Euroclear has successfully migrated its central securities depositories in Belgium, France and the Netherlands over to the TARGET2-Securities (T2S) platform.
VP Lux (Luxembourg) and VP Securities (Denmark) also made the transition this weekend, with T2S now processing 45% of the total transaction volume expected.
Euroclear reported that 343,898 balances and 122,519 pending instructions received from its clients were successfully migrated to the T2S platform.
Global Custodian reported last week that some industry participants believed this was the ‘defining moment’ on the T2S migration, with 25% of market volumes transitioning in this migration.
The biggest wave will be in February 2017 where Clearstream goes live. Euroclear Finland will also join T2S as part of the final wave scheduled for 18 September 2017.
“The T2S project is a significant undertaking for Europe’s financial community, bringing many opportunities for cross-border trading and enhanced liquidity management,” said Tim Howell, chief executive officer of the Euroclear group.
“Reaching this milestone has taken tremendous motivation and commitment by many people at Euroclear and by our client community, and I would like to thank them for their efforts. I would also like to extend my thanks to the ECB and regulators in partnering with us, and wish all involved continued success for the remaining waves.”