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The ECB published a progress report on TARGET2-Securites. The report reviews the progress made so far on the definition of the T2S user requirements and the outcome of the public consultation on the “General principles and high-level proposals for the user requirements”.
Areas of discussion will focus in the coming weeks in particular on the extent to which the efficient use of T2S functionalities will allow CSDs to downsize their present settlement infrastructure and reduce costs, and the the extent to which users and CSDs will provide their assessment of the project before the Governing Council of the ECB decides to enter into the next phase of the project.
The overall conclusion is that the T2S project is progressing well and according to the envisaged project plan. In line with this plan, the ECB expects to submit the draft T2S User Requirements Document for a three-month public consultation towards the start of 2008.