T2S documentation

This page provides direct links to some of the key technical and functional documentation for T2S from Monte Titoli and the ECB.

The purpose of this document is to give an overview of the services currently offered by Monte Titoli and to agree and formalize with Monte Titoli’s community the User Adaptations Required to support those services in the new Target-2 Securities context.

The Business Process Description (BPD) describes and illustrates the business processes involving CSDs, Central Banks and other technically directly connected parties and their interaction with T2S.

The user requirements posted on the ECB’s website define the features required by CSDs and financial market participants for core, borderless and neutral settlement of securities in Europe.

The User Detailed Functional Specifications (UDFS) are part of the deliverables produced for the specification 2 phase of T2S project. The diagram below presents an overview of all these deliverables allowing T2S Actors 3 to understand how requirements described in the T2S URD are implemented in T2S.

The T2S deliverables for the specification phase are considered as documents aiming at allowing users to understand how services described in the T2S User Requirements Documentation will be provided by the T2S platform.

The ECB Framework Agreement was published in November 2011 following the endorsement of the Governing Council. The Framework Agreement sets out the contractual rights and obligations of the Eurosystem and each contracting CSD, and covers the development and operation of T2S. On 8th May 2012 Paolo Cittadini (CEO Monte Titoli) signed the ECB Framework Agreement.

The Clients Training Plan defines the communication and formative initiatives offered by Monte Titoli to its community, in order to support an harmonic and smooth transition to T2S for its Participants.

Technical documentation (message layouts, ...) are available in MyStandards and MT-X. If you don't have access to these repositories, please contact us at: