Target2 Securities (T2S), the new pan-European platform for securities settlement in central bank money run by the Eurosystem, is a catalyst for European post-trading harmonisation, particularly to make cross-border settlement as efficient and safe as domestic settlement. This goal will be achieved in 2017, when the various migration waves, which began on 22 June 2015, will unify securities settlement in 21 European financial markets. This harmonisation is illustrated by several concrete developments, notably the adoption of T+2 settlement cycle since October 2014 and the convergence of the processing of corporate actions on flows in the T2S zone. If T2S monitors securities settlement, note that the management of stocks remains the responsibility of central securities depositories (CSDs).
Last Summer, the first CSDs migrated succesfully to T2S. On 28 March 2016, the French CSD will follow. In order to prepare this migration, Paris Place set up a Comité de Coordination National T2S in 2013, in which the Bank of France and Euroclear are in charge of monitoring the progress of all players.
The event, organised by the AFTI, is an excellent opportunity to exchange around this topic.
09:05 - 09:50 : Roundtable "Préparation de la vague 2 : un challenge pour la Place de Paris"
Daniel Pascaud, Head of Operational Line Custody, CACEIS