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.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.