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Central Depository AD (CDAD) joins T2S

21 October 2022

The Bulgarian central securities depository (CSD) Central Depository AD (CDAD) and the ECB have signed the TARGET2-Securities (T2S) Framework Agreement. As a next step, a suitable migration date will be assessed in accordance with T2S governance procedures.

CDAD is one of two CSDs operating in the Bulgarian market. It is a private company providing settlement of corporate securities in book-entry form. Once it has migrated to T2S, CDAD will offer securities settlement in central bank money to its participants.

T2S is one of the TARGET Services provided by the Eurosystem to help ensure better integration of financial markets in Europe by harmonising securities settlement in central bank money at the pan-European level. In 2021 the platform processed an average of 700,000 securities transactions each day, primarily against euro but also against Danish kroner.