Target 2 Securities
Target 2 Securities
If implemented successfully T2S will provide a single technical platform for processing settlement instructions, in a harmonised manner, for 28 CSDs in Europe, in different currencies and at the same price for both domestic and cross-border operations. If Eurosystem succeeds in delivering the platform and its intended benefits, it will potentially trigger a move towards CSD consolidation and consequently facilitate the integration of European markets.This platform should also foster the development of cross-border investment throughout Europe.
Intermediaries will be in a position to manage their settlement transactions, treasury and collateral on all the securities admitted in T2S through one single access point and based on the same procedures currently used in their domestic market. The success of T2S, however, will depend on two main factors: one, the willingness of CSDs to join the platform and two, the level of harmonisation reached beyond the pure settlement layer.