2012 TOP INTERNATIONAL OPERATIONS EXECUTIVES:
Tony Freeman Targets 2-Day Settlement
December 22, 2011
Ensuring a two-day settlement cycle for all euro zone markets sounds like a pretty lofty aspiration.
The European Commission says it's necessary to ensure that a new pan European settlement platform created by the European Central Bank can operate efficiently. The future of that initiative called Target2Securities is now in jeopardy as the ECB in October said it had to postpone the launch to 2015.
The announcement made at the annual SWIFT International Business Operations Seminar prompted plenty of industry talk that the project could very well be cancelled. And for good reason. European securities depositories and custodian banks have questioned the merits of T2S; it might not deliver the cost efficiencies promised.
Just how the fate of T2S will effect a shift to a two-day settlement cycle, otherwise known as T+2, is anybody's guess. But for now at least one industry player, Omgeo, appears to be committed to the cause. Taking up the charge is Tony Freeman, director of industry relations for Europe.
Here is the full profile of Tony Freeman.
