One of the most senior figures in custody and asset servicing has expressed his profound disappointment at the decision to put back the launch of the new IT platform for Europe’s settlement system until 2015.

Speaking at a session at the Sibos banking conference in Toronto, Tim Keaney, the chief executive of BNY Mellon Asset Servicing, told delegates of his dismay at the further delays to the launch of European Central Bank's Target2-Securities initiative announced on Tuesday.