On 17 November 2011 the Governing Council endorsed the T2S Framework Agreement and the related schedules. The Framework Agreement sets out the contractual rights and obligations of the Eurosystem and each contracting CSD, and covers the development and operation of T2S.
On 22 November 2011 the President of the ECB, Mario Draghi, transmitted the Framework Agreement to all of the CSDs that have participated in the negotiations over the past two years. In his letter, he formally invites the CSDs to sign the T2S Framework Agreement by 30 April 2012. Should CSDs require more time to complete their feasibility study, it is also possible to sign the Agreement by 30 June 2012 under the financial conditions specified in the set of incentives approved by the Governing Council. These will benefit those CSDs who sign and migrate early.
The Framework Agreement will become effective from the moment it is signed by the parties to the Agreement. more.