ECB 2nd TARGET2-Securities meeting with market participants

15 January 2007

The European Central Bank held a second meeting on the Target2-Securities project presenting a number of feasibility studies. The ECB believes that the implementation of T2S in the Euro zone could cut settlement costs by up to 90%. Even with very conservative assumptions the T2S fee will be lower than the lowest CSD fee today and will come closer to comparable prices in the US.

In current market conditions, settlement transactions costs would fall to 28 cents. Settlement activities currently cost at least 45 cents in the Euro zone and as much as EUR2.80 in Greece.

The ECB's governing council will make a final decision on implementing the system in late February. If approved the Target2-Securities platform could be operational in 2013.

Feasibility Report - Legal Feasibility
Economic Feasibility Study
Answers to frequently asked questions on TARGET2-Securities
Operational Feasibility
Technical Feasibility

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