The European Central Bank (ECB) has selected Italy’s SIA, in partnership with Colt, for its connection to TARGET2-Securities (T2S), the new centralised European platform for settlement of domestic and cross-border securities transactions.
SIA and Colt have already handled a monthly average of 11m messages related to securities transactions since T2S went live last June.
SIA said that the ECB is expected to migrate to the SIA-Colt network infrastructure in June 2016. The two companies will also provide the ECB with a message processing solution based on INTERCOPE’s BOX messaging hub, facilitating the integration of ECB’s application software to the T2S central platform.
The network enables all approved entities – including central securities depositories (CSDs), central counterparty clearing houses (CCPs), Eurosystem central banks and other leading banks operating in Europe – to connect to the T2S platform securely and confidentially.
T2S is a project implemented by the Eurosystem – the ECB and the central banks of the euro area – and developed and operated by four central banks (Banca d’Italia, Deutsche Bundesbank, Banque de France and Banco de Espana) and creates a single pan-European securities settlement engine.
“After the success of the first T2S migration phase, with a large proportion of the data traffic being carried by SIA and Colt, we are very pleased to be working on this project with the ECB,” said John Loveland, vice president (VP) of capital markets at Colt.
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On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
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