The lack of harmonisation in the post-trade environment is today a big issue for Europe, as it increases costs and risks particularly in the cross-border environment. In this respect, Target2-Securities (T2S) is a large infrastructure project that was launched by the Eurosystem in 2007 to stimulate cross-border settlement harmonisation.

T2S will significantly reshape the European post-trading industry by providing a single pan-European platform for securities settlement in central bank money. T2S will ensure real-time DvP and settle across borders by employing the so-called “integrated model”: both securities accounts and cash accounts will be integrated on one single IT platform, so that only one interface will be necessary between the CSDs and the T2S platform. For further information on the T2S project, please refer to the ECB website – T2S.

Collateral Central Bank Management (CCBM2) was launched by the Eurosystem in 2006 to review the current Eurosystem collateral management handling procedures by developing a single platform for the use of collateral. CCBM2 aimed to ensure that all assets eligible for use, either in monetary policy operations or to obtain intraday liquidity in TARGET, are available to all its counterparties – regardless of where in the euro area the assets or the counterparty are situated. Further information on the CCBM2 project can be found on the ECB website – CCBM2.

Work on the two projects was conducted in parallel in order to exploit all possible synergies and avoid any overlap. However, on 15 June 2012 the Governing Council of the ECB decided to discontinue the preparations for the CCBM2 project in its current form. To see the related ECB press release, click here.


ICMA contributions to the projects:

15 August 2008
ICMA European Repo Council ERC feedback statement

24 April 2008
ICMA European Repo Committee response to the CCBM2 URD

7 April 2008
ICMA European Repo Committee response to the ECB consultation paper on ‘T2S User Requirements Documents’

18 December 2007
Joint Letter by the ERC, Clearstream and Euroclear to the ECB on the Integration of Tri-Party Services in CCBM2

22 November 2007
ICMA & ESF & other associations’ note on the T2S Draft User Requirement Document

22 November 2007
ICMA & ESF & other associations’ note on national specificities in T2S

19 September 2007
Presentation by Jean-Michel Godeffroy (ECB) to the ERC Council

22 June 2007
Response from the ECB (Mrs. Tumpel-Gugerell) to the ERC

11 May 2007
ICMA European Repo Committee Letter to the ECB on Repo Market Representation in T2S Committees

27 April 2007
ICMA, ESF & LIBA Letter to the ECB on Securities Sector Representation in T2S Committees

23 March 2007
ICMA & ESF & other associations’ Comments on T2S Governance Proposals

22 March 2007
ICMA European Repo Committee Letter on T2S Steering Committee

31 January 2007
ICMA European Repo Committee Letter on T2S Governance

31 January 2007
ESF Comments on T2S Governance

19 January 2007
ESF Comments on T2S Feasibilty Study

10 January 2007
ESF Assessment of T2S Impact Analysis

4 January 2007
ESF Input to T2S Feasibility Study

4 October 2006
Presentation by Marc Bayle (ECB) to the ERC Council

15 September 2006
ICMA European Repo Committee Response to ECB on T2S Project