文章基本信息

标题：TARGET2-Securities will bring efficiency and harmonisation to the European settlement market
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作者：Jochen Metzger
期刊名称：Finanzplatz
出版年度：2007
卷号：1
页码：17-17
出版社：Deutsches Aktieninstitut (DAI)
摘要：Few topics are being discussed more intensively in professional circles than the Eurosystem¡¯s TARGET2-Securities (T2S) initiative to push forward the integration of the European settlement market and to implement a centralised securities settlement system in central bank money. A further starting point for T2S was the estimate that the socalled ¡°integrated model¡± has efficiency benefits under certain circumstances. Using this model, either central bank money accounts are outsourced to the individual central securities depositories (CSDs) or the securities accounts of the CSDs are concentrated onto one central bank platform. The T2S concept pursues the second option, to integrate the settlement of both the central bank money and the securities side onto one single Eurosystem platform. The Eurosystem has a clear preference for this approach. Central banks focus their attention on maintaining