Clearstream reveals successful T2S dress rehearsal

Clearstream has successfully completed a migration dress rehearsal in Germany and Luxembourg in preparation of their planned migration to the TARGET2-Securities (T2S) platform.

The test was conducted between 30 September and 2 October alongside the Eurosystem, SWIFT and all wave four central securities depositories (CSDs) and central banks.

The fourth wave of T2S represents around 40% of the overall volumes, due to migrate in February 2017.

A statement from Clearstream revealed that its systems and operational processes performed in a “reliable and safe manner” with all necessary tasks completed on time.

Final testing before the planned migration date is scheduled to take place in December 2016 in “production-like” environments at Clearstream and the European Central Bank.

Global Custodian reported earlier this year that Clearstream’s client testing for its T2S implementation suffered a setback in its third set of community tests.

It later emerged that the testing issues were “external” and would not affect its scheduled implementation date as part of wave four of the initiative.

Wave three of the project successfully took place in September with Euroclear’s CSDs in Belgium, France and the Netherlands joining VP Lux (Luxembourg) and VP Securities (Denmark) in transitioning to T2S.