Monte Titoli

Monte Titoli completed the first Wave of migration to the ECB’s T2S platform on 31 August 2015. In doing so, Italy became the largest market to migrate to the platform to date, the ECB’s plan being to introduce one major market in each of the four Waves, beginning with Italy. Euroclear’s planned delay has put a spanner in this works, however, with uncertainty lingering over when France, Germany and Spain will now migrate to the platform.

BNP Paribas Securities Services became a directly connected participant in T2S (TARGET2-Securities) upon the launch of the harmonised European settlement platform in Italy on 31 August. Since then, the bank has successfully migrated over 60,000 positions onto the platform and settled nearly 500,000 transactions on it.

BNP Paribas Securities Services, already servicing settlement and custody arrangements for four Italian banks ahead of the go-live of T2S (Target2-Securities) in the country, has added the Banca Popolare di Milano Group to its mandate. Banca Popolare includes three banks: Banca Popolare di Milano, Banca Popolare di Mantova and Banca Akros.

SIX Securities Services, Bank of Greece Securities Settlement System, Romania’s Depozitarul Central and the Malta Stock Exchange all went live on the ECB’s T2S (Target2-Securities) system on 22 June 2015. They are the first to engage with the system that was first conceived in 2006 and launched in 2008. Better late than never?

Of the several changes taking place in the European central securities depository (CSD) space, one of the biggest is the introduction of competition. CSDs have previously largely enjoyed the status of natural monopolies, servicing their own domestic markets. In the aftermath of the global financial crises that struck post-2008, CSDs have been caught up in the regulatory overhaul of the financial system and this is having a profound effect upon the European space in particular.

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