VP LUX announces the introduction of a fully automated order routing, settlement and CSD issuance facility aimed at future-proofing cross-border fund distribution.
An interview with Marc Robert-Nicoud, member of the Executive Board responsible for strategy at Clearstream.
ISS: When will we know whether T2S has delivered value for money, and what would be the appropriate measures to use?
MRN: It is difficult to measure something as transformational as T2S. If we measure its value simply by looking at the impact on settlement fees, we fail to capture the true benefits of T2S: the efficiencies that it creates in the market. This is not measured by transaction fees or by basis points charged on assets under custody but rather by the greater efficiency T2S enables in terms of operational synergies as well as regulatory capital and collateral management. We have commissioned a study from Oliver Wyman [Box 1] that quantifies these benefits.