There is no doubt that the economic gains will be substantial. T2S will contribute to increasing competition, more transparent pricing facilitating overall the trading activity. Since T2S will be operated by a public entity, the Eurosystem, T2S can be relied on to operate in a fair way and on a not for profit basis.
Furthermore, more from a central banker’s perspective, more effective post trading structures – as achieved by T2S – will contribute to global resilience of financial markets and hence constitutes an important element to safeguard financial stability. Moreover, T2S will contribute to lower cost of capital, hence contributing to the general growth in financial markets and overall economic growth.