WORK STREAM 1: T2S SCOPE AND SCHEDULE ACTION PLAN

Transcription

1 TARGET2-SECURITIES PROJECT TEAM WORKING DOCUMENT 20 August 2007 T2S/07/0004 DRAFT V1.0 WORK STREAM 1: T2S SCOPE AND SCHEDULE ACTION PLAN 1. Introduction The Scope and Schedule (S&S) Work-Stream (WS), aims at preparing and delivering this part of the user requirements (UR TG1) dealing with the scope of businesses (including securities and other financial instruments, currencies and external interaction etc) covered and offered by T2S. It also aims at contributing to the description of the overall flow of processes in the context of a high level functional architecture as well as the schedule of the T2S business day. The present note includes the key deliverables and dates for the WS and its associated Technical Group (TG) during the UR phase. Finally a section on the strategy of how to achieve its goals is presented. 2. TG Mandate In conjunction with the work to be undertaken by the TG1 on the T2S Scope and Schedule, WS1 will cover at least the following topics Table 1: Topics covered by TG1: T2S Scope & Schedule Proposed Topics 1. Securities categories 2. Settlement currencies

2 3. Types of transactions 4. Overall Process Flow 5. Interaction with External CSDs 6. General structure of the operational day 7. Specific deadlines 8. Availability of interfaces and structure of operating hours 9. Start of day procedures 10. End of day procedures For a more detailed analysis on the mandate of TG1, including dependencies with other TGs, please refer to the attached document: _TG1Mandat e_v1.0.doc [TO BE UPDATED IF NECESSARY] These topics are derived from the initial TGs mandates as presented to the ECB Governing Council and the T2S Advisory Group (AG). Should the need emerge to complement or amend the list substantially, guidance and further validation should be sought by the AG. 3. Key Dates and Deliverables The action plan of WS1 is constrained by the following time dimensions: 1. First draft of the T2S UR has been announced for first publication and subsequent market consultation by end 2007 (delivery to the ECB Governing Council by 30 Nov 2007). 2. All TGs are reporting to the Advisory Group (AG) in accordance with the calendar set up by the Coordination Group 1. Within this general timeframe, the key deliverable would be this section of the User Requirements Document (URD) associated with the mandate of TG1, i.e. the UR TG1. A draft of this deliverable will be presented to all AG meetings together with a progress presentation on the work undertaken. The November AG meeting will be most probably reserved for discussing the umbrella document of the URD 1 The role of the Coordination Group (CG) is to: solve any problems of competence between the TGs, ensuring that there are no gaps or overlaps between them; help the Chairperson of the AG to establish the agenda of the AG. The CG is chaired by the AG Chairperson who is assisted by the Secretary of the AG. In addition to the Chairperson and the Secretary, the CG is composed of the chairpersons of the TGs. Page 2 of 8

3 encompassing all WSs deliverables. The working document may itself be divided in more documents, based on the topics as stated in the mandate. Prior to the final market wide publication, UR have to go through a series of validation steps according to Eurosystem and T2S Rules and Procedures. Such validation steps impose that 1. draft versions of UR TG1 are delivered to the AG Chairperson by Tue 17 July, Thu 6 September, Mon 8 October 2007; 2. Final UR TG1 is delivered to the AG Chairperson by Wed 14 November 2007; 3. the Final Draft of T2S URD is delivered to the ECB Governing Council by 30 November Strategy Aim An adequately defined and market supported UR TG1 on the T2S Scope and Schedule given the time constraint and AG mandate Tools 1. One Deliverable Dossier (Draft UR TG1) and Progress Presentation for each July/September/October AG meetings. It is proposed that the TG1 Chairperson(s) deliver a Progress Presentation of the TG1 work plus a draft of the URD in three AG meetings (July, September, October). This is not a fully fledged progress report but a presentation of the state of play of the work undertaken in TG1. The deliverable dossier for the July AG meeting will most probably concentrate in the market feedback to the Consultation Paper and its impact on TG1 work (deadline for feedback: 27 June 2007). The AG presentation is also the opportunity for asking guidance/validation where appropriate. The November AG meeting will be most probably reserved for discussing the umbrella document of the URD encompassing all WSs deliverables. 2. Broad and continuous contact with the market (NUGs). Draft Working documents (excluding Mandates and Actions Plans) to be circulated to NUGs in parallel to TG1 members. Some of them in the form of proper three week consultation/surveys as stated in the Organisation Note and some for general info and potential commenting. 3. Parallel progressing of the WS1 deliverables. It could be assessed whether the two main subdeliverables within the WS1 s Working Document (Scope and Schedule) could be split in two or more parallel processes. The Scope deliverable is already broadly defined by the T2S Principles Paper and the ECB Governing Council decisions. No major amendments are expected here. A survey planed to be launched in mid July should provide the base for re-confirming its Page 3 of 8

