12 February 2016

ECB to set back T2S timetable to beyond 2013

15 January 2010  |  14467 views  |  0 EU keyboard

The European Central Bank has been forced to set back the deadline for the introduction of a new pan-European securities settlement system by up to a year as negotiations over pricing and governance drag on, according to a report in the Financial Times.

The Target2 Securities (T2S) system was conceived by the ECB as a mechanism for cutting cross-border trading costs through the creation of a streamlined pan-European platform for securities settlement against central bank money.

Citing "people familiar with the matter", the FT says that an ECB "advisory group" on T2S is set to meet in Amsterdam on Friday to discuss timetabling and the prospect of project over-run.

The delays will come as no surprise to anybody who sat in on a heated T2S debate conducted at last year's Sibos in Hong Kong which descended into an angry spat between agent banks, securities depositories and the central bank over costs, timetabling and information transparency.

In outlining the ECB's progress, Jean-Michel Godeffroy, chairman of the T2S programme board admitted that there had been a seven-month delay to the completion of General Functional Specifications document, which outlines the technical requirements for the T2S system and that other challenges, over pricing and governance had yet to be addressed.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

15 September, 2009
16 July, 2009
18 June, 2009
17 July, 2008
23 May, 2008
18 December, 2007
02 October, 2007
08 March, 2007
26 February, 2007

Related company news


Top topics

Most viewed Most shared
UK sets out open banking API framework
14229 views comments | 99 tweets | 87 linkedin
European mobile banking service Pocopay go...
8055 views comments | 25 tweets | 14 linkedin
Deutsche Bank calls for co-operation with...
7491 views comments | 27 tweets | 30 linkedin
How to accelerate your fintech startup
7206 views comments | 33 tweets | 9 linkedin
Wearable payments startup Fit Pay secures...
6563 views comments | 26 tweets | 9 linkedin

Featured job

Competitive Package
New York City, NY. USA

Find your next job