Common use of Multilateral Character of T2S Clause in Contracts

Multilateral Character of T2S. 1 The Parties acknowledge that T2S is multilateral in character in that it aims at facilitating European post-trading integration by supporting cash and securities settlement in Central Bank Money, thereby combining the interests of Participating CSDs, Central Banks and all other T2S Actors. The Parties agree that actions that would have a material negative im- pact on any of the CSDs participating in T2S or would not be in line with the aim of achieving securities settlement in Central Bank Money are incompatible with the Multilat- eral Character of T2S. The T2S Services shall be provided to CSDs participating in T2S on the basis of uniform requirements and Governance rules, which include a framework for Specific Changes. The Contracting CSD acknowledges that the Eurosystem will offer Par- allel Framework Agreements to all CSDs that are eligible to use the T2S Services in ac- cordance with the conditions set out in Article 5.