Information Mosaic sets out tools for T2S
T2S is the project to create a new European securities settlement engine to help create a single market in post-trade settlements in Europe. The Information Mosaic tool improvements focus on market claims, buyer protection and transformations, to help depositories and market participants to comply with T2S and market best practice on corporate actions.
The new version, 6.3, aims to help users cut down the risk of corporate actions, provide flexible rules for buyer protection and keep track of events through more notifications and instructions, increased capacity for automatic reconciliation, and tighter controls for client allocation. Fees have also been tweaked to cover complex fee application requirements.
“The corporate actions enhancements around T2S add to our securities and cash processing solution for this industry initiative, providing banks and depositories with clear and achievable migration path to the new settlements system,” said Vikas Sahni, product manager for Information Mosaic’s IMActions.
T2S was originally scheduled for 2014 implementation. However, during Sibos 2011 the ECB announced that the go-live date would be pushed back to June 2015. The latest agreement, according to T2S Board chairman Jean-Michel Godeffroy in the ECB’s T2S OnLine quarterly review for Autumn 2012, is that migration to T2S will take place in 2015, with final implementation complete by 2016.