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Sub-group on Process Efficiency 1 st meeting, 17 Nov 2008 Frankfurt am Main

Sub-group on Process Efficiency 1 st meeting, 17 Nov 2008 Frankfurt am Main. T2S Project Team European Central Bank. Mandate of Sub-group on Process Efficiency. T2S Project Team European Central Bank.

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Sub-group on Process Efficiency 1 st meeting, 17 Nov 2008 Frankfurt am Main

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  1. Sub-group on Process Efficiency1st meeting, 17 Nov 2008Frankfurt am Main T2S Project Team European Central Bank

  2. Mandate of Sub-group on Process Efficiency T2S Project Team European Central Bank

  3. During its November 2007 meeting, the AG mandated TG1 to establish a list of issues that could benefit from harmonisation and that are related to T2S TG1 compiled three lists, which were presented to the AG in March 2008 List A – issues that has been harmonised and introduced in the URD already List B – issues that remain to be harmonised in the T2S context List C – wider market harmonisation efforts required in the post trade environment The Lists have been further developed based on the feedback received from market as well as after a level of agreement had been achieved among the market and relevant change introduced in the URD Background

  4. The Process Efficiency Sub-group should focus on the topics that Could be harmonised in the T2S context Have an impact on T2S system specification The Sub-group shall Assess the list of T2S harmonisation candidates Propose to the AG standardised T2S functional rules and practices on T2S harmonisation candidates taking into account the standards and recommendations developed by other European bodies and initiatives unless there are sound practical reasons why this is not appropriate Interact with and monitor the work currently done by other bodies and initiatives that also seek to achieve harmonisation in those specific items Present a proposal for solutions to the AG by end of July 2009 Mandate of the Sub-group on Process Efficiency

  5. The outcome of the Sub-group work should represent the consensus of its members whereas the final validation of the proposals is the responsibility of the AG The mandate of the Process Efficiency Sub-group expires at the end of 2009 and may be reviewed and renewed as required Participation Strictly personal Should a member be unable to attend a meeting, he/she will not be able to designate an alternative Regular attendance is a pre-requisite for membership in the Sub-group and membership will cease should a member be absent for at total of more than two meetings Whenever a member has left the entity he/she represents, his/her membership will cease with immediate effect and his/her entity may propose a substitute member to the AG Chairman Mandate of the Sub-group on Process Efficiency

  6. Milestones – specification phase 17 Nov PESG End July PESG report V.1 End Oct PESG report V.2 25 Nov AG 20/21 Jan AG 24/25 Mar AG 15/16 Jun AG Sept AG 8/9 Dec AG • The timing of the AG meetings are tentative • the Chairperson of the Sub-group shall report to the AG on progress made and seek guidance where required • The Process Efficiency Sub-group report with proposals • Version 1 shall be presented to the AG by end of July for discussions and suggestions • Version 2 (final) shall be presented to the AG by end of October

  7. Working procedures T2S Project Team European Central Bank

  8. Meetings Regular meetings Ad-hoc workshops Small teams Written procedures, if feasible Interaction with other initiatives and forums The Sub-group may consult relevant actors as considered necessary Mini-consultations Possibility to involve NUGs to better reflect the market needs Transparency All documents discussed by the Sub-group are posted on the ECB website In exceptional case, the Chairperson of the Sub-group may decide not to post individual document, if she/he considers such document to be of confidential nature Envisaged working procedures

  9. T2S harmonisation candidates T2S Project Team European Central Bank

  10. THANK YOU

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