Key documents

Technical/Functional Documents
2 Dec 2015
T2S General Functional Specifications (GFS)
2 Dec 2015
T2S User Detailed Functional Specifications (UDFS)
2 Dec 2015
T2S User Handbook (UHB)
18 Feb 2015
T2S User Requirements Document
18 Feb 2015
Business Functionality for T2S Graphical User Interface
18 Feb 2015
Business Process Description (BPD)
29 Nov 2013
T2S Connectivity Guide v1.0
29 Jun 2012
Dedicated Links Connectivity Specifications
2 Jan 2012
T2S Connectivity Licences, the Licence Agreement and its attachments
17 Nov 2011
T2S General Principles
29 Jan 2010
T2S General Specifications
23 Nov 2009
T2S General Technical Design

The T2S Connectivity Guide describes the communication modes, the connectivity options and the access to the A2A and U2A services for the Directly Connected T2S Actors.

The Business Functionality for T2S Graphical User Interface provides a list of business functions available in the U2A mode (via the graphical user interface) and a brief description covering the purpose and key features of these business functions. ( T2S Graphical User Interface (GUI) demo , GUI Demo User Guide )

General Functional Specifications (GFS) - The document explains how the requirements expressed in the URD will be fulfilled by the T2S platform from a functional perspective.

The T2S General Principles are the founding principles of the T2S project. They have been formulated in cooperation with the market and aim at ensuring the resilience, integrity and neutrality of the Eurosystem’s settlement platform.

General Specifications - Together with the GFS and the GTD, the document describes how the Eurosystem envisages implementing the URD. In particular, the General Specifications focus on those user requirements that do not have a functional or technical dimension, such as operational support, testing, migration and information security.

General Technical Design (GTD) – The document details the solution envisaged for the T2S non-functional requirements, more specifically with regard to the application design and the infrastructure design.

User Detailed Functional Specifications (UDFS) – This is a user-oriented document that illustrates the features of T2S from a business perspective, provides details about application-to-application (A2A) dialogue between T2S Actors and T2S and gives a detailed description of the set of messages processed by T2S.

User Handbook – The document is a user manual for the T2S graphical interface. It exclusively focuses on the U2A (user-to-application) dialogue with T2S.

User Requirements Document (URD) - The document describes the features of T2S as required by the CSDs and market participants. The URD embodies the users‘ concept of T2S and provides the foundations for all further T2S technical documentation.

Legal documents

Framework Agreement (FA)

On 17 November 2011 the Governing Council endorsed the T2S Framework Agreement and the related schedules ( download ). The FA sets out the contractual rights and obligations of the Eurosystem and each contracting CSD, and covers the development and operation of T2S. It regulates the scope of the controlling powers of the CSDs relating to the outsourcing of their IT functions to the Eurosystem, as well as issues such as liability, protection of intellectual property rights and confidentiality. The FA comprises the main document that contains all of the contractual provisions (the “core FA”) and the more technical and operational schedules that are annexed to the agreement and form an integral part of it. The schedules cover, inter alia, the T2S Programme Plan, User Testing, User Migration, Service Level Agreement, Governance, Change Management, Pricing and Exit Management ( High Level Summary ). While the T2S Framework Agreement can be amended according to the procedure set out in article 47, the Annexes to Schedule 2 on Programme Plan and Monitoring can be amended by the Eurosystem in accordance to article 47(6) in conjunction with Schedule 2. Given the distinct amendment procedure of Schedule 2 Annexes and the need to amend them on an on-going basis, please find separately the latest version of the approved Annexes to Schedule 2 ( download ).

On 22 November 2011 the President of the ECB, Mario Draghi, transmitted the Framework Agreement to the boards of CSDs which had signed the Memorandum of Understanding (MoU) in 2009. The FA will become effective from the moment it is signed by the parties to the Agreement.

Side letter to the Framework Agreement (FA)

In accordance with applicable law, upon request of SIX SIS, the Eurosystem has considered the possibility of SIX SIS signing the Framework Agreement and having the option to transfer at a later stage to an affiliate all rights and obligations pertaining to the participation in T2S. The terms and conditions under which the Eurosystem will approve such transfer of rights and obligations have been set out in a side letter to the T2S Framework Agreement signed by the ECB and SIX SIS.

Currency Participation Agreement (CPA)

On 23 February 2012 the Governing Council endorsed the T2S Currency Participation Agreement ( download ) and the related schedules. The CPA shall govern the relationship between the Eurosystem and non-euro area central banks that wish to make their currency available in T2S. The CPA comprises the main document that contains all of the contractual provisions (the “core CPA”) and the more technical and operational schedules that are annexed to the agreement and form an integral part of it. The schedules cover, inter alia, the T2S Programme Plan, User Testing, User Migration, Service Level Agreement, Governance, and Change Management.

On 2 March 2012 the President of the ECB, Mario Draghi, transmitted the CPA to the Governors of the non-euro area central banks which had participated to the CPA negotiations.

T2S Guideline

On 18 July 2012, the Governing Council adopted the recast of the T2S Guideline (ECB/2012/13) . The Guideline is the cornerstone of the legal framework for T2S and the basis for all other legal agreements to come in place in the future.

Briefly summarised, the T2S Guideline contains (i) a list of decisions reserved for the Governing Council of the ECB; (ii) the roles and responsibilities of the T2S Programme Board and the 4CB and their mutual relations; (iii) provisions on the relations with external stakeholders; (iv) the basic procedures for the financial regime, the Eurosystem’s rights to the platform, CSD access criteria and other CSD-related issues and eligibility conditions for non-euro currencies.

