Other stakeholders

Besides CSDs, banks and national central banks, a number of other stakeholders are 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 parties, please see also the T2S Benefits video.

Directly Connected Parties (DCPs)

T2S supports the possibility for all T2S actors to establish a direct technical connection to the T2S platform upon agreement with the respective CSD. These directly connected parties (DCPs) will interface directly with T2S via one of the two network providers.

DCPs can choose to connect to T2S directly for the cash side only, for the securities side only or for both the securities and the cash side. To find out more about the different options for DCPs, please see the presentation on the conditions for DCPs and refer to the information on the Directly Connected Parties Group (DCPG).

DCPs must be authorised by their respective CSD(s)/NCB and certified by the Eurosystem. To find out more, please see the note on the conditions for DCPs .

A list of institutions indicating their intention to become a DCP in T2S during the different migration waves is available on the DCPG webpage.


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:

Liquidity Managers

For the settlement of the cash leg of securities transactions, T2S will interact with TARGET2 and the other relevant RTGS systems.


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 successor of the Committee for European Securities Regulators (CESR), i.e. European Securities and Markets Authority (ESMA) which is responsible for the supervision of CSDs and promotes the safety and soundness of post-trading in Europe. ESMA participates in the T2S Advisory Group with observer status.

EU Commission

The European Commission strongly supports the Eurosystem’s decision to implement T2S and closely follows the progress of T2S by participating in the T2S Advisory Group. T2S is viewed as having the potential to strengthen and integrate the European securities markets and thus foster economic growth.

On 7 March 2012 the European Commission published a proposal for a regulation on CSD services and securities settlement, i.e. the CSD Regulation. The aim of the Regulation is to enhance and harmonise the regulatory and operational framework of CSDs as well as of securities settlement in the EU. This legal act is of key interest to the T2S Programme as it grants CSDs the opportunity to outsource their settlement services to T2S and focuses on the safety and efficiency of their cross-border settlement activity. Furthermore, the provisions on market access and interoperability serve to improve the competitive environment within which CSDs and market parties will operate in T2S. The timely implementation of the CSD Regulation and the relevant regulators’ technical standards (so-called level 2 legislation) ahead of the T2S go-live date will help to ensure a level playing field among market parties.