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The ECB launched the TARGET2-Securities and decided to assign the development and operation of T2S to the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia.
Almost all euro area CSDs are in favour of the continuation of the T2S initiative, and are prepared to enter into a legally binding contractual arrangement by the end of the first quarter of 2009.
The Danish CSD has already agreed to participate in T2S for Danish krone settlement and euro settlement, and the Swedish and Swiss CSDs have indicated that they intend to participate for euro settlement but that a formal decision on their national currency has not yet been taken.