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The work of the AG on harmonisation (Harmonisation Steering Group) concentrates on practical solutions and agreed practices to maximise the benefits of a single settlement engine. It does not (and cannot) aim at removing on its own the national, legal and regulatory barriers that currently characterise the EU post-trade industry. The T2S harmonisation activities complement the measures taken by the industry and the authorities as well as the definition of standards and regulations across the EU.
To ensure coordination and direct communication among the different workstreams in Europe, representatives from the European Commission, the Committee of European Securities Regulators (CESR) and the European Securities Services Forum (ESSF) all attend the T2S Advisory Group meetings. Similarly, the T2S representatives participated in the work of CESAME2 and now also have full membership in the Expert Group on Market Infrastructures (EGMI). The aim is to ensure that the work of the EU Commission and the T2S initiatives can efficiently be coordinated and that there is no duplication. T2S regularly updates the EU Commission on the progress made, including in the T2S harmonisation work. In turn, the T2S Team is kept informed about the current initiatives to remove the so-called Giovannini barriers.
