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

08 May 2012

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

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