Source: European Central Bank
The T2S Board has confirmed that the Eurosystem is ready to start user testing as scheduled on 1 October 2014.
The decision was made at the meeting of the T2S Board on 29 August. It was based on, among other things, an assessment of the results of Eurosystem Acceptance Testing. The purpose of this testing phase was to ensure that the T2S platform is of the required quality and compliant with the scope-defining documents. "The defects identified during Eurosystem Acceptance Testing were not considered critical and their resolution is being pursued with full dedication", said Jean-Michel Godeffroy, Chairman of the T2S Board. The results have been shared with the central securities depositories and national central banks.
The Central Securities Depositories Regulation (CSDR) was published in the Official Journal of the European Union on 28 August 2014. It will enter into force on 17 September 2014.
This new piece of legislation provides a set of common requirements for CSDs operating securities settlement systems. The CSDR will reduce the regulatory complexity for market operators and CSDs to operate on a cross-border basis, thus promoting competition between CSDs.
T2S will provide the operational/technical framework to make all of this possible.