement by the Eurosystem and a first group of nine European central securities depositories (CSDs), namely:

  • Bank of Greece Securities Settlement System – BOGS (Greece)
  • Clearstream Banking AG (Germany)
  • Depozitarul Central S.A. (Romania)
  • Iberclear (Spain)
  • LuxCSD S.A. (Luxembourg)
  • Monte Titoli S.p.A. (Italy)
  • National Bank of Belgium Securities Settlement System – NBB-SSS (Belgium)
  • VP LUX S.á.r.l. (Luxembourg)
  • VP Securities A/S (Denmark).

ECB President Mario Draghi described the impact T2S would have on Europe: “The fundamental objective of T2S is to contribute to making Europe a better place to invest, by fostering a single market in post-trade services. It will make financial markets safer and more efficient, and it will increase transparency in the post-trade environment.”

Peter Praet, the ECB Executive Board member responsible for the T2S Programme, outlined how the project is expected to evolve following today’s commitment: “The spirit of the project will move from negotiation to cooperation. We will work together with CSDs to implement T2S - for the good of European financial markets.”

The T2S project is now more than halfway to delivery, with a go-live date set for 2015.

Press release



© ECB - European Central Bank


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