T2S wave 3: Impact on Clearstream Banking services - update IV

28.10.2016

Note: This announcement, originally published on 17 March 2016 and updated on 5 July 2016, 12 August 2016 and 8 September 2016, has been updated to include a new version of the attached document to provide additional information for cross-border settlement between CSDs and further clarification on the procedure for customers’ counterparties. Changes have been marked in the attached document.

Effective

Monday 12 September 2016

the third wave of TARGET2-Securities (T2S) will be launched.

In the third wave, five Central Securities Depositories (CSDs) will change their settlement processes by outsourcing their settlement activity to T2S. Clearstream Banking S.A. (hereinafter referred to as "Clearstream Banking") has direct domestic links to these five CSDs.

The CSDs will send securities settlement instructions received from their participants to T2S for matching and subsequent settlement. Clearstream Banking will continue to access the CSDs via its local agents and depositories, as follows:

CountryCSDType of linkSecurities eligibleServices impacted by T2S wave 3
BelgiumEuroclear Belgium (EBE) SA/NVDirect link operated by BNP Paribas Securities Services (BP2S) ParisEquities eligible in EBESettlement free of and against payment in EUR
FranceEuroclear France (EF)Direct link operated by BNP Paribas Securities Services (BP2S) ParisDebt securities and equities eligible in EFSettlement free of and against payment in EUR
NetherlandsEuroclear Nederland (EN)Direct link operated by BNP Paribas Securities Services (BP2S) ParisDebt securities and equities eligible in ENSettlement free of and against payment in EUR
DenmarkVP SecuritiesDirect link operated by Danske Bank CopenhagenDebt securities and equities eligible in VP SecuritiesSettlement against payment in EUR only
LuxembourgVP LUXDirect link to VP LUXDebt securities eligible in VP LUXSettlement free of and against payment in EUR

Please refer to the PDF attached below for the information about the impact on customers.

Further information

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