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Enormous amounts of data are inserted into and have to be processed by the ECB’s securities settlement platform TARGET2-Securities (T2S) day by day. The system works perfectly. But this does not mean that T2S has already achieved its (ultimate) goal. “The technical integration of the European settlement systems can only be a first step,” says Marc Robert-Nicoud, CEO Clearstream Holding, which successfully migrated to T2S earlier this year. “Now, the integration on market level has to follow. This is the only way how T2S can live up to its original promise: to make cross-border settlement easier and more efficient for market participants.”
In recent years there have been many efforts to harmonise Europe’s financial markets. Currently strained political relations...
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