CESR established CESR-Tech in May 2006 in order strengthen its information technology governance structure. This working group will enable CESR to work on IT related issues quickly, efficiently and in a manner that allows for necessary IT project management to be used for IT projects that CESR undertakes in conjunction with its Members.
CESR–Tech is established to deal with any form of pan-EU IT project stemming from EU legislation (either current or future) and any other area where CESR Members consider it necessary or useful to work together on IT issues.
CESR-Tech is composed of senior CESR representatives who have experience, knowledge and expertise in IT project management, financial markets, and supervisory related issues.
The main tasks of CESR-Tech are:
• Allocation and use of IT budget on a project by project basis;
• Operational issues related to the management and running of IT projects;
• Technical issues that arise during the course of specific projects;
• Setting up of operational working method necessary to achieve its objectives.
The first major IT project for CESR-Tech is a project for the exchange of transaction reporting between CESR members in accordance with article 25 of the MiFID. This project started in June 2006 and the exchange mechanism will be up and running in autumn 2007.