Central Banking

ECB research uses game theory to assess optimal T2S adaptation

ecb-frankfurt

Research by the European Central Bank (ECB) has found an optimal formula for the degree to which central securities depositories (CSDs) should perform a costly one-off adaptation to the Target2 Securities (T2S) programme.

The working paper, Optimal CSD reshaping towards T2S, by Fabien Mercier and Stephan Sauer, applies a game theoretic approach to model the trade-off between a high cost now and being able to better harness the potential of T2S later. They derive a formula for the optimal

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