TARGET2-Securities Nine years ago this month (on 23 May 2008), the Governing Council issued a proposal to all European central securities depositories (CSDs) to join T2S.
  It’s very hard to design governance structures that make appropriate provision for coordination while still allowing for normal competition to occur.   That suggests a role for leadership by payments regulators or central banks    In some ways, central banks have a natural leadership role because they act as a hub already in many payment systems.