Preparation Phase (July 2006 – July 2008)

This project phase elaborated in close collaboration with all stakeholders the user requirements of the TARGET2-Securities platform. The requirements were completed at the end of 2007. At the beginning of 2008 a public consultation gave all stakeholders the opportunity to provide once more their feedback. Thereafter, the final version of the user requirements was submitted to the ECB decision-making bodies for approval.

Progress report

The progress report below reviews the progress made until October 2007 on the definition of the T2S user requirements. It also reviews the outcome of the public consultation on the “General principles and high-level proposals for the user requirements”. The overall conclusion is that the T2S project is progressing well and according to the envisaged project plan. In line with this plan, the ECB submitted the draft T2S User Requirements Document for a three-month public consultation towards the start of 2008.

  • 26 October 2007: Publication of progress report on TARGET2-Securities download

Project governance during the preparation phase (- June 2008)


Executive Board and Governing Council

They are the decision-making bodies of the ECB. Upon finalisation of the user requirements they decided that T2S will be implemented. more


The PSSC (Payments and Securities Settlement Committee) is a permanent ESCB committee. It assists the ECB decision-making bodies in all relevant matters including this project.

Advisory Group

The AG consolidated the input from each Technical Group. In the preparation phase the AG met every two month and reported its outcome to to the ECB decision-making bodies (Executive Board and Governing Council). more

Coordination Group

The CG's main task was to oversee the work of the Technical Groups. The aim was to avoid gaps and overlaps between the individual parts of user requirements the TGs work on.

Stakeholders / National users

They are the potential future customers of T2S. Representatives from individual companies (mostly banks and CSDs) participated in both the Advisory Group and the Technical Groups. All those who are not members of a project group were regularly invited to Information sessions and to give Market feedback.

Technical Groups

Each TG prepared a specific part of the T2S user requirements. They met about once a month and reported their outcome to the Advisory Group.