On 20 October 2022, the Central Depository AD (“CDAD”) announced that it has signed the T2S Framework Agreement with the European Central Bank (“ECB”) following a year-long collaboration. The CDAD is now analysing to find a suitable migration date to join T2S, however the expectations of both the CDAD and ECB are that the settlement of EUR-denominated securities will be migrated to T2S within 2023.
The CDAD will continue its close work with the ECB, the T2S Governance and its own community in order to secure a smooth migration to T2S prior to the EUR adoption in Bulgaria.
Impact on investors: The Bulgarian Central Depository AD targets joining T2S in 2023. Full client impact is to be assessed once sufficient details become available.