17 October 2017
visit www.response.ncr.com

ECB to set back T2S timetable to beyond 2013

15 January 2010  |  14981 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)

Finextra news in your inbox

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

Related stories

T2S spat turns up the heat at Sibos

T2S spat turns up the heat at Sibos

15 September 2009  |  10173 views  |  1 comments
T2S gains multilateral agreement, despite UK concerns

T2S gains multilateral agreement, despite UK concerns

16 July 2009  |  7967 views  |  0 comments
Bank of England raises T2S concerns

Bank of England raises T2S concerns

18 June 2009  |  9578 views  |  0 comments
ECB launches T2S settlement harmonisation project

ECB launches T2S settlement harmonisation project

17 July 2008  |  11759 views  |  0 comments
ECB calls on depositories to join securities settlement project

ECB calls on depositories to join securities settlement project

23 May 2008  |  5857 views  |  0 comments
ECB consults on Target2-Securities

ECB consults on Target2-Securities

18 December 2007  |  7988 views  |  0 comments
Depositories question European Central Bank settlement plans

Depositories question European Central Bank settlement plans

02 October 2007  |  9332 views  |  0 comments
ECB pushes ahead with Target2-Securities

ECB pushes ahead with Target2-Securities

08 March 2007  |  8620 views  |  0 comments
Europe's banks lobby for greater control of ECB's Target2-Securities system

Europe's banks lobby for greater control of ECB's Target2-Securities system

26 February 2007  |  6252 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comRegister nowvisit www.sibos.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14868 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8147 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7471 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6776 views comments | 13 tweets | 7 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6118 views comments | 8 tweets | 16 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job