The phrase “a borderless, neutral single market for securities across Europe” is
one that appears regularly throughout all communications on settlements services
from the European Central Bank (ECB) and European Commission.
In fact, it appeared a lot last Friday,
when the ECB released two key documents: the TARGET2 for Securities (T2S) User
Requirements and Collateral Central Bank Management (CCBM2) User Requirements
page, 4.4MB and 201
page, 1.5MB pdf document download respectively).
The importance of these two announcements, in the context of
Clearing and Settlement, cannot be stressed enough as the combination of T2S and
CCBM2 are intended to create this "borderless, neutral single market for
securities across Europe" by creating a single infrastructure for counterparty
liquidity and collateralisation.