Flagship in CEE

The Romanian Central Depository has currently implemented minimal T2S functions only (and no trade has been settled in T2S yet), however its goal is to be able to execute basic functions by February 2017. After Romania’s Eurozone membership (for which no timeline is currently available), the CSD will be in the position to fully utilise the facilities of the common settlement platform.

Among the main benefits of T2S, in the view of the Romanian CSD, would be reduced cross-border settlement costs, cross-border collateral management and possibility for pan-European liquidity management.

The current access of the CSD's application to T2S is U2A, however, as T2S progresses the trend towards digitalisation, it aims to have A2A access that will minimise operational risks and align with current global IT developments. Moreover, as a pan-European platform, T2S takes a unitary, standardised approach towards corporate actions across its entire coverage space.

UniCredit GSS Romania is already in the position to provide through T2S a set of value-added services to our clients and partners, as well as to the securities market. In this context, in close cooperation with the National Bank of Romania, we have taken the first step to set up a dedicated cash account (DCA) and we are the first subcustodian bank in Romania with DCA. From a legal perspective, we have signed the necessary agreements with the CSD and are currently in the position to provide euro settlement through the T2S platform.