After two years of negotiations, central securities depositories (CSDs) have now been asked to sign – by June 2012 at the latest – a binding legal contract to participate in T2S. This will mark a key milestone in the project.
Combined with the future legislation on CSDs and CCPs as well as MiFID, T2S will provide the operational framework to stimulate competition in the post-trade environment. Moving on to banking crisis management, we fully support the Commission’s initiative to introduce an EU bank recovery and resolution framework that should contribute to address current obstacles to the effective crisis management of EU cross-border financial institutions.