ECB offers CSDs financial incentives for early T2S adoption


The European Central Bank (ECB) last Thursday quietly revealed that the TARGET2-Securities (T2S) Framework Agreement had been settled.

In a short paragraph in the regular release of Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates), the endorsement was revealed. It said a "financial incentive package" had been agreed for early signatories.

In a letter sent to central securities depositories (CSDs), seen by, the details of

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