2011-06-07
In the meeting of the Lithuanian securities market participants, AB “Central Securities Depository of Lithuania” and representatives of the Bank of Lithuania with Mr. Jean-Michel Godeffroy, Chairman of Board of the TARGET2-Securities (T2S) Programme – a project undertaken at the initiative of the Eurosystem, held today at the Bank of Lithuania in Vilnius, the significance of this project for small markets, accessibility of foreign markets for Lithuanian investors in the context of the project, as well as other urgent issues were discussed.
“Participation of Lithuania in the T2S project will contribute to the integration of the domestic securities market into the European market. This meeting is important for the Lithuanian market participants, AB “Central Securities Depository of Lithuania” and the Bank of Lithuania in addressing the issues of preparation for joining this project”, member of the Board of the Bank of Lithuania Vaidievutis Geralavičius said.
Implementing the TARGET2-Securities project it is aimed at creating a single technical platform for central securities depositories to shift all their transfers of securities to. The platform will be run according to agreed procedures and will enable to efficiently perform both domestic and cross-border euro settlements. In addition, it will be open to other currencies as well.
The development and operation of T2S was assigned to four central banks within the Eurosystem – Deutsche Bundesbank, Banco de España, Banque de France and Banca d’Italia, the owner of T2S is the Eurosystem. Central securities depositories will remain responsible for maintaining legal relations with the participants (including safekeeping of securities).
Implementation of the T2S project in Lithuania is coordinated by the Department of Payment Systems of the Bank of Lithuania jointly with AB “Central Securities Depository of Lithuania”.
For more information on the TARGET2-Securities project and its implementation in Lithuania see the website of the Bank of Lithuania.