Project Structure

T2S is a centralized settlement platform designed by the ECB aiming to provide CSDs across the European Union with a harmonized settlement service.

The T2S project is owned and implemented by the Eurosystem, with a close involvement of all relevant stakeholders. The overall responsibility for T2S is held by the ECB decision-making bodies. Monte Titoli attends all the bodies within the Governance Framework: T2S Board, CSD Steering Group (CSG), T2S Advisory Group (AG), the technical groups and the National User Groups (NUG). For further information on the T2S governance, please visit the section of ECB's web site dedicated to T2S.

Monte Titoli's involvement in the T2S Project Team

Monte Titoli has been actively involved in the T2S project since its inception in 2006:

  • participation in all of Eurosystem workshops to help define user requirements;
  • full involvement in Eurosystem negotiation for the underwriting of the Framework Agreement;
  • coordination at national level through the Italian National User Group (NUG chaired by Bank of Italy with the aim to agree, with all actors involved in the adaptation process to T2S, the milestones of the projects and achieve successful migration).
  • creation of specific working groups:
    - Functional Group: to define the functional system interventions;
    - Testing Group: to organise the tests;
    - Migration Group: to prepare the migration to T2S.
  • road Map to T2S planned with our clients.

 T2S: from 2015 until 2017

So far 24 European CSDs have committed to joining T2S across four separate migration waves in order to limit market disruptions. Monte Titoli will be the first major European CSD to enter the Target2-Securities system during the first migration wave.