BNP Paribas Securities Services says it will become a directly connected participant to the TARGET-2 Securities (T2S) settlement platform in Europe from the first wave of migration.
The T2S system will provide a single platform for securities settlement in central bank money in Europe, harmonizing the way in which securities transactions are completed and contributing to a smoother and more robust financial system in Europe. The T2S platform will be rolled out across Europe in ‘waves’, the first of which is due in June 2015 and will cover settlements in Italy, Switzerland, Greece, Romania and Malta.
Commenting on the announcement, Alain Pochet, head of clearing and custody services for BNP Paribas Securities Services says, “We are preparing for all kinds of client requirements in the run-up to the T2S implementation to provide our clients with the flexibility they need. Clients can link to T2S across multiple markets via a flexible account structure and with options to settle in commercial or central bank money.
“Alongside this service, we will also provide standalone local asset servicing for clients and institutions such as central securities depositaries, who will link directly to T2S but still need local support for processing corporate actions, income and tax.
“T2S will harmonise a number of core settlement features, bringing efficiency and stability to our clients. But is not designed to handle all local market specificities and this is where we bring value.”
BNP Paribas says it plans further service enhancements for liquidity management, as well as value added services for settlement such as pre-matching management, prioritization and standing instructions.
BNP Paribas to Connect Directly to T2S
BNP Paribas Securities Services says it will become a directly connected participant to the TARGET-2 Securities (T2S) settlement platform in Europe from the first wave of migration.
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