Specification Phase (July 2008 – January 2010)

The specification phase started in July 2008 and finished in January 2010 with the publication of version 5.0 of the User Requirements. This phase was devoted to drafting the technical documentation that will be used for programming the T2S software. The most important documents produced in this phase were the General Functional Specifications (GFS v4.0) and the General Technical Design.

Further key milestones achieved during this phase were the appointment of the T2S Programme Board to manage the project on behalf of the Eurosystem and the signing of a Memorandum of Understanding with the CSDs that are considering joining T2S.


Project governance during the specification phase

Clickable image of the T2S project organisation

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

Advisory Group

The Advisory Group (AG) is an advisory body that reports directly to the ECB's decision-making bodies on the TARGET2-Securities (T2S) project. The AG is responsible to support the definition of the T2S Users Requirements and of legal framework establishing T2S, further to ensure the full compliance of the "General Functional Specification (GFS)" and the "User Document Functional Specification (UDFS)" with the User Requirements Document (URD). The Advisory Group also assists in defining the pricing framework and to continue the harmonisation work in the field of securities settlement related to TARGET2-Securities. more

CSD Contact Group

The CSD Contact group (CCG) shall prepare the Framework Agreement that facilitates the development of T2S and prepares for T2S operations. The CCG will also address business continuity and disaster recovery, CSD-specific features, exit management, information security, legal and regulatory requirements, the service level agreement and change management including the service description. more


Each Sub-group is responsible for supporting a particular task of the AG, which could be related to the technical implementation of the user requirements, harmonisation for T2S related matters, legal issues related to T2S or any other area where the AG deems specific support necessary. For more information on each respective sub-group please click on the chart above.

National users

To support the development and implementation of T2S each National User Group (NUG) brings together providers and users of securities settlement services within its respective national market. The NUGs form the link between the T2S Advisory Group and assess the impact of the T2S functionality on its national markets. more

T2S info sessions

T2S Info sessions, organised by the ECB, serve to provide information on the progress of the TARGET2-Securities project to all interested external stakeholders as well as to obtain feedback on current proposals. more