Start: 7 March 2011, 9:00 – 18.00
ECB Premises, Eurotower, Frankfurt am Main
Meeting room CIV
The Chairman will address some introductory remarks to the T2S Advisory Group (AG) and will invite the AG to agree on the agenda for the meeting.
The T2S Team will report on the progress made on items discussed during the last AG meetings.
The Chairman will report on (i) the decisions taken Governing Council in February 2011 and the main topics discussed during recent Programme Board meetings, (ii) the progress of negotiations between CSDs and the Eurosystem, and in particular the status of negotiations on the Framework Agreement and (iii) the progress of the negotiations between non-euro area central banks and the Eurosystem.
The General Principles of T2S were approved by the Governing Council in 2007 and build the foundation of T2S. Before they will become part of the Framework Agreement and of the Currency Participation Agreement, it is envisaged to update these Principles and to reflect that T2S will handle all currencies on an equal basis. The T2S Team will present a proposal for updating the General Principles of T2S and the AG is invited to provide its advice on the matter.
The T2S Team will present a revised proposal for the future T2S governance after the signature of the Framework Agreement and after the Currency Participation Agreement which was approved in principle by the Governing Council in February 2011.
The T2S Team will report on the outcome of the T2S pricing workshop where the Team’s assumptions regarding the number of messages, queries and reports to be generated during T2S operations were discussed. The AG is invited to discuss the pricing of information services resulting from these assumptions.
During the December 2010 meeting, the AG discussed how to identify account allocations in order to price such instructions according to the T2S price list. The T2S team will present a slightly updated version of the note circulated for the December 2010 AG meeting and the AG is invited to provide advice on which of the four remaining options should be implemented.
The European Banking Federation submitted a letter to the Chairman of the AG asking to discuss the re-shaping of CSD infrastructures during the March AG meeting. The EBF representative will introduce the matter and explain the concerns raised in the EBF letter of 16 February 2011.
On behalf of the Danish market, VP SECURITIES has applied for a derogation from Eligibility Criterion 5 (commitment of a Participating CSD to carry out its settlement in Central Bank Money in T2S if the relevant currency is available) for a limited amount of settlement. The representatives of VP Denmark and Denmark's Nationalbank will explain their reasoning for asking for derogation and the AG will be asked for its advice on the matter.
The AG Chairman will outline the intended involvement of the T2S Programme Board in the harmonisation work and present a proposal for the organisation of the future work. As a follow up to the December AG decision, the T2S Team will provide an update of the T2S harmonisation list, including proposals to the AG for possible follow up actions.
The T2S Team will update AG members on the T2S Programme plan.
In recent weeks, the T2S Programme Board has been considering issues, both related to the type of connectivity solution that the Eurosystem will ask Network Service Providers to make available, and to the process to select those solutions/Network Service Providers. The T2S Team will provide an update to the AG on user connectivity.
In the January CCG meeting, it was agreed to consult the AG on the Eurosystem’s proposal to define all the Key Performance Indicators as part of the Framework Agreement, but to specify only the KPI values from the URD, and to specify all the other KPI values at the end of the so-called “bedding-down” period (i.e. 6 months after the end of the migration period). On the basis of a presentation from the Eurosystem, the AG members are invited to provide their views on this approach.
The chairman of the SG on Message Standardisation, Mr. Paolo Carabelli, will briefly report on the activities of the SG. He will also report on the outcome of the AG request to investigate the need for change requests.
The chairman of the SG on Corporate Actions, Mr. Joel Merere, will present a status report of the CASG activities.
The chairman of the Task Force on Shareholder Transparency, Paul Bodart will present the final report of the Task Force on its elaborations regarding shareholder transparency.
The chairman of the TF on smooth cross-CSD settlement, Jesus Benito, will report on the activities of the SG and in particular on the list of issues that would impede T2S Actors from being able to effect or to process cross-CSD settlement in T2S in a safe and efficient manner.
The chairman of the Task Force will also report on the outcome of their dedicated meeting on the T2S matching fields.
The T2S Team will report on workshops that have taken place since the last AG meeting.
Members of the AG are invited to raise any other issues that need to be discussed during this meeting and to notify the Secretary in advance, where possible.