T2S wave 2: Impact on Clearstream Banking services - update II amended
Note: This announcement, originally published on 2 September 2015 and most recently updated on 15 March 2016, has been further updated to amend the requested instruction details under "Procedures for customers' counterparties" for the Portuguese market. The amended instruction has been highlighted in the attached document.
Effective
Monday 28 March 2016
the second wave of TARGET2-Securities (T2S) will be launched.
In the second wave, two 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 an existing direct or indirect domestic link to these CSDs.
The CSDs will send securities 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:
Country | CSD | Type of link | Securities eligible | Services impacted by T2S wave 2 |
Belgium | National Bank of Belgium (NBB) | Direct link operated by KBC Securities SA/NV Brussels | Debt securities in NBB | Settlement free of and against payment in EUR |
Portugal | Interbolsa | Indirect link via BNP Paribas Securities Services (BP2S) Paris | Debt securities and equities eligible in Interbolsa | Settlement 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.