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SIA, Colt win tender to connect Deutsche Bundesbank to T2S

BBR Staff Writer Published 10 April 2014

SIA, together with Colt, has secured a tender to connect Deutsche Bundesbank to TARGET2-Securities (T2S), a centralized European platform that facilitates settlement of domestic and cross-border securities transactions.

The first phase of migration to T2S is scheduled to take place in June 2015. SIA and Colt expect the majority of the transactions generated by banks and central depositories (CSDs) taking part in the process.

Colt Financial Services Solution manager Hugh Cumberland said that with the clock ticking on the first phase of migration to T2S, now is the time when CSDs and banks across Europe should be choosing their service providers.

"We are very pleased to be working on this project with Deutsche Bundesbank, one of the biggest central banks in the world," Cumberland said.

T2S is one of the initiatives for the creation of the single European financial market following the Euro, TARGET2, Single Euro Payments Area (SEPA) and Payment Services Directive (PSD).