Central Banking

UK doubtful on joining ECB's Target2-Securities

The Bank of England has expressed concern about the transfer of settlement of sterling-denominated securities from Euroclear UK & Ireland to the European Central Bank's (ECB) Target2-Securities single platform (T2S).

"A number of very important issues require further careful consideration," said Andrew Bailey, an executive director and the chief cashier of the Bank of England, in a letter addressed to Gertrude Tumpel-Gugerell, a member of the executive board of the European Central Bank. The let