In 2009 the France Liaison Group focused on the Target 2 Securities (T2S) project and changes arising from the SP programme (both custody and settlement) through eight meetings and two programmes that are now crucially linked.
As regards T2S, the France Liaison Group widely disseminated the findings of the various working groups and validated responses to the Process Efficiency Sub-group’s proposals.
It also carried out a comparison between various documents produced by the ECB (URD and GFS) to check that feedback from the French market had been taken into account.
Regarding Euroclear France, the France Liaison Group coordinated responses to the various consultations on collateral management as well as studying and subsequently validating the option of applying past settlement dates.
The last few months of 2009 were spent preparing the French market’s response to the SPTM Blueprint and T2S White Paper produced by Euroclear France, which set out the path to be followed for the next five years for securities services in Europe.
This last issue will remain on the agenda in 2010, together with a few matters still requiring clarification in connection with the links between SPTM and T2S.