National curbs hit budding pan-EU settlement market
Restrictions on primary dealers undermine T2S efficiencies, market sources say
Some sovereign issuers are still instructing primary dealers to maintain accounts at domestic central securities depositories in order to receive government bonds, undermining European Union efforts to create an integrated market for settlement via Target2-Securities (T2S).
The pan-European platform, due to link up with its final member CSDs on September 18, offers centralised delivery-versus-payment settlement in central bank funds across all European securities markets. It is intended to
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