T2S Release R2025.SEP – Introduction on 22 September 2025 – Update
Note: This Announcement, originally published on 27 March 2025, has been updated to confirm the successful implementation of the bug fixes in the T2S client simulation environment UTEST and to deliver the complete scope of PBIs. Changes have been highlighted.
Clearstream Banking AG1 informs clients about the TARGET2-Securities (T2S) Problem Release in September 2025 (R2025.SEP). According to the T2S Release Concept, the resolution for various T2S Problem Tickets (PBIs) will be deployed on
Saturday, 20 September 2025
for business day Monday, 22 September 2025
The TARGET2-Securities (T2S) Problem Release in February 2026 has been cancelled to extend the testing period for the first step in the ISO unfreeze strategy of T2S to be applied in the T2S R2026.JUN Release.
T2S Release R2025.SEP – Scope
Based on the T2S status reporting in the beginning of August 2025, the T2S Problem Release in September 2025 is planned to solve 27 Problem Tickets in production. 11 of them are relevant for CBF clients operating in ICP or (cash) DCP mode. CBF recommends clients to check the PBI list attached.
CBF’s assessment related to these Problem Tickets shows that the fixes will not require any changes in CBF’s software.
T2S Release R2025.SEP – Transition plan
The Market Infrastructure Board (MIB) will decide on the deployment of T2S Release R2025.SEP to production based on the outcome of the testing campaign.
The implementation of the software will take place during the weekend’s T2S maintenance window – meaning that currently no changes to the T2S Operational Day are expected for the End of Day (EOD) procedure on Friday, 19 September 2025, or for the start of business day, Monday, 22 September 2025.
The below table provides an overview of the T2S milestones during the upcoming month:
T2S Service Transition Plan
Activity for T2S Release R2025.SEP | Date |
End of testing of scope elements in UTEST | Wednesday, 3 September 2025 |
Deployment to Production environment | Saturday, 20 September 2025 |
Client simulation
The updated software for T2S Release R2025.SEP has been installed on Wednesday, 13 August 2025, in the T2S Pre-Production Environment (UTEST). CBF clients can test in a free simulation mode from 15 August to 3 September 2025.
DCPs can test in T2S client simulation environment UTEST.
ICPs can test in the CBF client simulation environment (IMS23). The already established static data for CBF accounts and the related connectivity settings remain unchanged. For regression testing, send an email to connect-test@clearstream.com to be registered as tester and to receive more details about the simulation requirements.
For details about the availability of the client simulation environment UTEST, please refer to Availability and schedules of the client simulation.
Further information
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer. Questions related to the technical connection can be addressed to Connectivity Support. Particular questions related to the production launch in September 2025 will be routed to the experts of the T2S Settlement Functionality team.
------------------------------------------
1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. Description provided by T2S.