Societe Generale creates T2S connectivity 12 June 2014Paris Reporter: Tammy Facey
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Societe Generale Securities Services will implement direct connectivity to the TARGET2-Securities (T2S) platform.
The firm will use the T2S platform as of June 2015 for Italian and Swiss security settlements.
This is a “strong signal” that “underlines our commitment to leveraging T2S to enhance our client service model and optimise our operational efficiency”, according to Massimo Cotella, global head of coverage, marketing and liquidity management at Societe Generale Securities Services.
Using the T2S platform, Societe Generale will act as a payment bank to build a record of providing clients with cash to support securities settlements.
T2S is a European-wide settlement and clearing platform. It will operate under a single set of operating rules and business processes to bring down cross-border post-trade activities in Europe.
Cotella added: “This is the just the first step of many down the T2S path that will strengthen Societe Generale’s position as a serious contender on the new playing field and support our one-stop-shop value proposition for access to services across T2S markets.”
Societe Generale aims to employ subsequent connectivity in four waves from June 2015 to February 2017.
The firm has also signed a memorandum of understanding with SWIFT for value-added network services to create T2S connectivity.
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