To enhance this process even further, the Eurosystem is also cooperating with the market to achieve interoperability between the different tri-party offerings. Another very important initiative in this respect is TARGET2-Securities or T2S, which is a single platform for the settlement in central bank money of potentially all securities transactions in Europe.
The idea of consolidating numerous systems into a single platform managed by the Eurosystem was triggered – on the cash side – by TARGET2, which brought about an upheaval in terms of banks’ ability to manage their liquidity in central bank money throughout the euro area.