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Depozitarul Central, the Romanian Central Securities Depository, announced that it has obtained agreement from the European Central Bank (“ECB”) to participate in the first wave of implementation of Target2-Securities (“T2S”).
Depozitarul Central is an important Eastern European securities infrastructure and is currently the only non-euro depository to be included in the first wave. It is therefore uniquely positioned to provide an efficient pan-European gateway to European securities thanks to this important ECB initiative.
Adriana Tanasoiu, Chief Executive Officer of Depozitarul Central S.A., said: “We are delighted to have received agreement from the European Central Bank to partner with them in this important development. This is great news for Depozitarul Central customers, giving them the possibility to efficiently settle all of their Euro-zone and other T2S securities in central bank money. Depozitarul Central continues to be a pioneer of securities services developments, by providing its customers with efficient and seamless access and solutions to regulatory and infrastructure developments, such as T2S.”
Jean-Michel Godeffroy, Chairman of T2S Programme Board of the ECB, said: “We are delighted that Depozitarul Central S.A. has now also committed to joining T2S in its first migration wave. Depozitarul Central S.A. is a very dynamic CSD which has realised at a very early stage how much T2S can help it to efficiently compete in the new European environment. I am happy that by joining the scheme it will extend the boundaries of T2S beyond those of the euro area from the very start”. (For more details, see the ECB website: http://www.ecb.europa.eu/paym/t2s/html/index.en.html .)
Target2-Securities is the largest infrastructure project undertaken by the Eurosystem since the launch of the Euro itself and will improve Europe’s post-trading infrastructure. The project is scheduled to go live on September 22nd, 2014.
