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9-10 October 2008
Hotel Tivoli Oriente Lisboa, Av. Dom João II – Parque das Nações, 1990-083 Lisboa
Hosted by Banco de Portugal
The Chairman will address some introductory remarks to the newly established T2S Advisory Group and will invite the AG to agree on the agenda for the meeting. He will also debrief the AG on the nomination process for the constitution of the AG.
The ECB will provide a document to the AG with a proposal for the rules of procedure of the T2S Advisory Group. The AG will be invited to discuss the proposal and agree on the rules of procedure which will have to be submitted to the ECB decision making bodies by the end of 2008 for approval.
The ECB will provide a document with a proposal for technical sub-groups to support the work of the AG. Members are invited to exchange views and to agree on the sub-groups to be created for the work until end 2009. The AG substructures related to harmonisation, legal matters and URD validation will be discussed under items 2 - 4.
The National User Groups (NUGs) need to be closely involved into the further development of the T2S project. They shall therefore be closely linked to the AG. Members of the AG are invited to discuss the involvement of the NUGs.
The AG will have to organise the work in order to address the harmonisation issues mentioned in list B by the end of 2009. Members are therefore invited to discuss the establishment of sub-groups to tackle the harmonisation issues of list B.
List C contains a wide range of harmonisation items. Members are expected to make concrete proposals on harmonisation items of list C or beyond that shall be addressed so that the future work can be organised and launched soon.
The AG is invited to discuss the establishment of a sub-group on legal issues, composed of central bank and CSD representatives that shall prepare the draft legal arrangements between the Eurosystem and CSDs for the specification and development phases. The sub-group shall consist both of business experts as well as legal experts.
The ECB will provide a document to the AG identifying items of the future project plan. The AG will be invited to discuss the proposed plan and to discuss the establishment of a validation Task Force.
The ECB will present a document proposing how requests for changes to the URD that was adopted in May 2008 should be handled. The AG is invited to discuss and agree on the URD change management procedures.
On 1 September 2008 , the Eurosystem invited users of the three Eurosystem operational services T2, T2S and CCBM2 to provide feed-back by means of a public consultation on the Eurosystem Single Interface (ESI). The AG is invited to form its view on the matter in order to respond to the public consultation (deadline 28 November 2008 )
The ECB will present a set of documents containing change requests to the URD Version 4.0 with a proposed wording to be approved by the AG, after the change management procedure has been agreed upon. This list will be the first test of the URD change management procedure. These change requests have either originating from the system provider (3CBplus) or by the ECB T2S project team, to clarify the potential ambiguity in the URD, in order to build a robust T2S.
In their letters formulating their T2S commitment, CSDs mentioned certain conditions which need to be fulfilled so that they would be able to sign a legally binding contractual agreement. The T2S project team will provide background documentation on the different conditions and invites the CSD members of the AG to specify such condition. A certain focus will be on governance, pricing and the choice of the settlement location.
AG meetings are tentatively scheduled as follows
Members of the Advisory Group are invited to raise any other issues that need to be settled during this meeting.
