The Governing Council of the ECB issued a proposal to all European CSDs to join the TARGET2-Securities initiative. An economic impact analysis show that T2S has the potential to bring significant benefits to securities market participants.
The Governing Council of the ECB issued a proposal to all European CSDs to join the TARGET2-Securities initiative. The results of the economic impact analysis show that T2S has the potential to bring significant benefits both to securities market participants and to the European economy generally.
This proposal consists of:
- the economic impact analysis;
- the detailed T2S User Requirements;
- the legal assessment of T2S and an outline of the contractual arrangements that would be proposed to CSDs;
- a description of T2S Governance for the specification phase;
- a presentation on harmonisation efforts in the context of T2S.
The Governing Council is scheduled to take a decision in summer 2008 on whether to proceed with the T2S project based on the full T2S documentation, the level of support conveyed by CSDs, the views expressed by market participants more widely and those put forward by the Council of the European Union.
Response from the CSDs is expected by 4 July 2008.
Press release
Description of T2S Governance for the specification phase
Detailed T2S User Requirements
Economic impact analysis and methodology
Legal assessment of T2S
Presentation on harmonisation efforts in the context of T2S
© ECB - European Central Bank
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