T2S Eligibility criteria for CSDs

On 17 November 2011, the Governing Council adopted Decision ECB/2011/20 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access T2S Services.

Other documents Knowledge based repository

This knowledge based repository of presentations aims to give insight on key technical issues related to T2S. The presentations are done based on a set of questions. We invite you to read the questions and study the presentations to get more insight. As always we value your comments at t2-s@ecb.europa.eu.

Disclaimer: The information contained in this Knowledge based repository is not, nor should be misconstrued as, amending, complementing or prevailing over the T2S Scope defining Set of Documents, the T2S Framework Agreement, its Schedules and its Annexes. The purpose of the information contained in the Knowledge based repository is merely to present and illustrate T2S.

Access to T2S
T2S Access Rights
  • How does the T2S access rights model work?
  • How to configure administrator privileges in 4-eyes mode?
  • What is the difference between privileges assigned directly and via role?
  • Are there any automatic processes to propagate privileges to users?
  • How to prevent an entire Party from using a privilege?
  • What happens if a new privilege is introduced?
Availability of T2S generated reports
  • How reports are generated in T2S?
  • What are the key consideration for configuring reports in push and pull mode?
  • What are the differences in terms of availability of push and pull reports?
Who needs to conduct Certification Tests?
  • What is the definition of technical/business sender and instructing party?
  • What is the purpose of the certification tests and who needs to be certified?
List of T2S privileges and third party receipt privilege
  • What privileges are used in A2A mode?
  • Is a particular privilege applicable to a CSD or a NCB by default?
  • What is the type of a privilege? System or object privilege?
  • How to configure the ‘third party receipt’ privilege?
Insights on connecting to T2S
  • In the context of setting up your connection:
  • Who is responsible for what when defining a new entity in T2S?
  • What process to follow to create T2S user-ID?
  • What is the high level view on A2A messages?
Insights on Message Subscription and Routing
  • How can message subscription be set up?
  • Who can receive messages from T2S?
  • What is the concept of routing configuration?
  • What are the different types of transfer services?
Insights on the use of the Business Application Header (BAH)
  • What is the Business Application Header?
  • What are the key fields of the Business Application Header?
  • How the fields are used and filled in?
General
T2S settlement day schedule
  • Overview of T2S statuses for scheduled windows/sequences and the processes available during each window/sequence
Frequently asked questions about T2S functionalities
  • Answers to questions regarding access rights, billing, collateral, connectivity, instructions, matching, queries, reports, static data and validation
Insights on T2S billing and invoicing
  • What is the T2S invoice process and its content?
  • How to query billing data?
Mapping of Service Items with T2S price list
Liquidity Management and collateral management
T2S Guide for Payment Banks
  • How are payment banks and their clients’ set-up in T2S?
  • How is liquidity provided to payment bank clients?
  • How are limits monitored and controlled?
T2S Auto-collateralisation - Static Data Set-up and Messages
  • How to setup the static data for central bank auto-collateralisation (with Repo and Pledge Model) and for Client-collateralisation (with Repo Model)?
  • What are the different processes involved in the auto-collateralisation in T2S?
  • How does information related to auto-collateralisation flow between T2S and T2S actors via different messages?
Settlement
Insights on prioritisation of instructions
  • Which factors are relevant when competing instructions are ready for settlement with the same priority?
  • What is the behaviour for competing settlement instructions and settlement restrictions during night-time and real-time settlement?
Insights on multiple statuses in a status notification
  • What is the multiple-status principle for instructions in T2S?
  • In which scenarios and combinations will T2S send multiple statuses within a single status advice message notification (sese.024)?
  • In which scenarios are changes in counterparty instruction status notified to the party?
  • Where to find T2S status information within sese.024 message fields?
  • Which sese.024 elements are relevant for the T2S status reporting?
Insights on the usage of Minimum Settlement Unit (MSU), Settlement Unit Multiple (SUM) and Deviating Settlement Units (DSU)
  • How does T2S quantity validation work?
  • Which are the T2S partial settlement rules regarding MSU and SUM?
  • Which are the T2S auto-collateralisation rules regarding MSU and SUM?
  • Which differences regarding the usage of MSU, SUM and DSU exist between Quantity Validation, Partial Settlement Rules and the Auto-collateralisation Process?
Insights on Matching fields from a message perspective
  • What is matching?
  • How can I fill in the matching fields in the messages sent to T2S?
  • Where can I find the matching fields in the messages received from T2S?
  • Which are the main messages related to the matching process?
Insights on configuration of intra cross and external CSD settlement in T2S
  • Which elements are needed for Intra-, Cross- and External-CSD Settlement?
  • How to setup Security CSD Links, CSD Account Links and Eligible Counterpart CSD Links?
  • How to configure various scenarios of Intra-, Cross- and External-CSD Settlement?
  • What has to be done for a change of the Security Maintaining Entity (SME)?
Insights on Conditional Securities Delivery (COSD) in T2S
  • What are the guiding principles of COSD?
  • What are the components of the T2S COSD Framework?
  • What does T2S communicate to the process stakeholders?
  • How can the process stakeholders monitor and control the COSD process?
Insights on the Linking of instructions in T2S
  • What is the concept of linking of instructions in T2S?
  • How can linked instructions be created and amended?
  • What are the validations on linked instructions and how does their settlement take place?
Insights on configuration of restriction types in T2S
  • What are restriction types and why are they required in T2S?
  • How to setup restriction types in the T2S static data?
  • How are the various restriction types processed?
  • What are the best practices and key considerations while configuring restriction types in T2S?