It also enables the move towards a fully integrated infrastructure in the fields of securities settlement, liquidity and collateral management. The envisaged TARGET2-Securities project and the Collateral Central Bank Management (CCBM2) facilities, together with TARGET 2, are “second generation” services, which represent a quantum leap forward in the integration and quality of the euro area core infrastructure, with substantial benefits for financial market integration.
BIS central bankers’ speeches  1  Given this background, I thought it would be useful to briefly discuss recent developments in the Australian non-financial corporate bond market as well as the role that superannuation funds have come to play in intermediating between borrowers and savers.