T2S final wave: Cross-border transfers of foreign T2S eligible multi-listed securities from remote to home markets between T2S In-CSDs


Clearstream Banking1 would like to request customers to transfer all positions of impacted TARGET2-Securities (T2S) final wave securities in remote common codes to their respective home markets, effective

18 August 2017

This request is to help ensure a smooth transition and migration of securities to the T2S platform.

Customers are reminded that the T2S final wave migration will take place on 18 September 2017 for the following four Central Securities Depositories (CSDs), which will all thereby change their settlement processes by outsourcing their settlement activity to T2S:




Estonian Central Securities Depository (EVK),


Latvian Central Depository (LCD),


Central Security of Lithuania (CSDL)



Impact on customers

Multi-market securities where the home and remote markets are both in T2S will no longer be identified with a Remote Common Code. Cross-border transactions between T2S-participating CSDs (“In-CSDs”) will settle in T2S and subsequently, remote common codes will no longer be required. As such, customers are requested to insert the home market in the Place of Safekeeping field. No other field insertion will be processed.

Impacted securities

The foreign securities this announcement applies to are as follows:

Securities that are issued via a T2S In-CSD (home market), but remotely held with another T2S In-CSD (remote market) by CBL customers, and that have already been migrated to T2S in waves 1, 2, 3 and 4. In addition, securities that will migrate to T2S in the final wave.

The following cross-border transfers are impacted:

  • From Spain (remote) to France (home);
  • From Spain (remote) to Germany (home);
  • From Spain (remote) to Italy (home);
  • From Spain (remote) to Netherlands (home);
  • From Spain (remote) to Portugal (home);
  • From France (remote) to Spain (home);
  • From Germany (remote) to Spain (home);
  • From Italy (remote) to Spain (home);
  • From Netherlands (remote) to Spain (home);
  • From Portugal (remote) to Spain (home).

There is no impact on cross-border transfers between T2S In-CSDs and markets outside T2S or markets which will migrate after the final wave.

Note: No new remote securities in the cross-border transfers listed above will be opened, effective immediately.

After 18 August 2017, no action will be required by customers, as Clearstream Banking will process the transfer on their behalf.

Further information

Respective Creation Link Guides will be updated in due course.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.