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ECB accepts Central Depository to join T2S pan-European settlement platform in first wave

The Central Depository has obtained the European Central Bank's agreement to be part of the first group of central depositories allowed to connect to the pan-European settlement platform Target2 Securities (T2S), the institution announced.

By the early connection to the T2S, the Central Depository will become a reference point of access for investors and brokers to the European financial instruments available on this settlement platform.

'Our joining the T2S system is very good news for our clients, who will be able to settle their trades with all the financial instruments admitted to T2S in central banks money. Thus, the Central Depository stays one of the innovative institutions in the development of services specific to capital markets, setting at the disposal of its customers the newest and most efficient solutions, like the pan-European T2S settlement platform also is,' said the Central Depository director general Adriana Tanasoiu.

In a release, the Central Depository highlights the particular significance of the ECB initiative in positioning the Romanian institution as a regional center, ensuring at the same time the best conditions for the development and strengthening of the domestic capital market, taking in consideration the performance on the East European post-trading services market, as well as the fact that, so far, Romania's Central Depository is the only such institution in a non-euro country selected to join in the first wave of migration.

Target2 Securities is the broadest project developed by Eurosystem (the European Central Bank and the 17 eurozone central banks - editor's note) since the adoption of the euro, and will result in improving the European post-trading infrastructure.

Central depositories will connect to the Target2 Securities pan-European settlement system in three distinct phases. The system is due to become operational on September 22, 2014 and the last phase of migration is estimated to take place before the end of 2015.

Sursa: http://www.agerpres.ro

Tags: central european first platform settlement depository euro

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