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The Task Force on adaptation to cross-CSD settlement in T2S was set up by the T2S Advisory Group in its September 2011 meeting. The group is mandated to propose common solutions for adaptation to cross-CSD settlement in T2S.
| Function | Name | Organisation |
|---|---|---|
| Chairman | Mr Mehdi Manaa | European Central Bank |
| Rapporteur | Ms Sylvia Rosenzweig | European Central Bank |
| Mr James Cunnigham | Bank of New York Mellon | |
| Ms Jane Levi | AFME | |
| Mr Paolo Bramini | Banca d'Italia | |
| Mr Alberto Almazan | Banco d'Espana | |
| Mr Alberto Romera | Banco d'Espana | |
| Mr Lee Slowe | Bank of America Merrill Lynch | |
| Mr Fernando García Rojo | BBVA | |
| Mr Marc Lejoly | Belgium Nationalbank | |
| Ms Mathilde Joannet | BNP Paribas | |
| Ms Monika Peters | Bundesbank | |
| Mr Marcello Topa | Citigroup | |
| Mr Oliver Mayer | Clearstream | |
| Ms Silvia Buicanescu | DDepozitarul Central | |
| Ms Britta Wörnle | Deutsche Bank | |
| Mr Jean-Luc Fripiat | Euroclear | |
| Mr Nikolaos Porfyris | HELEX | |
| Mr Ignacio Alvarez | Iberclear | |
| Mr Jyrki Leppänen | Interbolsa | |
| Mr Alex Dockx | JP Morgan | |
| Ms Tímea Bartal | KELER | |
| Ms Anne Mairesse | LCH.Clearnet | |
| Mr Fernando Gilardi | Monte Titoli | |
| Ms Lina Di Maria | Morgan Stanley | |
| Mr Janne Palvlin | Nordea | |
| Ms Christine Strandberg | SEB | |
| Mr Pierre Colladon | Societe Generale Security Services | |
| Mr Nikolaj Hesselholt Munck | VP Securities |
The T2S project was designed from the beginning to make cross-border settlement as efficient as domestic settlement, while avoiding the cementation of national specificities into the system’s operational blueprint (“lean T2S”). However, as of today there are significant differences between the settlement practices at the different CSDs and other market participants that will make use of T2S. In 2010 the Task Force on smooth cross-CSD settlement in T2S has identified these differences and has put together a detailed list of issues that may hamper smooth cross-CSD settlement along with details regarding their impact and recommendations on actions. Some of the issues identified can be address within the markets’ adaptation to T2S, as the T2S set-up allows for flexibility in the adaptation process. If market participants decide to heterogeneous approaches to implementation, national specificities might be fortified. However, if market participants agree on common solutions for the adaptation to T2S, these issues could potentially disappear or at least be mitigated effectively. While these common solutions should be applicable to all markets in technical terms, their implementation will depend on the local legislation.
The AG mandates the Task Force on adaptation to cross-CSD settlement in T2S to:
The outcome of the Task Force should represent the consensus of its members whereas the final validation of the proposals is the responsibility of the HSG and where appropriate the AG. The Chairperson of the Task Force should report to the HSG and the AG on the progress made and seek guidance where required.
The mandate of the Task Force on adaptation to cross-CSD settlement in T2S expires at the end of 2012 but may be reviewed and renewed as required.
Participation in the Task Force on adaptation to cross-CSD settlement in T2S is open to all stakeholders from markets that have indicated their intention to use T2S when implemented. It is in the responsibility of the T2S stakeholders to provide a candidate. However, preference will be given to the participants of the Task Force on smooth cross-CSD settlement. In addition, the number of participants in the Task Force will be limited in order to facilitate expert discussions while seeking to have an adequate markets and stakeholder balance. Participants in the Task Force will be expected to commit significant time in order to achieve progress within a short time period.
The Task Force on adaptation to cross-CSD settlement in T2S will be composed of:
Participation to the Task Force is on a strictly personal basis. Should a member be unable to attend a meeting, he/she will not be able to designate an alternative unless the Chairperson allows it. In addition, regular attendance is a pre-requisite for membership in the Task Force and membership will cease should a member be absent for a total of more than two meetings. If a member leaves the entity he/she represents, his/her membership will cease with immediate effect and his/her entity may propose a substitute member to the AG Chairman.
The Task Force should meet as regularly as required to fulfil its mandate and upon invitation of its Chairperson. The first meeting of the Task Force shall take place as soon as possible after its constitution. Ad-hoc meetings on issues of individual domestic markets could be organised. The use of ad-hoc workshops and drafting teams can also be envisaged. When considered feasible, written procedures and telephone conferences may be applied.
The Task Force will report to the HSG on a regular basis. The Task Force will present its outcome to the HSG and follow its guidance in its activities.
The HSG can propose issues to the Task Force for inclusion in the scope of the Task Force.
The Task Force will inform the AG on a regular basis about the progress and results of the Task Force.
The Task Force may decide to issue mini-consultations or questionnaires and involve NUGs on dedicated topics in order to better reflect the market’s needs regarding common solution and to assess the applicability of the proposed solutions in the individual markets.
All documents that are discussed by the Task Force will be posted on the ECB website to ensure full transparency. In exceptional cases, the Chairperson may decide not to post individual documents on the ECB website if she/he considers such documents to be of confidential nature.
The proposals made and the decisions taken by the Task Force on smooth cross-CSD settlement will be the basis for the planning of activities of the Task Force on adaptation to cross-CSD settlement in T2S in T2S.
