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The T2S project is owned and operated by the Eurosystem with a close involvement of all relevant stakeholders in the governance framework. The day-to-day conduct of the project falls under the responsibility of the T2S Programme Board, a management body appointed by the Governing Council and supported by the T2S team of the ECB.
Many different stakeholders from the European post-trading sector are impacted by T2S. Hence, the T2S governance structure has ensured the strong involvement of all relevant stakeholders in the T2S project since its very start. In addition to the formal governance structure, transparency on technical and policy issues has always been a key principle underpinning the T2S project, and this approach is highly appreciated by all stakeholders. Transparency and the close involvement of all relevant stakeholders in the T2S governance ensure that T2S will meet the evolving needs of the market in a consensual way.
The project is structured in five phases: Preparation, Specification, Development, User testing and Migration phases. The governance structure evolves in line with the project’s progression. The project is governed as shown below:
Given the importance of T2S for the Eurosystem and for European integration in general, the overall responsibility for the T2S programme is held by the ECB decision- making bodies, i.e. the Governing Council and the Executive Board. Regarding T2S, the Governing Council is responsible for the direction, overall management and control of the T2S programme. The Governing Council has assigned a number of managerial tasks to the T2S Programme Board.
For general information on the ECB decision-making bodies, their role and composition, please visit Governing Council and Executive Board.
The T2S Programme Board (PB) is a streamlined management body in charge of developing proposals to the Governing Council on key T2S strategic issues. The PB is responsible for the day-to-day management of the project as well as for the relations with market stakeholders and the 4CB. more
The the Task Force on the Currency Participation Agreement and Sub-group on Operational Framework report directly to the PB.
The T2S Advisory Group (AG) provides advice to the Eurosystem on T2S-related issues, to ensure that T2S is developed and implemented according to market needs. To this end, the AG is made up of representatives from all stakeholders, i.e. CSDs, banks and national central banks. In particular, the AG addresses T2S issues related to policy, pricing, governance, and harmonisation in the field of securities settlement. more
The AG is currently supported by four sub-groups: the Harmonisation Steering Group (HSG), the Sub-group on Message Standardisation, the Sub-group on Corporate Actions and the Task Force on adaptation to cross-CSD settlement in T2S.
The CSD Contact Group (CCG) is in charge of negotiating and preparing the contract between the Eurosystem and the participating CSDs (so-called Framework Agreement). more
The CCG is supported by the Project Managers Sub-group.
The National User Groups (NUGs) form the link between the T2S Advisory Group and the various national markets. To support the development and implementation of T2S, each NUG brings together providers and users of securities settlement services within its respective financial community, and assesses the impact of the T2S functionality on the local market. more
The T2S Info Sessions are organised by the ECB on a regular basis to keep all interested stakeholders updated on the progress made in T2S and to obtain their feedback on current proposals. more
A new governance framework will come in place after the subscription of the contractual agreements between the Eurosystem and the CSDs (so-called Framework Agreement) and/or between the Eurosystem and the non-euro central banks willing to settle their local currencies in T2S (so-called Currency Participation Agreement). Both contracts are expected to be signed during the summer of 2011.
The future governance framework, currently under discussion, has been extensively and transparently debated by the T2S Programme Board with all relevant stakeholders and on several occasions. In particular, the T2S Advisory Group and the CSD Contact Group have provided valuable feedback on the current proposal.
The future governance structure will be valid for the rest of the Development Phase, for the Testing/Migration Phase and for the Operational Phase of T2S.
