Target 2 Securities First Wave

T2S provides a harmonized single platform for all securities transactions in Europe, settled in central bank money. The single platform will hold securities accounts and bank cash accounts, along with connectivity to systems outside T2S i.e. RTGS systems like Target 2. The benefits are intended to be lower cost of settlement and greater flexibility i.e. cost of DVP ( Delivery Versus Payment ) is fixed at 15 cent per transaction until 2018, and committment not to increase prices by more than 10% per year from 2019 until the end of the cost recovery period.

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