There is any effect on Target2-securitiest by Euro crisis?

Speculations are recrudescing over and over about the existence of European Monetary Union connection of deepening of Greek crisis. But the integration of financial systems are not seems to be stopped indicates the strength of Monetary Union. The project manager of Target2-Securities that implement interoperability to European securities market holds semi annual project evaluation at last week at London.

Target2-Securities project implement the European central securities depository (CSD) to settle Euro denominated securities. National CSDs are members of that central CSD. The settlement among parties will covers by TARGET2 accounts. TARGET2 built on national RTGS (Real Time Gross Payment System).

The European CSD let reachable all European Euro denominated securities in unified way to investors. So investor can choose any CSD to settle securities covering by Target2-Securities. The European Central Bank will charge the usage of European CSD. The Target2-Securities project currently in development phase, unit tests started this quarter. Development has to be finished at the end of 2012. The testing phase will be finished at the end of 2013. Productive usage planned to start at the last quarter of 2014. Target2-Securities will cut settlement costs with 90% according the preliminary expectations if can stimulate the competition among national CDSs.