Twenty-Plus CSDs, One Settlement Engine: How T2S Delivers Euro DvP
More than twenty euro-area CSDs never merged, yet they share one settlement engine in T2S. Following a cross-border bond trade, this article explains T2S accounts, the DvP process, cross-CSD realignment and auto-collateralisation, how T2S divides work with T2, and how it compares with Bond Connect and Pontes.