ESMA have suggested the scope of the rules should include oversight of T2S and of third-country CSDs operating settlement services in the EU.
Local sub-custody providers have faced a challenging environment amid growing competition from global custody banks and increased regulatory costs.
Clearstream can now offer custody and settlement services for banks and their cross-border transactions in 99% of all T2S-in securities.
The launch of the Finland direct custody service marks the completion of a 14-year build-out of its Nordic sub-custody business by the US bank.
ECB decided to push back project to replace TARGET2 with a new real-time gross settlement, while also delaying the new Eurosystem Collateral Management system.
ECB releases annual statement with transactions value and volumes data and updates on other initiatives.
The associations said the industry would not be able to make the changes to adapt to the planned consolidation of T2 and T2S by November 2021.
The endorsement comes two months after the ESMA stated it would postpone enforcing CSDR's settlement discipline regime following an industry-wide lobby.
T2S earns praise for performance during market volatility in March where daily settlements almost doubled.