The consolidation of securities settlement systems

T2S andTARGET2

In a big-bang migration approach for market participants, the ECB will introduce the consolidation of TARGET2 and TARGET2-Securities in November 2021. This will be accompanied by a consistent introduction of the ISO20022 standard. The introduction of a collateral management system at the ECB planned for one year later will additionally tie up critical resources in the financial services industry.

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