Programme plan

The T2S Programme Plan comprises all activities necessary for the successful launch of T2S, including those conducted by the 4CB as well as the T2S team of the ECB.

For an overview of the main milestones of the project so far, please see the history.

Planning and reporting framework

A comprehensive planning and reporting framework has been established to ensure that all key stakeholders can monitor the progress of the Eurosystem against the plan and also so that they can synchronise their own plans with the T2S plan. With regard to internal project management information, the T2S project team reports on a monthly basis to the T2S Programme Board, and on a quarterly basis to the Governing Council of the ECB. Concerning external project management information, the Eurosystem will report on a monthly basis to the participating CSDs and non-euro area central banks and on a quarterly basis to the T2S Advisory Group.

Coordination within markets

For the smooth adaptation to T2S, there is a crucial need for coordination between the Eurosystem and CSDs/NCBs, and between the CSDs/NCBs and their market users and infrastructures. The T2S project plan will therefore indicate the relevant dates and milestones when CSDs/NCBs and market participants need to be prepared for a specific activity and/or ready to make a financial investment. These so-called "synchronisation points" ensure that the Eurosystem, NCBs and CSDs are progressing at the same pace during the lifecycle of the project. The precise timing of the synchronisation has to be further discussed and agreed with the market.