Central Banking

T2S programme hit by delays with costs set to soar

Jean-Luc Fripiat

The timetable to introduce the Target2-Securities (T2S) settlement system in 2015 is looking increasingly uncertain despite aggressive efforts to keep the project on track by the European Central Bank (ECB). The average transaction cost for settlement on the system may also have to rise significantly if T2S's backers are to recoup their more than €1 billion ($1.3billion) investment to date.

Launched by the ECB in July 2006, the T2S programme seeks to create a ‘single harmonised venue' for the

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