The European Central Bank’s (ECB) Target2-Securities (T2S) project has proved to be a controversial topic for some time and news this month that the launch of the new pan-European settlement system may be delayed by up to a year is unlikely to change matters. The ECB has confirmed that it has completed the approval process for the project’s general specifications, but the central bank has indicated it will be updating its programme plan at the end of February, which is rumoured to include a postponed launch date.

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