Keler Hungary to join Target2-Securities
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Central clearing house and depository Keler Hungary will join Target2-Securities, the pan-European platform for securities settlement, in the fourth wave in February 2017, according to a press release issued Tuesday.
According to the website of the European Central Bank, "Target2-Securities, more commonly known as T2S, is a single, pan-European platform for securities settlement in central bank money. It brings substantial benefits to the European post-trading industry and is one of the largest infrastructure projects launched by the Eurosystem so far."
Joining the platform is considered by the Hungarian company to be one of the most important milestones in Keler’s CEE regional strategy to ensure a single entry point to the region’s securities markets, the press statement noted.
As a participating non-euro country in T2S, Keler has mandated Société Générale Securities Services to provide liquidity management and collateral transformation solutions. The co-operation ensures DVP/RVP securities settlements in euro-denominated transactions for Keler and its clients.
The mandate will take effect once Keler connects to T2S.
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