The Central Bank of Malta,
together with the European Central Bank and other European
System of Central Banks national central banks, is currently
involved in the design of TARGET2-Securities (T2S). T2S is
a project which would make use of (or link with) the TARGET2
settle the cash leg of securities transactions.
The objective of T2S is to maximise
safety and efficiency in the settlement of euro denominated securities
transactions. Safety is maximised by using
the delivery versus payment mechanism. Efficiency is maximised
by settling cash and securities on the same IT platform, according
to the so-called
integrated model. T2S will not be a Central Securities Depositories
(CSD), but a ‘settlement platform’ providing
services to CSDs.
to ECB TARGET2-Securities