In this respect TARGET2 Securities differs from the US FEDWIRE Securities System which is a fully-fledged central securities depository though only for government paper. In Europe, the CSDs will retain full responsibility for the safe custody and administration of securities and for relationships with their customers.
However, TARGET2 Securities demands that, in technical terms, the maintaining of securities accounts also be effectively transferred to the Eurosystem platform. Given the fact that if for reasons of security and efficiency the integration of securities and central bank money accounts is required there are just two options.