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.
Regulatory and operational costs factors may require regional CSDs to band together and overcome these new pressures.
Euroclear has now been granted six licenses for its various CSDs in Belgium, Finland, France, the Netherlands and Sweden.
The new connection aims to facilitate cross-border settlement in TARGET2 Securities (T2S) markets, giving easier access to Baltic securities.
Clearstream went live with the InvestorCSD model last year with the aim of providing banks a single access point to both T2S and its ICSD services.