The Sub-group on Operational Framework (SGOF) is responsible for the preparation of the operational framework for T2S which needs to be put in place between all T2S Actors: the T2S Operator (i. e. the 4CB), the CSDs, directly connected T2S Parties and the central banks.
|Chairman||Saville, Iain||T2S Programme Board|
|Van Biesen, Erwin||Banque Nationale de Belgique|
|Bramini, Paolo||Banca d'Italia|
|Sheppard, David||Bank of England|
|Tibi, Marc||BNP Paribas|
|Nørgaard, Carsten||VP Securities|
|Colombo, Laura||Monte Titoli|
|Dal Corso, Valeria||Société Générale|
|Ciganovic, Nino||SIX SIS|
|Purell, Darren||Deutsche Bank AG|
The Sub-Group on Operational Framework (SGOF) is responsible for the preparation of the operational framework for T2S which needs to be put in place between all T2S Actors: the T2S Operator (i. e. the 4CB), the CSDs, directly connected T2S Parties and the central banks.
The operational framework defines their roles and responsibilities and how business activities are co-ordinated in both normal and abnormal circumstances.
The SGOF needs to make significant progress by the end of 2009 in defining the operational framework for the operational phase and non-functional requirements, including any migration related aspects.
Operational Framework encompass the definition, and the implementation and monitoring, of the rules, procedures, information flows, commitments and escalation processes required to operate T2S. These items will be specified in the operational documentation, which will contain inter alia:
The SGOF shall organise its work in such a way that timely finalisation of the expected deliverables is ensured. Wherever possible, the outcome of the SGOF work should represent the consensus of its members whereas the final validation of the proposals is the responsibility of the AG. The Chairperson of the SGOF should regularly report to the AG on the progress made and seek guidance where required. The mandate of the SGOF expires at the end of 2009; it will be reviewed and renewed as required for work in later years. Therefore the current SGOF will be expected to make significant progress in the following areas:
The Sub-group will be composed of:
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 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.
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 the AG.
Members shall (1) represent extensive expertise on day-to-day operational aspects of securities settlement processes; (2) have good knowledge of the T2S URD, GFS and GTD.
The ECB will designate experts drawn from the CSDs, the banks, the 4CB and the central banks on the basis of the applications received. The CSDs, the banks the 4CB and the central banks are invited to propose representatives having the required operational and/or technical expertise.
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.
The SGOF will 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 of the sub-group. When considered adequate, written procedures may be applied.
Interactions with other initiatives and forums
The SGOF may consult relevant actors (e.g. other Sub-Groups, securities industry associations) as considered necessary.
The SGOF may decide to issue mini-consultations or questionnaires and involve NUGs on dedicated topics in order to better reflect the market needs in standardising T2S functionalities.
All documents that are discussed by SGOF 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.