Sub-custody guide: Belgium
The National Bank of Belgium (NBB) decided to follow a
two-phase adaptation plan for T2S, with the first phase in 2014- 15 and the
second (the actual migration to T2S) in 2016.
In the first phase, which went live in early February, the
NBB implemented new CSD securities settlement system software that incorporated
T2S-compliant features. Migration to T2S will be completed in March 2016.
According to NBB, the purpose of this two-phase approach was to spread the project risks and offer the benefits of the new harmonised system before the full migration.
It estimated that by updating the software early, 80% of the
procedures and functionalities required by or offered in T2S were already
available to market participants.
NBB already had plans to update its technology platform, so
the first phase of its T2S adaptation plan gave it the opportunity to update
its IT system and make its CSD fully compliant with the latest market
standards. The bank also made an early start in the reduction of the socalled
Giovannini barriers to EU market integration.
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