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Depozitarul Central migrated to the pan-European settlement platform TARGET2-Securities within the first wave, a project which will facilitate the post-trading operations by offering harmonized, neutral and simplified settlement services in European single currency, for the majority of European financial instruments.
Therefore, starting from June 22, 2015, Depozitarul Central is connected to the most modern European settlement platform, the settlement of transactions taking place in central bank money, thus reducing the associated risks.
“By using this innovative system, Depozitarul Central will be able to offer to its participants, services comparable with the ones from the other European markets for the euro settlements. The European best practices that are integrated into this system could be extended at a later stage for the settlements in local currency, thus increasing the competitiveness of Romanian capital market. We are proud that we are directly involved in this wide-ranging project from the beginning and I thank to the European Central Bank, the authorities, the capital markets’ institutions and the participants, for their support, as well as Depozitarul Central’s team for their continuous efforts for the successful completion of all the necessary milestones. Also, Depozitarul Central is as usually very close to its participants requirements by offering the TARGET2-Securities operations free of charge within the first three months” said Mrs. Silvia Buicanescu, Depozitarul Central’s CEO.
Ludwik Sobolewski, BVB CEO, stated: “The T2S platform and related harmonization will allow European CSDs to increase their competitiveness and efficiency, while simultaneously paving the way for the Capital Markets Union. Depozitarul Central is part of the first wave of T2S, showing that Romanian capital market takes step by step in developing its infrastructure and creating a wider bridge towards foreign investors.”
The TARGET2-Securities project was initiated by the Eurosystem in 2008. The objective was to implement a pan-European technical settlement platform for securities transactions, in central bank money.
Among the benefits of the TARGET2-Securities system could be mentioned the significant decrease of settlement costs for the cross-border transactions, the cross-border management of the collateral and the pan-European management of liquidity.
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Bucharest Stock Exchange runs markets for shares, bonds and other instruments, through regulated platforms and alternative systems, and provides a wide range of services to participants of financial markets. Bucharest Stock Exchange is a public company, listed on its own market since 2010. For more information refer to www.bvb.ro.
