New shares platform delayed into 2015: ECB

FRANKFURT: The European Central Bank said on Friday its planned pan-European settlement system for shares would be delayed another nine months and would come into operation in 2015.

The ECB has instigated the Target 2 Securities (T2S) platform, which will offer one-stop shop settlement in securities like shares in a multi-currency service and should reduce the fees for cross-border transactions.

"The Governing Council decided that T2S would go live nine months later than planned i.e. in June 2015, rather than September 2014," the ECB said on its Internet site, and added that it would provide more information about the delay in due course.

It gave no reason for the delay.