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GFT launches thought leadership paper on T2S

As the introduction of Target 2 Securities (T2S) fast approaches, Europe is bracing itself for a transformed market with fewer international barriers. With it likely to be a nervous and cautious start and the prospect of several potential obstacles and challenges looming, just how will T2S impact the industry for the remainder of 2015 and beyond? And with the prospect of many initial hurdles, how will these be overcome?

Emily Cates (Specialist in Operational Processing, GFT) and Nick Nicholls (Principal Consultant, GFT) have recently co-authored a point of view entitled “T2S – the journey to harmonisation” which evaluates the results of the GFT and ICMA European Repo Council industry-wide survey; assessing the market preparedness and industry attitudes towards T2S.

The paper analyses and highlights the impact T2S will have on the entire industry including:

  • How market participants will be hugely affected by T2S and how it will force many to review their business models and services as they look to adapt to the new environment
  • The challenge of whether the proposed benefits can be maximised, while at the same time attempts are made to overcome the barriers that have traditionally prevented efficient cross-border securities settlements
  • The development of a central interest calculation facility to reduce the risk of exceptions between parties on multi-leg trades at off-leg settlements, thereby reducing failed trades

To read "T2S: the journey to harmonisation" click here