(Although substantial, this figure is itself about 10 per cent of total expected IT expenditures between now and the end of the decade.) The remaining two steps -- validation through testing and the implementing of tested, compliant systems -- are, of course, still ahead. A few other observations are worth making from our survey results.
Answer 1: Firstly, from a central bank perspective a clear priority for EU securities infrastructures is to overcome the current fragmentation which leads to unnecessarily high costs, especially for cross-border transactions. I see T2S as a good example of this.