T2S Release – Information on the production launches in June 2026
LuxCSD1 informs clients about the TARGET2-Securities (T2S) releases in June 2026 (T2S R2026.JUN).
According to the T2S Release Concept, the releases will be deployed on
the weekend 13 and 14 June 2026
for business day,
Monday, 15 June 2026
T2S R2026.JUN – Scope
With the T2S Release in June 2026, two Change Requests (CRs) will be introduced in production. They have already been approved at T2S Steering Level. In the event of urgency and if priority is given, further functional updates might be authorised by the Operational Managers Group (OMG). If such changes are announced by T2S, LuxCSD will inform clients in due time.
With this Announcement, LuxCSD informs clients about the scope elements for T2S Release R2026.JUN and indicates if the modification might impact clients acting in ICP and / or DCP mode (LuxCSD)/acting in ICP mode (CBL).
Overview T2S Change Requests:
The two approved T2S Change Requests (CRs) in question are described below. More details on these requirements can be found in the related ECB documentation2.
Impact on clients
A. T2S-0807-SYS – New reason code PATD for partial settlement indicator mismatch
Partial settlement is a key T2S mechanism to improve settlement efficiency in situations of insufficient cash or securities.
A settlement instruction may be partially settled provided that the following necessary conditions are met:
- The instruction is matched (Free Of Payment – FoP, Delivery Versus Payment - DvP, or Delivery With Payment - DwP).
- The instruction is not linked to other settlement instructions.
- A partial settlement window is currently open.
- The partial settlement thresholds (cash or securities) are fulfilled.
- The instruction is eligible for partial settlement, that is, it does not carry an NPAR indicator (which explicitly blocks partial settlement).
Introduction of PATD reason code
The new reason code PATD (“Partial Differ”) will be introduced in the sese.024 Settlement Status and Processing Advice messages.
PATD will be reported when a failed settlement attempt occurs under the following conditions:
- All the above-mentioned necessary conditions for partial settlement are met, except:
- One of the settlement instructions carries the NPAR indicator in field :22F::STCO//, thereby blocking partial settlement;
- The counterparty instruction shows PART, PARC, PARQ or no partial settlement indicator in the corresponding field allowing partial settlement; and
- Another Pending/Failing reason code is reported (LACK, CLAC, PREA etc.).
PATD highlights a mismatch between the partial settlement indicators of the two settlement legs, which prevents partial settlement from being executed.
The following table provides an overview of the combinations of partial settlement indicators NPAR, PART, PARC or PARQ in field :22F::STCO// (Settlement Transaction Condition Indicator) which result in reason code PATD:
Instruction | Counterparty instruction | PATD reported |
NPAR | PART / PARC / PARQ | YES |
NPAR | Empty | YES |
PART | PARC / PARQ | NO |
PARC | PARQ | NO |
PARQ | PARC | NO |
empty | PART / PARC / PARQ | NO |
Combinations of partial settlement indicators NPAR, PART, PARC or PARQ in field :22F::STCO// (Settlement Transaction Condition Indicator).
ClearstreamXact reporting impact
The PATD reason code will be reported in the following message types:
- MT537 – Statement of Pending Transactions; and
- MT548 – Settlement Status and Processing Advice.
In the “Optional Repetitive Subsequence A2a Reason” under the PEND or PENF qualifier in field :70D:, whereas the reason for the failed settlement continues to be reported in field :24B:3:
- The primary failed settlement reason, such as, LACK, CLAC or PREA, that continues to be reported in field :24B3::PEND/PENF.
- PATD is added as a supplementary reason in field :70D::REAS, under the PEND or PENF qualifier.
Example:
:25D::SETT//PEND
:16R: REAS
:24B::PEND//LACK (or CLAC, PREA etc.)
:70D::REAS///…/PEND LACK (or CLAC, PREA etc.), PATD
:16S: REAS
B. T2S-0809-SYS – Alignment with ISO 20022 maintenance release (2020-2024)
As part of the ongoing alignment with ISO 20022 standards, T2S will introduce a new status code in the “PriceValueType” field:
- NEGA (Negative Actual Amount) – used to represent a negative deal price.
Reporting impact
In Xact via Swift, the NEGA code will be reported in Field :90B::DEAL (Deal Price) for MT544, MT545, MT546 and MT547, MT578 and MT586 as follows:
:90B::DEAL//NEGA/3!a15d
In Xact Web Portal, it will exclusively be reported for counterparty allegements (MT578 Settlement Allegement and MT586 Statement of Settlement Allegements).
Clients creating a matching settlement instruction from an allegement in Xact Web Portal will need to manually remove the NEGA code from the instruction by selecting “Deal price format*” as blank; this action will remove any values under the “Deal price”, that is, type, currency and amount.
Further information
For further information, please contact LuxCSD Client Services or your Relationship Manager.
-------------------------------------
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.
2. Details about the scope elements of T2S Releases are published on the ECB’s website.
3. In some rare cases, it might happen that the reason code PATD is reported in field :24B: whereas the reason code for the failed settlement appears in field :70D:.