Current Development Phase (February 2010 – December 2013)

The development phase started in early 2010 after the technical documentation was finalised. During this phase, the User Detailed Functional Specifications will be drafted, the software for the T2S platform will be developed and tested by the 4CB and non-functional testing will get underway.

Towards the end of the third quarter of 2013, the internal acceptance testing by the whole Eurosystem will begin. The development phase will be completed, apart from bug fixing, at the end of 2013, when the platform will be ready for user testing.

In addition, during the Development Phase the Eurosystem will subscribe the contractual agreements with the participating CSDs (so-called Framework Agreement) and the non-euro area NCBs that will use T2S for settlement in their local currencies (so-called Currency Participation Agreement). Finally, a tender will take place in this phase to select up to three providers of network services in T2S.


Project governance during the development phase


ECB Executive Board and Governing Council

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, and 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.

T2S Programme 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

One of the T2S working groups, the Sub-group on Operational Framework, reports directly to the PB. >

T2S Advisory Group

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 Sub-group on Message Standardisation, the Harmonisation Steering Group, the Sub-group on Corporate Actions and the Task Force on adaptation to cross-CSD settlement in T2S.

CSD Contact Group

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). The CCG also addresses business continuity and disaster recovery issues, CSD-specific features, exit management, information security, legal and regulatory requirements, the service level agreement and change management. more

The CCG is supported by two sub-groups: the Project Managers Sub-group and the Task Force on Contractual Issues.

National User Groups

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

T2S Info Sessions

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