T2S–0820-SYS – DCP Information on the production launch in November 2025
Clearstream Banking AG, Frankfurt1, informs clients connected to TARGET2-Securities (T2S) as DCPs (directly connected participants) about the CR (change request) T2S-0820-SYS2 which will be implemented with the R2025.NOV release to be deployed on
the weekend 22 and 23 November 2025
for business day, Monday, 24 November 2025
T2S-0820-SYS “CRDM Certificate DN management restrictions”
In the management of security certificates (Certificate Distinguished Names, DNs for short) for access to the TARGET2 Services3 GUI (graphical user interface), a security risk has been detected. To close this gap, TARGET2 Services’ master data management CRDM (Common Reference Data Management) introduces two additional fields linked to the DNs:
Parent BIC: | For CBF clients, this is DAKVDEFFXXX. |
Party BIC: | This is the BIC (bank identifier code, Swift address) assigned to the TARGET2 Services user of the DCP, that is, one of the BICs of the CBF client. It defines the DCP administrator(s) responsible for the DN. |
These two new fields ensure that a DCP administrator can only view, set up, change or delete DNs for TARGET2 Services GUI users of their own data scope. DCP administrators can still link a DN of another entity to their users if they know the full DN and put it manually into the CRDM GUI.
The DCP Administrators cannot edit the new fields. The content is set by the European Central Bank (ECB) and can only be changed on a central securities depository’s (CSD) request.
Implementation plan
On 29 September 2025, for each DN in the TARGET2 Services client simulation environment UTEST, the two new fields mentioned above will have been introduced in CRDM. They will be populated with details determined by the ECB’s migration principles4 and reviewed by the CSDs. With the deployment of the T2S R2025.NOV release, the new fields will be set up in the production environment as well.
DCP administrators then have the option of checking the values assigned to the new fields for their users' DNs in UTEST (from 29 September 2025) and Production (from 24 November 2025). CBF recommends that DCPs take advantage of this opportunity. The DCP administrators need to check if they can still manage all the users and DNs as they did before the migration.
CRDM menu where the DNs can be checked
DCP administrators can send any deviations detected in UTEST after the migration or in Production after the release (until to the end of 2025) to connect@clearstream.com. CBF will request the correction to ECB.
Contact
For further information, clients may contact Connectivity Support. Particular questions related to the production launch in November 2025 will be routed to the experts of the T2S Release Management.
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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. Details regarding this CR can be retrieved on the ECB homepage under T2S-0820-SYS.
3. These include T2 (for settling payments), T2S (for settling securities), TIPS (for settling instant payments) and the ECMS (for collateral management).
4. Details of the migration principles can be checked in the Annex to the CR.