T2S wave 1: Impact on Clearstream Banking services - update III


Note: This announcement, originally published on 19 January 2015 and updated on 2 April 2015 and 8 June 2015, has been further updated with a new pdf attachment.


Monday 22 June 2015

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

In this first 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 an existing direct or indirect domestic link to four of 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:



Type of link

Securities impacted

Services impacted by T2S wave 1


Bank of Greece System (BOGS)

Direct link operated by Citibank International Limited Greece branch

Debt securities eligible in BOGS

Settlement free of and against payment in EUR


Monte Titoli

Direct link operated by Intesa SanPaolo, Milan

Debt securities and equities eligible in Monte Titoli

Settlement free of and against payment in EUR


Malta Stock Exchange (MSE)

Relayed link via Clearstream Banking AG (CBF)

Debt securities and equities eligible in MSE

No change to current services until Clearstream Banking AG migrates to T2S in wave 3


Depozitarul Central

No link

Not applicable

Not applicable

Clearstream Banking’s direct link to NBR is not impacted by T2S because the NBR system, SAFIR, will not migrate to T2S.



Indirect link via UBS AG as depository

Debt securities and equities eligible in SIX SIS

Settlement free of and against payment in EUR. Possibility for customers to choose  free of payment settlement in T2S or SIX SIS SECOM.

No change to current services for settlement in SECOM platform.

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.