Bulgarian National Bank Depository Joins Eurosystem’s TARGET2-Securities Platform

In accordance with the fulfillment of the commitments under the National Plan for the introduction of the euro in the Republic of Bulgaria, on September 11, 2023, the depository of DCK at the Bulgarian National Bank (DDCK) joined the Eurosystem securities settlement platform TARGET2-Securities (TARGET2 -Securities, T2S). The migration to T2S is the result of the joint work between the BNB and the Eurosystem, which started in 2021.

On July 28, 2023, BNB, as the owner and operator of DDCC, received official approval from the Board of Directors of ECB regarding the request of the DDCC to connect to T2S.

T2S is one of the TARGET services provided by the Eurosystem, enabling the harmonization of securities settlement in central bank money at a pan-European level. The participation of government securities in T2S will contribute to better accessibility of Bulgarian government securities denominated in euro for EU investors and is an important step towards the adoption of the euro in Bulgaria. Together with DDCC, the other Bulgarian depository – “Central Depository” JSC joined T2S.

In connection with joining T2S, the Governing Board of the BNB adopted a joint Ordinance of the Ministry of Finance (MoF) and the BNB amending and supplementing Ordinance No. 5 of the MoF and the BNB on the terms and conditions for acquisition, payment and trading of government securities, as and Ordinance amending and supplementing Ordinance No. 31 of the BNB on the settlement of government securities. The said regulations provide for the changes resulting from the accession to T2S by law and will come into force from 11 September 2023.

2023-09-12 09:30:24
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