CESAME 2 group

The “CESAME 2” Group is to follow up the work of the well-known “CESAME Group” (the European Commission’s Clearing and Settlement Advisory and Monitoring Expert Group), whose mandate expired on 16 June 2008. CESAME 2 is to carry the momentum built by CESAME in order to achieve the goal of a barrier-free Single European Market for clearing and settlement of securities transactions. The new CESAME 2 Group is composed of 30 high-level representatives of various, mainly private-sector, bodies involved in post trading, along with observers from public authorities.

Presentation of the group
Meetings
Subgroup on Harmonisation of Settlement Cycles

Presentation of the group

Press release (08.04.2008)
Mandate
List of members

Meetings

Date	Documents
02.03.2010	Agenda Report Participants *Commission presentations:* Note on future of CESAME?2 *Members’ presentations and documents:* Barrier 1 – Standard setting , SWIFT Barrier 1 – Implementation Update , SWIFT Barrier 3 – General Meetings , Joint Working Group on General Meetings Barrier 3 – Corporate Actions and T2S Rules, Corporate Action Joint Working Group Barrier 3 – Implementation of Market Standards for Corporate Actions Processing , Corporate Action Joint Working Group Barrier 6 – Harmonisation of Settlement Cycle , Harmonisation of Settlement Cycles Working Group Barrier 6 – Update , Harmonisation of Settlement Cycles Working Group Barrier 6 – Minutes of 6^th Meeting of HSC Working Group , Harmonisation of Settlement Cycles Working Group *Official observers’ presentations:* T2S status update and progress on harmonisation work , ECB *Guests’ presentations:* Focus on “Barrier 16”: Netting , E. Murray (Allen & Overy) Country Report on Netting , Allen & Overy High Frequency Trading for C?&?S, S. Gemuenden (RTS Realtime Systems)

20.10.2009	Agenda Report Participants Commission presentations: An Update on Giovannini Barrier 3 Draft securities legislation: Outcome of the Public Consultation Securities Law Directive: Section 4 on Free choice of CSD by the Issuer Members’ presentations and documents: Barrier 1 – Implementation Update , SWIFT Barriers 2?&?10 and 4?&?7 – Update on work to address CSD – ICSD interconnectivity issues , SIFMA, ICMA Barrier 3 – Market Standards on General Meetings , Joint Working Group on General Meetings Barrier 3 – Market Standards for Corporate Actions Processing , Corporate Actions Joint Working Group Barrier 3 – Implementation status report , Corporate Actions Joint Working Group Barrier 6 – Status Update , HSC Working Group Barrier 6 – Minutes of the 2^nd meeting HSC Working Group Barrier 6 – Participants list of the 2^nd meeting, HSC Working Group Barrier 6 – Minutes of the 3^rd meeting , HSC Working Group Barrier 6 – Participants list of the 3^rd meeting , HSC Working Group *Official observers’ presentations* T2S status update and progress on harmonisation work , ECB Securities Reference Data Utility: An outline of the concept , ECB Guests’ presentations LinkUp Markets , LinkUp Markets

08.06.2009	Agenda
	Report
	Participants

	Commission presentations
	Barrier 3 – Interactions between standards and legislation
	EU legislation on legal certainty of securities holding and transactions
	Draft economic case on the FISCO proposal

	Members’ presentations and documents
	Harmonisation of Settlement Cycles Working GroupAn update on Giovannini barrier 6
	Minutes of the first meeting of the Working Group
	Participants list of the first meeting of the Working Group
	Update on work to address Barriers 2&10 and 4&7 ECSDA, SIFMA, ICMA:
	Interconnectivity Evaluation
	Monte Titoli:Interconnectivity issues of the Italian market
	SIFMA, EPDA:Restrictions on Locations of Clearing and Settlement in the European Government Bond Markets
	Joint Working Group on General MeetingsBarrier 3: Corporate Actions – Market Standards on General Meetings
	Consultation on market standards for general meetings
	Corporate Actions Joint Working GroupBarrier 3: Corporate Actions – Market Standards for Corporate Actions Processing
	SWIFT:Countdown to 2011: Are you ready to break the Giovannini Barrier?

	*Official observ*ers’ presentations
	ECB: ESCB-CESR Recommendations for Securities Settlement Systems and Central Counterparties
	CEBS: CEBS work on custodian banks

09.02.2009	Agenda
	Report
	Participants

	Commission presentations
	An update on Giovannini barrier 6
	EU legislation on legal certainty of securities holding and transactions

	Members’ presentations
	SIFMA: Barrier 6 – Differences in standard settlement periods
	ECSDA, SIFMA, ICMA:Barriers 4 & 7, 2 & 10 – Update

	*Official observ*ers’ presentations and documents
	ECB: T2S – Status update and work on harmonization
	CEBS: CEBS work on custodian banks
	CEBS: CEBS’s response to the ECOFIN’s request on custodian banks

	Background documents
	December ECOFIN Council Conclusions on Clearing and Settlement(the draft was adopted without changes)

20.10.2008	Agenda
	Report
	Participants

	Commission presentations and documents
	An update on Giovannini barrier 2
	Barrier 3 – Introduction
	Legal aspects of Barrier 3 – Advice of the LCG (presentation)
	Legal aspects of Barrier 3 – Advice of the LCG (document)
	Barriers 13 and 9 – Advice of the Legal Certainty Group
	Exchange-traded derivatives
	OTC Clearing

	Members’ presentations
	European Repo Council:Revisiting Barriers 2, 9 & 10 – Practical impediments to clearing and settlement
	EuroCCP:Barrier 2: Location of Clearing and Settlement
	Corporate Actions Joint Working Group:Barrier 3: Corporate Actions – Draft Market Standards for Corporate Actions Processing
	Joint Working Group on General Meetings:Barrier 3: Corporate Actions – Part 2: Market Standards on General Meetings, Progress Report
	ECSDA, SIFMA:Barrier 7: Different opening hours for investors – Timetable / Milestones
	Eurex Clearing:European OTC Central Counterparty for clearing services in OTC Derivatives
	LCH.Clearnet Group:SwapClear

Subgroup on Harmonisation of Settlement Cycles

Date	Documents
27.05.2010	Meeting Minutes
	Implementation and Monitoring Plan

01.07.2010	Conference Call Minutes

21.09.2010	Conference Call Minutes
	Background documentation
	- The role of settlement cycles in corporate actions processing
	- Harmonisation of Settlement cycles: Reasons why T+1 was not considered as a valid option.
	- The case for harmonising settlement cycles