Whether transactions take place on an organized exchange or in the so-called over the counter market is another important aspect of the strategic risk management choices undertaken by an organization. When contracts are traded on an exchange, clearing and settlement, for example, may have less uncertainty associated with them.
The system is now over halfway to delivery point and the development and testing of the application are proceeding on a firm footing. On this basis, and with the signature of the T2S contracts, we now have the solid foundations to continue building T2S and to transform post-trading in Europe, making it both more efficient and safer.