Finance Breaking news ECB confirms one year delay to T2-T2S integration last financial news
Breaking-Finance.Com - The European Central Bank (ECB) has formally approved a one year extension to its T2-T2S consolidation project.
Breaking-Finance.Com - The European Central Bank (ECB) has formally approved a one year extension to its T2-T2S consolidation project. The delay to the merger of the two platforms, the Target2 real-time gross settlement mechansim and the T2S securities settlement system was widely expected after industry calls for a postponement. The project will now be scheduled to go live in November 2022 after the ECB’s Governing Council approved the request.
In May, four of Europe's banking associations called for a 12 month delay and a similar sentiment was expressed in the ECB's community readiness survey.
One implication of the T2-T2S project delay is that it will put back the delivery of the Market Infrastructure Board's Eurosystem Collateral Management System which is likely to be rescheduled for June 2023 instead of November 2022.
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