Governance

The T2S project is owned by the Eurosystem. It is run by four Eurosystem central banks – those of France, Germany, Italy and Spain – with the ECB coordinating. The groups below support the Eurosystem in running T2S as part of the governance framework.

Market Infrastructure Board (MIB)

The Market Infrastructure Board manages the day-to-day running of T2S and the other TARGET Services. It also liaises with market stakeholders through the T2S governance structure.

AMI-SeCo

The Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo) brings together market participants and the Eurosystem, allowing them to engage in active dialogue on issues related to the clearing and settlement of securities and to collateral management. It took over the responsibilities of the T2S Advisory Group.

Market and technical groups

The Market Infrastructure Board and AMI-SeCo are supported by the following market and technical groups:

• CSD Steering Group (CSG)
• Change Review Group (CRG)
• Directly Connected Parties Group (DCPG)
• Operations Managers Group (OMG)
• Project Managers Group (PMG)
• Sub-group Message Standardisation (SGMS)
• T2S National Stakeholder Groups (NSGs)
• Harmonisation Steering Group (HSG)
• Corporate Actions Sub-group (CASG)
• Cross-Border Market Practices Sub-Group (XMAP)
• Non-euro Currencies Steering Group (NECSG)
• The Collateral Management Harmonisation Task Force (CMH-TF)