Events | Capital Markets Forum
TARGET2 – Securities – Will you be Ready?
Marc Bayle, TARGET2 – Securities (T2S) programme manager at the European Central Bank: Keeping on track With over 50 central securities depositories (CSDs) and central banks signed up
to T2S, banks need a strategy in place for participation, to take benefi ts from this new setting. As of the end of June 2012, 24 CSDs from within the Eurozone including six non-Eurozone CSDs have agreed to join T2S. The project itself is halfway to completion; the legal framework and the technical documentation are defi ned, 65% of the
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coding was completed by the end of March 2012 and by the end of the year nearly 100% of the coding will be done. We are entering a phase of testing heading towards the fi rst markets going live in T2S by June 2015. Recently the project has delivered several key developments: the new user detailed functional specifi cation (UDFS), complemented by the new versions of SWIFT messages requested by the project’s advisory group; the connectivity package, both in application-to-application mode (A2A) and user-to-application mode, including licences to develop connectivity solutions for SWIFT and Colt who, along with Eurosystem’s CoreNet, have developed services that allow them to connect
Best Execution | Autumn 2012
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