Progress on the harmonisation of post-trade processes in Europe

18 February 2022

Harmonisation of post-trade processes is contributing to the better integration of financial markets in Europe.

The Eurosystem’s Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) has analysed progress in the harmonisation of securities settlement and collateral management practices in the 12th edition of its T2S Harmonisation Progress Report.

In the area of securities settlement, the report looks at a set of harmonised practices and standards that each of the 20 markets participating in TARGET2-Securities needs to implement.

By September 2021, participants fully complied with the standards in 91.6% of the cases assessed, a slight improvement on the level observed in the previous edition of the report (89.0%). Progress in the harmonisation of corporate actions is still slow but consistent. Three markets have achieved full compliance and others have increased the number of corporate actions standards that they are compliant with.

Most European market participants are on schedule with the implementation of a first set of business processes, workflows and messaging for triparty collateral management, corporate actions handling and billing processes, as reported in the SCoRE Adaptation Plans Status Report of June 2021. The aim is to achieve full implementation of this set of standards across Europe by November 2023.