Target2 Debate Heats Up
Critics of ECB's settlement plan see threat to local custodians, overstated cost savings
The debate over the future of Europe's clearing and settlement infrastructure continues to heat up following the publication of a recent white paper co-authored by ranking officials from Europe's two largest agent banks.
Much of the 61-page document--written by Diana Chan of Citigroup, Florence Fontan of BNP Paribas Securities Services and European Central Bank (ECB) executives--provides an overview of the securities services market, but its release last month ahead of the ECB's disclosure early next year of the further technical details for its Target2-Securities (T2S) project has drawn attention to the ramifications of the proposed system.
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