Sub-group Message Standardisation

Meetings

Past

Members

Mandate

Introduction

The primary role of the subgroup on T2S Message Standardisation is to advise the AG, the ECB and the 3CBPlus in developing T2S related messages from a users' perspective, and to support the T2S project team (ECB/3CBPlus) in translating the user requirements into message standards. It will discuss issues related to message flows covering all message types exchanged with external parties (such as CSDs, directly connected users, NCBs, RTGS systems, and collateral management systems). T2S internal message flows are out of the scope of this sub-group. Careful planning is critical, as the tasks have external dependencies, such as the registration of new messages with the standardisation authorities.

Mandate

The subgroup on T2S message standardisation will receive proposals and documents (e.g. draft Message Models and Specifications, draft Business Justification) from the T2S Project Team and 3CBPlus. The AG mandates the Sub-group to:

1. Cross-check the outcome of the gap analysis (high-level and detailed) as prepared by the 3CBPlus, which identifies the gaps in the list of ISO20022 messages available today from T2S point of view;
2. Provide comments on the list of new ISO20022-compliant messages to be developed, as well as T2S-specific messages, which may on occasion lead to a revision of the UR via a change request;
3. Provide feedback on the timeline proposed by the T2S Project Team and 3CBPlus for the organisation of the work on message development. This includes the review of the prioritisation of the work on messages but also ensuring that the overall timeline is met.
4. Contribute to/comment on the business justification in view of the submission of new messages to the registration authorities;
5. Contribute to/comment on the specification and documentation of messages and their models;
6. Contribute to the organisation of "Pilot testing" of messages, which may include the participation as "pilot tester", participate in the "Pilot testing".

The mandate of the Message Standardisation Sub-group expires at the end of 2009 and may be reviewed and renewed as required.

Composition

The Sub-group will be composed of:

• A Chairperson, appointed by the AG Chairman
  The Chairperson shall (1) decide on the frequency, format and agenda of the meetings; (2) conduct the Sub-group meetings; (3) invite external experts and/or T2S Project Team members and/or 3CBPlus members to the Sub-group meetings on specific topic; (4) represent the Sub-group in liaisons with other relevant European bodies and initiatives; (5) report to the AG and seek guidance where required.
• A Rapporteur
  The Rapporteur shall be a member of the T2S Project Team and (1) co-ordinate the organisation of the meetings and relevant documents; (2) support the Chairperson in preparations for the Sub-group's meetings; (3) draft the outcome of the meetings; (4) support the Chairperson in liaisons with other relevant European bodies and initiatives; (5) support the Chairperson in preparations for reporting to AG.
• Members, appointed by the Chairperson
  Members of the Message Standardisation Sub-group shall (1) have a thorough business knowledge about messages for settlement and the related market practice, as well as ISO standards for messages, and a good technical knowledge in order to contribute to the testing phase, this ideally includes a good command of XML; (2) have good knowledge of the T2S URD, (3) preferably participate also in other relevant European bodies and initiatives.

Participants in the Sub-group shall provide adequate resources anticipated for achieving progress within a short time period. Participation to the Sub-group is on a strictly personal basis. Should a member be unable to attend a meeting, he/she will in general not be able to designate an alternate. Exemptions to this rule can only be granted in exceptional cases by the AG Chairperson. In addition, regular attendance is a pre-requisite for membership in the Sub-group and membership will cease, should a member be absent for a total of more than two meetings.

Whenever a member has left 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.

Working procedures

Meetings
The Message Standardisation Sub-group should meet as regularly as required to fulfil its mandate and upon invitation of its Chairperson. The exact frequency and form of the meeting is ultimately a decision of the Chairperson fo the sub-group. When considered feasible, written procedures may be applied.

Interactions with other initiatives and forums
The Sub-group may consult relevant actors as considered necessary, upon decision by the Chairperson.

Mini-consultations
The Message Standardisation Sub-group may decide to issue mini-consultations or questionnaires on dedicated topics in order to better reflect the market needs with regards to T2S messages.

Transparency
All documents that are discussed by the sub-group are 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.