TARGET2-Securities

Organisational structure for the specification phase:

The organisational structure for the specification phase largely corresponds to the model applied during the first phase of the project. The interests of the Eurosystem, the central securities depositories and users should be properly represented in this phase as well.

Advisory Group

During the specification phase, the Advisory Group has the following tasks

• Ensuring that the General Functional Specification and the User Detailed Functional Specification comply with the user requirements adopted in July 2008.
• Assisting in further defining the legal framework and the framework used for pricing.
• Continuing to work towards further harmonisation in the area of securities settlement

The Advisory Group may set up sub-groups for the purpose of supporting its work.

Composition of the Advisory Group

• Chair and secretariat (ECB)
• An equal number of representatives from the national central banks, the central securities depositories and users, seats only being allocated to those central securities depositories which have declared their willingness to support TARGET2-Securities and to make a contractual commitment to use TARGET2-Securities in the first quarter of 2009.
• One representative from the EU Commission
• In addition, representatives from other interest groups (eg European banking associations) as non-voting observers.

National User Groups

With a view to guaranteeing that market participants are involved in current debate on the broadest possible basis, the national central banks have set up National User Groups (NUGs) comprising the Advisory Group members of the respective country and representatives from that country’s national market. The mandate and the members of the German NUG are listed in the documents below.