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The implementation of the european central bank project,target2 securities, in the european settlement system
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Resumo(s)
Post-trade market in the European Union continues to be fragmented at the national level, despite the various legislative initiatives, as UCITS 5, CSDR, that brings more harmonization in investments. This issue was taken in the center of focus of the Central Bank and European Commission, that developed a successor for the Target 2 Project, called Target to Securities. With T2S, the settlement of securities between the 17 CSDs will be done uniformized, faster and safer, all the transactions being settled on a single pan-European platform in central bank.
It is one of the largest infrastructure projects launched by the Eurosystem so far and it brings substantial benefits to the European post-trading industry, by revolutionizing the way securities market works. T2S is meant to dismantle the 10 technical barriers identified by the Giovannini Group. The costs of the implementation were shared between the participant CSDs. The future benefits are foreseen to be great costs savings for a unit transaction, and harmonization of the flow of a cross border transaction, like a domestic one.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Risk Analysis and Management
Palavras-chave
T2S securities post-trade Eurosystem ECB financial integration settlement clearing risks