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.
Effective
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:
Country | CSD | Type of link | Securities impacted | Services impacted by T2S wave 1 |
Greece | 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 |
Italy | 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 | 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 |
Romania | 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. |
Switzerland | SIX SIS | 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.