Italy has successfully completed the migration to the new pan-European securities settlement system, TARGET2 Securities (T2S).
Italy’s migration to T2S signifies a major next step in the wider rollout of the landmark platform. T2S is intended to benefit investors in 21 countries and support the creation of a true single capital market in Europe; with Italy’s involvement being the next step in this plan.
“The new and automated process is expected to greatly increase efficiency as well as promote the availability of more diverse sources of funding for the real economy,” says Kashyap Kapasi director, Strategic Solutions, Investment Services, Fiserv.
“Italy’s inclusion will provide immense value to the global asset management industry that transacts in Italian assets. Italy is the third largest economy in the Eurozone and attracts significant cross border investment flows. T2S helps manage settlement data more efficiently and the new settlement mechanisms will function seamlessly, yielding greater straight through processing (STP).”
Italy’s migration follows an almost two and a half month delay whereby the country’s CSD, Monte Titoli, missed the first wave migration of CSDs to the new platform on June 22.
“The Italian market will account for around 90% of volumes in the first wave of T2S and represents an opportunity for Monte Titoli to expand its offering, delivering solutions designed to improve efficiencies and increase choice for customers,” says Mauro Dognini, CEO, Monte Titoli.
Monte Titoli will also provide access for GlobeSettle, the Luxembourg-based CSD also owned by London Stock Exchange Group (LSEG).
Italy Takes Major Step In Roll Out of Pan-European Settlement System
Italy has successfully completed the migration to the new pan-European securities settlement system, TARGET2 Securities (T2S).