Navigation Path: Home > Payments & Markets > T2S > News and Publications > T2S Online > T2S OnLine - Quarterly review - Project update
The Governing Council of the ECB has taken note of the current version of the Framework Agreement, which is scheduled to be signed by the Eurosystem and participating CSDs in autumn 2011. To meet this deadline, negotiations on pending issues are to be concluded by mid-April. After a last consultation with the European Securities Markets Authority (ESMA) and an internal review, the Governing Council will issue the final version of the Framework Agreement to the CSDs in June.
On 19 January 2011 Monte Titoli (the Italian CSD), part of the London Stock Exchange Group, and Depozitarul Central S.A. (the Romanian CSD), part of the Bucharest Stock Exchange Group, announced that they will join T2S in its first migration wave, i.e. in September 2014 (spotlight). In May 2010 BOGS, the CSD for Greek government securities, had already committed itself to participate in the first T2S migration wave (spotlight). A full functional coverage will therefore be ensured from the very start of T2S operations, with the participation of CSDs from within and outside the euro area, as well as an NCB CSD. Another two migration waves are foreseen, plus a contingency wave, to be activated only in case one or more CSDs cannot migrate on schedule. The composition of these waves is still under discussion with the CSDs.
The Eurosystem is about to finalise the legal and technical documentation for the selection of the network services providers for T2S. It is envisaged that the tender process will start in March 2011. The details will be discussed by the Advisory Group at its next meeting.
The 4CB are currently preparing the User Detailed Functional Specifications (UDFS), a critical technical document that is essential for CSDs, NCBs and other parties directly connected to T2S to design the interface between their information systems and T2S. To ensure market acceptance of this document, four workshops have been held so far involving CSDs, NCBs and some banks. Positive feedback was received from the market, and this transparent approach will be pursued in the future. The launch of an official market consultation on Version 1.0 of the UDFS is planned for 25 March 2011.
Over the past few months the market participants urged the T2S Programme Board to take on a more active role in promoting harmonisation of securities settlement in relation to T2S. In particular, in December 2010 the Advisory Group identified a list of issues that should be addressed before the launch of T2S in order to ensure settlement efficiency (meeting agenda). Moreover, the National User Groups will become a driving force in monitoring the implementation of the agreed standards in each national market. Finally, the work being done by the task force on smooth cross-CSD settlement is also progressing, with a view to elaborating concrete solutions for issues that might hamper the safe and efficient interoperability between CSDs in the T2S context (more information on this can be found in the interview with the Chairman of the task force).
