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New T2S Special Series issue published!

20 December 2018

A new edition of the T2S Special Series has been published to mark the first year that TARGET2-Securities (T2S) has been in full operation.

From 2015 to 2017, some 22 central securities depositories (CSDs) catering for 20 European markets have migrated to the T2S platform, which now settles securities in two currencies.

In this seventh edition of the T2S Special Series: one year of full operation, European Central Bank (ECB) Director General Marc Bayle de Jessé reflects on the platform's journey from conception to completion. ECB Deputy Head Ignacio Terol and Adviser Patrick Papsdorf delve deeper on the platform’s statistical data with a graphical exposé on operational efficiency. Patrick Pearson, Head of the Financial Markets Infrastructure Unit at the European Commission, focuses on the capital markets union angle, while Joël Mérère, Chair of the T2S Harmonisation Steering Group, sheds light on T2S’ progress on harmonisation. Interviews with Eric de Gay de Nexon, Head at Société Générale Securities Services, and Jesús Benito, Chair of the T2S CSD Steering group, provide valuable insights on the CSD side, and BNP Paribas Senior Coordinator Dominique Le Masson examines the impact that T2S has had on collateral mobility and liquidity management. Furthermore, Danmarks Nationalbank’s Karsten Biltoft and Niels Olsen from VP Securities debate the newly activated T2S multi-currency function. The feature concludes with ECB Deputy Director General Mehdi Manaa giving his take at what the future holds.