It may seem as if little is changing year on year, but behind the scenes of'business as usual' financial market infrastructure providers are working flat out to reinvent themselves, redesign their services and redefine their value-proposition. Described as being akin to splitting the atom, Target2-Securities (T2S) will take settlement of securities within the Target2 currencies away from the central securities depositories (CSDs) and, while levelling the playing field and harmonising securities settlement across Europe, this will also com-moditise securities settlement. T2S will at once out-date today's securities settlement infrastructure, as well as blur the lines that exist between services. As industry players diversify and take on new roles, such as providing liquidity management services, payments industry players and national central banks are considering leveraging T2S beyond payments.
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