Finextra: ECB is to delay the implementation of the T2S system, conceived as a mechanism for cutting cross-border trading costs through the creation of a streamlined pan-European platform for securities settlement against central bank money.
The Target2 Securities (T2S) system was conceived by the ECB as a mechanism for cutting cross-border trading costs through the creation of a streamlined pan-European platform for securities settlement against central bank money.
Citing "people familiar with the matter", the FT says that an ECB "advisory group" on T2S is set to meet in Amsterdam on Friday to discuss timetabling and the prospect of project over-run.
The delays will come as no surprise to anybody who sat in on a heated T2S debate conducted at last year's Sibos in Hong Kong. It descended into an angry spat between agent banks, securities depositories and the central bank over costs, timetabling and information transparency.
In outlining the ECB's progress, Jean-Michel Godeffroy, Chairman of the T2S programme board, admitted that there had been a seven-month delay to the completion of the General Functional Specifications document, which outlines the technical requirements for the T2S system and that other challenges, over pricing and governance, had yet to be addressed.
© finextra
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article