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Besides CSDs, banks and national central banks, a number of other stakeholders will be affected by T2S. To ensure that they are well informed about the project and have the possibility to flag their concerns, the T2S team of the ECB holds dedicated workshops and info sessions for all stakeholder categories. Additionally, the T2S Info Sessions organised by the ECB every quarter are open to all stakeholders and take place in different European locations to allow the widest possible attendance of European and local stakeholders.
To know more about the benefits T2S will bring about for market participants, please see also the T2S Benefits video.
From this section of the website, you can access information on meetings, info sessions and events addressed to the following groups of stakeholders:
Issuers will significantly benefit from T2S as they will be able to more easily access cross-border investors. This will help to diversify their funding sources and reduce funding costs.
The ECB has in the past organised several conferences/workshops dedicated to issuers and issuers agents in order to explore topics such as shareholder transparency, legal harmonisation and efficient execution of corporate actions.
In particular, at the end of 2009, the T2S Advisory Group established a Task Force on Shareholder Transparency, composed of representatives from issuers and their agents, as well as banks and CSDs. The task force has been asked to analyse how issuers will be able to continue to identify who their shareholders are in the T2S environment, when there will be a much greater proportion of cross-border investors.
The funds industry will also have new opportunities and challenges with the launch of T2S. To discuss how the settlement of investment funds may be impacted by T2S, the ECB has organised the following workshops with funds industry representatives:
For the settlement of the cash leg of securities transactions, T2S will interact with TARGET2 and the other relevant RTGS systems. To analyse in more detail the impact of T2S on cash, liquidity and collateral management and on the messaging standards currently used for payments settlement, on 11 November 2009 the ECB held a Workshop with Liquidity Managers.
T2S will lead to a re-shaping of the European post-trading infrastructure, with the CSDs transferring their settlement activity to T2S. This process is closely followed by the Committee for European Securities Regulators (CESR), which is responsible for the supervision of CSDs and promotes the safety and soundness of post-trading in Europe. CESR participates in the T2S Advisory Group with observer status.
In summer 2010, the Eurosystem transmitted the draft contract with CSDs (so-called Framework Agreement) to CESR, to give them the possibility to flag already at an early stage any possible regulatory and compliance concerns and ensure that there will be no regulatory obstacles to the CSDs signing the Framework Agreement.
The EU Commission strongly supports the Eurosystem’s decision to implement T2S. T2S is viewed as having the potential to strengthen and integrate the European securities markets and thus foster economic growth (EU Commission’s press release 23 July 2008).
The EU Commission closely follows the progress of T2S by participating in the T2S Advisory Group.
The EU Commission is also in charge of a number of initiatives that pursue the same objectives of European harmonisation and consolidation as T2S and are therefore complementary to it. more
