The European Central Bank has published its Fourth T2S Harmonisation Progress Report. The report presents the work carried out by the T2S community and the current status as of February 2014. It analyses the progress made in the last year and identifies gaps and obstacles that require further action.
The report notes that good progress has been made since the last reporting cycle in March last year regarding compliance of the T2S markets with the T2S harmonisation standards. In most cases, the good progress reflects the efforts of the T2S National User Groups which have reached agreement on detailed implementation plans, published dates for testing and migration readiness, and obtained confirmation or adoption of the necessary regulation by national authorities.
The report also notes that if the draft Regulation on central securities depositories (CSDR) is adopted by April two additional priority 1 standards will automatically be established and monitoring will begin (i.e. the legal framework for central securities depositories to outsource settlement services to a public body and a harmonised settlement cycle of T+2). However, if the CSDR adoption process does not progress as planned, the T2S Advisory Group will have to urgently reassess the impact on the T2S harmonisation agenda.
View Fourth T2S Harmonisation Progress Report, 19 March 2014