More NewsSIA and Colt Win Tender for T2S Access Network

SIA and Colt Win Tender for T2S Access Network

SIA and Colt have won the tender for the licence for the design, creation and management of the new network infrastructure to connect central depositories (CSDs), Eurosystem central banks and leading European bank groups to Target 2 Securities (T2S). The licence was awarded by European Central Bank (ECB).

The T2S project was conceived in 2008 by the ECB and will be managed by four central banks: Banca d’Italia, Deutsche Bundesbank, Banque de France and Banco de Espana. It will create a single European platform for the settlement of domestic and cross-border securities transactions and integrate post-trading infrastructures, which are still fragmented 10 years after the introduction of the single currency. T2S is one of the initiatives for the creation of the single European market, which follows the introduction of the euro, Target 2, single euro payments area (SEPA) and the Payment Services Directive (PSD).

The delivery of the new T2S platform is planned for mid-2015. According to ECB figures, T2S will process a daily average of over 1 million securities transactions with positive effects on the costs of cross-border settlements, where it is forecast there will be a significant reduction.

“This important success provides confirmation of our central role in Europe in the design and creation of infrastructures for financial and central institutions and recognition of a ‘made in Italy’ technology that is on equal terms with that of foreign players,” said Massimo Arrighetti, chief executive officer (CEO) of SIA. “This result demonstrates our ability to compete on the market with internationally recognised companies. At the same time, it contributes to the creation of a network of excellence aimed at ongoing innovation and system improvement which is the objective of our partnership strategy.”

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

2m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

3m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi