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The Ecb And Target 2 - Securities: Questions On The Legal Basis, Marco Lamandini

Marco Lamandini

The current European system of securities’ clearing and settlement is still rather fragmented along national boundaries, thereby making cross border operations costly and less efficient. As a response to this, the European Central Bank (“ECB”) is launching the project of a centralized public securities’ settlement platform, called “Target 2 Securities” (“T2S”), which would entitle each participant to settle, through a single Target2 account, any securities’ transaction performed through a Central Securities Depository that provides for settlement in central bank money in Euro. The legal basis of T2S is to be found in Article 105 (2) of the EC Treaty and, …