On 16 July 2009, central securities depositaries (CSDs) within the Euroclear group signed the T2S Memorandum of Understanding (MoU) within the Eurosystem. In signing the MoU, each CSD agreed to provide the Eurosystem by 30 September 2009 with a general description of the envisaged adaptation process by which its community would join T2S (TARGET2-Securities).

Euroclear believes that such an adaptation process requires a dialogue with clients and other stakeholders on the implications of T2S on the services and products that are offered by the Euroclear CSDs.

Euroclear has now published a white paper which is its public contribution to the adaptation process required under the MoU and aims to describe how Euroclear’s rephrased Single Platform will connect with T2S for the services offered by the group CSDs, based on the T2S scope as described in the T2S User Requirements Document version 4.2.

Euroclear’s objective is to outsource to T2S in such a way that maximum savings (through decommissioning) are realised and services and service levels remain as they are as far as possible. Euroclear also wants to create a detailed understanding of the technical consequences of T2S on its Single Platform, which is shared by seven national markets.

Whilst the white paper is not a consultation paper Euroclear welcomes clients’ reactions on the issues described in it, especially if any of the conclusions are not in line with clients’ expectations of the introduction of T2S.

View T2S White Paper, 1 October 2009