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.
The Bank has always viewed its statutory obligations relating to the clearing house and the payments system as a shared responsibility, to be discharged in conjunction with commercial banks. The Cheque Truncation System (or CTS) that we are launching today exemplifies that approach very well. A change in the way we process cheques was long overdue.