Philippe Ruault, BNP Paribas
"By connecting to T2S via a local custodian such as BNP Paribas, banks can take advantage of new efficiencies created by the platform across Europe while saving on implementation costs."
TARGET2-Securities (T2S), the European Central Bank's harmonised platform for settling securities transactions in central bank money across Europe, successfully went live in Italy on 31 August 2015.
As a directly connected participant to T2S, BNP Paribas Securities Services in Milan has successfully migrated over 60,000 positions, accounting for a quarter of the total positions migrated to the platform in Italy, and has processed nearly half a million settlements on T2S since the launch.
T2S harmonises processes for settlement in central bank money and introduces functions which will improve the flow of liquidity, ultimately helping strengthen European capital markets.
"The migration was a massive undertaking involving teams in Milan, Paris and Lisbon whose round-the-clock dedication to client service made the move as smooth as possible for clients," comments James Woods, Head of client development for banks and brokers, BNP Paribas Securities Services Italy. "BNP Paribas Securities Services is in an ideal position to help domestic Italian banks and international players optimise their post-trade business across all of Europe with a single provider."
The bank has announced several major mandates this year directly as a result of the move to T2S. BNP Paribas will provide these banks with a single point of contact for settling both their domestic and cross border transactions and access to banking services such as liquidity management.
"By connecting to T2S via a local custodian such as BNP Paribas, banks can take advantage of new efficiencies created by the platform across Europe while saving on implementation costs," comments Philippe Ruault, Head of solutions for custody, clearing and settlement, BNP Paribas Securities Services. "They also benefit from specialised local asset servicing in each market, including corporate actions processing and income collection, which varies across locations and requires local expertise."