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The close involvement of CSDs has been a crucial factor throughout the project so far, and it will become even more crucial from now on. I wish to join the President in congratulating those who have been involved in the project’s governance.
T2S is an entirely new concept. It is unique and nothing comparable has ever been done before. From the inception to the go‐live, it will have required the engagement and collaboration of numerous different stakeholders, from the industry, from central banks and from other public authorities. Effective cooperation is key to the success of T2S. Decisions need to take into account several different points of view, while ensuring that the final outcome meets the objectives set in pursuit of deeper market integration in Europe.
In this new phase of cooperation, the T2S Board will concentrate on the implementation and testing of the T2S platform, and then on the CSD migration to the new settlement environment. The CSD Steering Group will articulate and coordinate the views of the participating CSDs within the T2S governance. A major change to the current setting is that the Chair of the CSD Steering Group will be a CSD representative. Together, the two groups will cooperate to make sure that T2S delivers on its promises.