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Collective agreement between NCBs and CSDs comes into force

On 20 March a collective agreement between the national central banks (NCBs) operating TARGET2 and the central securities depositories (CSDs) operating TARGET2-Securities (T2S) comes into force.

The agreement allows for a common moment of entry for payments and securities transfers. It also provides participants in the systems with more clarity, in particular on the provision of information and on liability in the event that any one of them becomes insolvent.

The collective agreement is the latest milestone in the harmonisation of procedures and tools available to system operators using the T2S platform.