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Impacts of participation of selected Czech capital market entities in TARGET2-Securities project
Parmová, Adéla ; Žamberský, Pavel (advisor) ; Bič, Josef (referee)
This thesis deals with the current major project of the European Central Bank named TARGET2-Securities. Its main objective is to create a single European settlement system. This responds to the current fragmented nature of the post-trade infrastructure and the increasing regulatory requirements imposed by supranational institutions for stability, security, efficiency and transparency of the European capital markets. The paper first helps to understand the topic in a broader context and presents the meaning, evolution and possibilities of the program TARGET2-Securities. The next section focuses on the access options of the Czech capital market entities. It mainly deals with settlement systems of the Central Securities Depository Prague and settlement centre SVYT at RM-SYSTEM Czech Stock Exchange. It proposes a concrete way how could the settlement participants be offered a new service using the pan-European platform. The work examines the benefits of TARGET2-Securities and applies its advantages and disadvantages to the selected market participants. The entire text is accompanied by simple diagrams, which should help readers better understand the topic.

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