Clearstream completes T2S migration

Clearstream has completed its migration to the ECB’s T2S project as part of wave four taking total volumes on the platform to over 80%.
By Paul Walsh
Clearstream said it has successfully migrated to the European Central Bank’s (ECB) TARGET2 Securities (T2S) platform.

As the largest T2S participant Clearstream has added around 40% to the overall volume on the ECB’s settlement platform.

Along with Clearstream, the central securities depositories (CSDs) of Hungary, Slovenia, Slovakia, Austria and Luxembourg have also successfully migrated to the platform.

Completion of wave four of the project means that more than 80% of total volumes have now migrated to the platform.

“The successful conclusion of the fourth T2S migration wave brings T2S very close to the finishing line, taking Europe a crucial step forward towards a harmonised settlement landscape”, says Berthold Kracke, CEO of Clearstream Banking.

“As of 6 February, our clients will be able to consolidate all eligible assets at our central securities depository Clearstream.”

As part of its T2S offering, Clearstream will now aim to offer improved liquidity and collateral management services as well as more competitive CSD and international central securities depositories (ICSD) services.

These services are set to include settlement in commercial and central bank money, harmonised connectivity through a single interface as well as the ability to pool liquidity.

The project is set to complete its final wave in September with CSDs from Estonia, Latvia and Lithuania as well as Euroclear Finland and Iberclear set to migrate in wave five.