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Pricing principles

The T2S Advisory Group has reached an agreement on the following principles underpinning the pricing structure of T2S:

  • Full cost recovery: T2S is being developed to the benefit of all participants and of Europe in general and there will be no profit margin. The Eurosystem is committed to recovering the full development and running costs of T2S through the fees charged to CSDs. Full cost recovery is one of the General Principles of T2S as defined in the User Requirement Document .
  • High level of transparency and simplicity, also in line with the  Code of Conduct for Clearing and Settlement. The market participants represented in the T2S Advisory Group expressed a preference for a simple and “lean” pricing structure. It follows that the general settlement fee charged for each instruction will have to cover more services which were previously planned to be charged separately. For more details, see AG meeting 1-2 June 2010.
  • Equal prices for all CSDs and no discounts for participants taking larger volumes in T2S. Fore more details, see AG meeting 23 September 2009.
  • Stability of pricing policy and fee structure.