TARGET2-Securities : Decision making time approaches

The Eurosystem's initiative to create a harmonised securities settlement system (TARGET2-Securities, T2S) for the euro area is reaching an important moment of decision. Central securities depositories are expected to express their interest in participating in the development of the project by the beginning of July, after discussions with the key users on their future needs. The Governing Council of the ECB is scheduled decide in summer 2008 whether to proceed to the system specification phase.