TARGET2-Securities Annual Report 2021

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Financial market infrastructures (FMIs) are the backbone of the financial system. They provide the networks through which financial institutions and financial markets connect with each other and through which financial transactions are cleared and settled. Therefore, it is essential to ensure that market infrastructures are safe and efficient, and that they provide for a stable and well-functioning economy. The Eurosystem is closely involved in this work as the conduct of monetary policy depends on the availability of reliable and effective FMIs, such as TARGET2 (the real-time gross settlement system), TARGET2-Securities (the securities settlement platform) and TIPS (the instant payment settlement service).

TARGET2-Securities (T2S), in particular, was conceived as an initiative to address the highly fragmented securities settlement landscape in Europe. It was launched in June 2015 as an integrated platform for processing securities transactions against…

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