It may seem as if little is changing year on year, but behind the scenes of ‘business as usual’ financial market infrastructure providers are working flat out to reinvent themselves, redesign their services and redefine their value-proposition.
Described as being akin to splitting the atom, Target2-Securities (T2S) will take settlement of securities within the Target2 currencies away from the central securities depositories (CSDs) and, while levelling the playing field and harmonising securities settlement across Europe, this will also commoditise securities settlement.
