T2S fits extremely well into the financial market reform process. It very much complements the regulatory initiatives being pursued by the European authorities to significantly strengthen the Single Financial Market and its infrastructure. T2S will – for the first time – create a single market in the settlement services space.
Combined with legislation on CSDs and CCPs as well as MiFID, T2S will stimulate a new competitive environment in post-trading. Over the longer term, T2S will deliver significant benefits to the European economy. First, in T2S it will be as easy to settle cross-border transactions as domestic ones. This will enhance the ability of issuers and investors to reach across national borders.