BCE - Second progress report to theAdvisory Group on T2S harmonisation The T2S Advisory Group endorsed thesecond progress report on T2S harmonisation (download) and acknowledgedthe positive developments since the publication of the first progress reportin June 2011 (download). Progress has been achieved in the definition process,although further work is needed in the context of formal endorsement bythe relevant bodies (Advisory Group, CSDs and the EU Commission, wherenecessary). Work on monitoring and implementation processes is currentlyat a less advanced stage. However, these processes are only relevant oncethe definition process has been completed.

The T2S harmonisation activities forwhich such monitoring is currently possible are: the T2S corporate actionsstandards, the market corporate actions standards (CAJWG standards), SettlementFinality II (irrevocability of transfer orders), omnibus accounts and securitiesamount data. Yvon Lucas, chairman of the HSG, said during the AG meetingon 30 November 2011: “Markets staying outside of T2S will not be monitoredbut kept informed on harmonisation progress”.

The report is the fulfilment of theHarmonisation Steering Group’s semi-annual task, as described in its mandate.It includes a detailed presentation of the status of each T2S harmonisationactivity together with proposals to the Advisory Group for further action.The T2S Programme Board will present the harmonisation progress report(or parts of it) to the Governing Council of the ECB.

http://www.ecb.int/paym/t2s/progress/pdf/hsg/2012-01-03_2nd_T2S_Harmonisation_Progress_Report.pdf