4 assumptions. On the other hand, the Schedule sub-deliverable requires detailed gap analysis of the proposed T2S Timetable (see Operational Feasibility) and the existing frameworks of CSDs/markets. Structure The WS1 s targets will be achieved via the work undertaken in the TG1 and the associated Drafting Group () at the ECB: - TG1 as defined by the Governing Council s decision on the organisation of the first phase of the T2S project of April 26 th, 2007, and operating in line with the Rules of Procedure (published on 22 May 2007). It is also responsible for preparing the UR TG1 as described by its mandate and further elaborated in the Explanatory Note and for reporting to the AG; - at the ECB, is the leader drafter of the UR TG1 and is acting as a communicator between the T2S Project Team and the various stakeholders of the project in reference to the mandate of TG1. TG1 is composed of: 1. Uwe Preser (Deutsche Bank) and Christopher Rowland (JP Morgan) - Co-Chairmen 2. George Kalogeropoulos (ECB) - Rapporteur 3. Didier Hermans (Euroclear ) 4. Jesus Sanchez (Iberclear) 5. Rodolfo Colombo (Monte Titoli) 6. Mark Cunningham (Clearstream) 7. Nicos Porfiris (HELEX) 8. Lars E. Olsson (NCSD/VPC) 9. Anne Grimaldi (CACEIS) 10. Federico Viola (Banca Intesa) 11. Adriano Capretta (Banca di Roma) 12. Andre A. Wit (ABN Amro) 13. Marcello Topa (Citigroup) 14. Gunther Schnaitt (Bank Austria Creditanstalt) 15. Jose Luis Rebollo Palomero (CECA) 16. Tibi Marc (BNP Paribas) 17. Wilfried Blaschke (Commerzbank) 18. Lian Thurlow (Goldman Sachs Int) 19. Jane Levi (Merill Lynch) 20. Damien Roegiers (Euronext) 21. Alessia Tirassa (MTS Spa) 22. Pierre-Dominique Renard (LCH-Clearnet) Page 4 of 8

5 23. Jesus Perez Bonilla (Banco de España) 24. Vincent Bonnier (Banque de France) 25. Ariena J. van Wageningen (De Nederlandsche Bank) 26. Marc Ronkar (Banque Centrale du Luxembourg) 27. Helen Young (Central Bank and Financial Stability Authority of Ireland) is composed of: 1. George Kalogeropoulos 2. Mehdi Manaa 3. Debi Datta 5. Action Plan Table 1 presents some key deliverables and dates in order to achieve the goals highlighted in section 3. It covers the period from the TG1 nominations (May 2007) to the UR delivery to the ECB Governing Council (30 November 2007). Another working assumption used is the launch meeting of TG1: 11 June The draft proposal should be regularly reviewed and validated by its major stakeholders: T2S Programme Manager, UR Coordinator, TG1 Chairperson(s). The proposed dates for holding TG1 meetings are green coloured. The tentative dates of the AG meetings are red coloured. Blue is used for contacting the market (Survey and consultation). Table 1: Draft Action plan of WS1 (key deliverables and dates) MAY 2007 Step Responsibility Targeted date Status Nomination of TG1 members Nomination Committee Mon 14 May 2007 Done Nomination of TG1 Chairperson(s) AG Tue 22 May 2007 Done JUNE 2007 Production of Explanatory Note on Mon (delivery Done TG1 Mandate to TG1) Production of WS1 Action Plan Mon 4 June 2007 (delivery to TG1) Done Page 5 of 8

