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T2S OnLine - Quarterly review - No 13, Summer 2012

Introducing the CSD Steering Group

The CSG during their first meeting on 9 July 2012 at the ECB

The CSG during their first meeting on 9 July 2012 at the ECB

The CSD Steering Group (CSG) is the forum that best embodies the new role of the CSDs in the T2S project. As the strong support and continuous involvement of the CSDs is a key prerequisite for the success of T2S, the CSG plays a crucial role within the new T2S governance structure, which came into effect on 1 July 2012 following the signing of the Framework Agreement.

The CSG is in charge of discussing all matters of relevance to participating CSDs and of supporting the T2S decision-making process by providing the Eurosystem with the common position of the CSDs on these matters. More specifically, the CSG reports to the T2S Board, the management body of T2S.

The CSG, which is expected to meet on a quarterly basis, is chaired by Jesús Benito, CEO of Iberclear, who was elected by the full members of the CSG for a renewable term of two years (see interview with Jesús Benito).


The CSG's full members are representatives from the managing board of each CSD or group of CSDs that has signed the Framework Agreement.

The Chairperson and members of the T2S Board also participate as observers. Furthermore, six user representatives participate with observer status. They are appointed by the Governing Council of the ECB based on nominations from the European Banking Federation, the European Savings Banks Group, the European Association of Cooperative Banks, the Association for Financial Markets in Europe and the European Association of Clearing Houses.


The CSG is responsible for articulating and coordinating the views of the CSDs. In particular, it makes resolutions and gives advice on behalf of the participating CSDs with respect to a set of matters stipulated in the Framework Agreement, including any changes to the contract and its annexes. Other topics falling under the CSG’s mandate relate to the functional change requests stemming from CSDs, crisis management, acceptance for testing and go-live, and risk, operational and pricing issues.

A more detailed overview of the CSG’s tasks and responsibilities can be found in the group’s mandate, available on the dedicated CSG webpage.