Abstract
Today, although being highly efficient in national markets, the European settlement infrastructure provides a complex, highly fragmented picture, which is characterised by national specificities and barriers. This prevents competition and efficient cross-border settlement at reasonable costs and also comes with operational risks. Target2-Securities (T2S) sets out to provide an infrastructure which will remove those handicaps. But once the infrastructure is in production starting in 2015, T2S is supposed to act as a game changer which will initiate a sustainable transformation of the whole post-trade securities servicing industry.
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Notes
- 1.
The Giovannini Group “Cross-Border Clearing and Settlement Arrangements in the European Union,” November 2002
- 2.
The Giovannini Group “Second Report on EU Clearing and Settlement Arrangements,” April 2003.
- 3.
2872nd ECONOMIC and FINANCIAL AFFAIRS Council meeting, Luxembourg, 3 June 2008; http://www.eu2008.si/en/News_and_Documents/Council_Conclusions/June/0206_ECOFIN.pdf.
- 4.
PricewaterhouseCoopers “The 300-billion-euro Question—Survey on the Benefits of Target2-Securities,” August 2013.
- 5.
Oliver Wyman “The T2S Opportunity—Unlocking the hidden benefits of Target2-Securities,” September 2014.
- 6.
Global Custodian/Deutsche Bank Survey, GC Magazine Fall 2014, p. 66.
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Amend, K., Papenfuß, M. (2017). T2S: Creating a New Post-trade Landscape. In: Francioni, R., Schwartz, R. (eds) Equity Markets in Transition. Springer, Cham. https://doi.org/10.1007/978-3-319-45848-9_17
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DOI: https://doi.org/10.1007/978-3-319-45848-9_17
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