6 Production of UR: TG1 Outline and Draft 1 Take note/comment on Explanatory Note on TG1 Mandate Take note / Comment on WS1 Action Plan Discuss the UR: TG1 Outline and Draft 1 Mon 4 June 2007 (delivery to TG1) TG1, Mon 11 June 2007 (1 st TG1 meeting) On track Delivery of Draft 2 of UR: TG1 to TG1 Wed 20 June2007 Reviewing of Draft 2 UR: TG1 Discuss NUGs Consultation on T2S Scope Schedule TG1 Wed 26 June 2007 (2 nd TG1 meeting) Feedback on Consultation Paper (T2S:Principles and Proposals) Launch Survey on T2S Scope with NUGs TG1 Deliverables to AG Chairperson (Draft 3 of UR: TG1) Communication WS, JULY 2007 Wed 27 June 2007 (cob) Mon 9 July 2007 (cob) Tue 17 July 2007 (cob) TG1 Deliverables to AG:, Mon 23 July Draft of Draft 3 of UR: TG1 2. Authorisation for NUG consultation TG1 Progress Presentation + Draft 3 of UR: TG1 to AG meeting, TG1 Chairperson Tue 31 July Wed 1 Aug 2007 (2 nd AG Meeting) AUGUST 2007 Page 6 of 8

7 Deadline for NUG responses on Scope Survey Mon 13 Aug 2007 (cob) Delivery of Draft 4 UR:TG1 to the Technical Group Launch NUGs (proper three week consultation) on T2S Schedule, Tue 21 Aug 2007 (cob) Fri 31 Aug 2007 (cob) Reviewing of Draft 4 of UR: TG1 TG1 Tue 28 August 2007 SEPTEMBER 2007 (3 rd TG1 meeting) Deadline for Receiving NUG feedback Fri 21 Sept 2007 (cob) Delivery of Draft (4.x) UR: TG1 to AG Chairperson Thu 6 September 2007 Delivery of Draft 5 UR: TG1 (Scope of business and Schedule) to AG TG1 Progress Presentation + Draft 5 UR:TG1 to AG meeting, TG1 Chairperson Wed 12 September 2007 Thu 20 Fri 21 September 2007 (3 rd AG Meeting) OCTOBER 2007 Delivery of Draft 6 UR: TG1 to Tue 9 October 2007 TG1 and NUGs (for info and comments BUT not for proper consultation) Reviewing of Draft 6 UR: TG1 TG1 Tue 16 October 2007 (4 th FINAL TG1 meeting) Page 7 of 8

8 Delivery of Draft 6 UR: TG1 to AG Chairperson Mon 8 October 2007 (cob) TENTATIVE DATE Delivery of Draft (6.x) UR: TG1 to AG Fri 12 October 2007 (cob) TENTATIVE DATE TG1 Progress Presentation +, TG1 Tue 23 Wed 24 TENTATIVE DATE Draft 7 UR: TG1to AG meeting Chairperson October 2007 (4 th AG Meeting) (pending Meeting Room availability) OR October NOVEMBER 2007 Deliver Draft 7.x UR: TG1 to AG Chairperson Deliver Draft 8 (final) UR: TG1 to AG Wed 14 October 2007 Tue 20 Nov 2007 TG1 Draft 8 (Final) UR: TG1 to AG meeting First Draft of the General T2S URD to be delivered to the ECB GovC T2S Programme Manager, UR Coordinator T2S Project Sponsor/AG Chairman, T2S Programme Manager Wed 28 Thu 29 December 2007 (5 th AG Meeting) Fri 30 November 2007 DECEMBER 2007 Page 8 of 8