A key prerequisite for the success of T2S is the strong support of CSDs and their extensive involvement in the project’s governance. This is why the Governing Council of the ECB set up the CSD Contact Group (CCG) in autumn 2009: to offer all CSDs that had signalled their intention to join T2S a high-level forum for negotiations. The establishment of the CCG is a direct product of the T2S Memorandum of Understanding (MoU) that was signed by the Eurosystem and 30 CSDs between July 2009 and July 2010. The CSDs showed thereby that they continued to support the project and agreed to start negotiations on entering into a contractual relationship with the Eurosystem.

The CCG is now negotiating and preparing the legally binding agreement between the CSDs and the Eurosystem (Framework Agreement). Its current mandate will expire when the Framework Agreement is adopted by the Governing Council. The future T2S governance arrangements will ensure that the CSDs retain an adequate level of involvement in the decision-making process during both the development and the operation of T2S.

T2S CSD Contact Group

Composition

All signatories of the MoU participate in the work of the CCG. The Eurosystem is represented by the members and alternates of the T2S Programme Board, while the CSDs are represented by so-called Project Sponsors who are nominated by the managing boards of the 30 CSDs that have signed the MoU, i.e. all depositories based in the euro area and another 12 from non-euro area countries (members list). The chairman of the CCG is Jean-Michel Godeffroy, who also chairs the T2S Programme Board and the T2S Advisory Group.

Responsibilities

The CCG’s main responsibility is the negotiation of the Framework Agreement, the first draft of which is now to be transmitted to the European regulators. The Framework Agreement is expected to be signed in spring 2011, a crucial step along the road towards the implementation of the T2S project.

Also falling under the CCG’s responsibility is the preparation of the Framework Agreement’s attachments with regard to, for instance, user testing, migration, the service level agreement, CSD-specific features, exit management, information security, legal and regulatory requirements, and change management.

For more information please also visit the CCG's designated webpage.