T2S Release: Alternative CSD Links for cross-border settlement
LuxCSD1 operating as a TARGET2-Securities (T2S) Participant via a relayed link informs clients that effective
16 June 2025
the Change Request T2S-0797-SYS will be implemented by T2S.
Background
T2S aims to be a platform which facilitates cross-border settlement throughout all participating markets.
T2S Actors currently face limitations in settling securities issued in one T2S Central Securities Depository (CSD) with counterparties in some other T2S CSDs. T2S -797-SYS aims to lift these limitations.
T2S-0797-SYS has no impact on intra-CSD movements with all parties involved being clients to one T2S CSD (deliverer and receiver both LuxCSD clients). Only cross-border transactions are affected.
Impact on clients
With the implementation of T2S-0797-SYS, LuxCSD clients will benefit from improved cross-border settlement capabilities.
T2S cross-border settlement is organised through links established between T2S CSDs:
- Direct link to the T2S issuer CSD; or
- Relayed links, that is links between Investor CSDs if one of them is linked to the T2S Issuer CSD (so-called technical Issuer CSDs):
Future scenario | Current scenario |
In this scenario, T2S Actors of the five CSDs can settle transactions with any counterparty of these T2S CSDs. | Illustration of T2S Actors currently facing limitations in settling securities issued in one T2S Central Securities Depository (CSD) with counterparties in some other T2S CSDs. |
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Name | ISIN |
AZ LEASING S.P.A. EO -,50 | IT0004812258 |
EDILIZIAACROBATIC | IT0005351504 |
SIPARIO MOVIES S.P.A. | IT0005380602 |
INNOVATIVE-RFK S.P.A. EO1 | IT0005391161 |
ITALY INNOVAZIONI | IT0005336521 |
MEXEDIA S.P.A. | IT0005450819 |
RACING FORCE SPA | IT0005466963 |
SOCIETA EDIT.IL FATTO | IT0005353484 |
SEMPLICEMENTE S.P.A. | IT0005072811 |
TATATU SPA EO -,10 | IT0005507857 |
Further information
For further information, clients may contact LuxCSD Client Services or their Relationship Officer.
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1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.