Euronext’s Portuguese Central Securities Depository Interbolsa, a subsidiary of Euronext Lisbon, has successfully undergone the completion of a migration to TARGET2-Securities (T2S), according to an Interbolsa statement.
Euronext’s Interbolsa is responsible for central securities depository and Settlement systems management in Portugal. The project was initially launched by the European Central Bank – Eurosystem, constituting one of the largest infrastructural initiatives to date. Its goal is to provide a single pan-European platform for securities settlement in central bank money, which up until now had largely proceeded on a fragmented basis on the continent.
In addition, the completion of T2S Interbolsa effectively allows for core, neutral and borderless pan-European securities settlement, which is important for domestic and regional venues, not just in Iberia but also across all of Europe. This is instrumental to cohesion in the European space as a single set of rules and standards apply to all transactions in Europe via T2S, thereby reducing the complexity of the market structure, and ultimately helping make the European markets more attractive and efficient.
According to Rui Matos, Interim Chief Executive Officer (CEO) of Interbolsa in a recent statement on the completion: “Interbolsa is at the forefront of the settlement and custody industry within Europe. We are confident that this successful migration to T2S will bring unmatched benefits for all Interbolsa clients, in terms of harmonization of processes and future solutions - efficient and secure - provided to the Portuguese Market. We are very thankful to all our stakeholders.”
“We are very pleased to complete the migration to the T2S pan-European platform as planned, which is a key milestone in securities settlement. We would like to thank the Interbolsa teams and our clients for their effort and commitment in completing this important migration,” added Lee Hodgkinson, Head of Markets and Global sales at Euronext in an accompanying statement.
