Clearstream Chooses SWIFT to Connect to T2S in 2016

Clearstream has selected SWIFT’s Value Added Network (VAN) to connect to T2S in wave 3 in September 2016.

Mark Gem, member of the Clearstream International executive board says that the company chose SWIFT to connect to T2S because of the comfort Clearstream has from working with SWIFT in the past and because SWIFT will be able to provide reliable connectivity.

“We trust SWIFT as the proven connectivity specialist to do the part of the T2S work it is best at, namely messaging and financial telecommunication, so that we can focus on our core business engineering. SWIFT also offers us the potential to provide additional value-added services such as standards management and testing to further enhance our T2S offering,” says Gem.

In addition to adding Clearstream as a customer, SWIFT added SIX Securities Services, which will connect to T2S in wave 1 in 2015. The timing of joining T2S is not the CSD’s choice but comes rather from the guidance of the European Central Bank, which set up implementation waves based on each CSD’s size. Clearstream will account for about 40% of the volume in T2S.