Clearstream has confirmed that its German and Luxembourg central securities depositories (CSDs) will migrate to the T2S platform in ‘wave four’ in February 2017.

T2S, one of the largest infrastructure projects launched by the Eurosystem, provides a single pan-European platform for securities settlement in central bank money.

Its main characteristic, often cited as the most revolutionary one, is that it will make cross-border settlement identical to domestic settlement, in terms of cost, technical processing and efficiency.

Multiple CSDs representing 21 pan-European markets signed up to T2S back in 2012.

Since then, CSDs have committed to bringing their local market on-board in various ‘waves’.

Both Cleartream’s German and LuxCSD originally planned to migrate in wave three. It will now be wave four.

The change follows Euroclear’s announcement that its CSDs for Belgium, France and the Netherlands would not be ready to migrate with wave two, as scheduled.

These will now migrate with wave three in September 2016.

The first 'wave' took place in June last year, with the CSDs of Greece, Malta, Romania, and Switzerland moving to the T2S network.

Monte Titoli, the Italian CSD, migrated in August.

Wave two now includes only Interbolsa in Portugal and NBB-SSS in Belgium, which will migrate at the end of March.

The final make-up of the migration waves is expected to be confirmed next month.