Because T2S is a single platform settling in central bank money, it will further promote the financial stability of market infrastructures. It will provide additional resilience to cross-border settlement, which is still somewhat lacking today. And settlement in central bank money is the safest form of cash settlement. T2S will only settle in central bank money.
To be a success, the economics underlying the business case for the project must also be favourable. T2S must deliver the cost efficiencies that we have promised. I am very confident that, in the longer term, T2S will produce significant reductions in post-trading costs. Not least because of the new element of competition that T2S will create in the market and its dynamic effects.