Last year the Eurosystem, which comprises the ECB and the national central banks of the euro area, launched a central bank service called TARGET2-Securities (T2S). Just like DLT, it was called “a game changer”.
The operational guidelines are yet to be issued. Hence the draft guidelines do not cover the policy in regard to investment by foreign banks or form of presence of foreign banks for which there will be separate guidelines. Before issuing these, it  4  BIS Review 49/2004  is felt necessary to streamline the national policy for ownership, domestic and foreign, and governance.