Euroclear CSDs migrate to T2S

Euroclear CSDs migrate to T2S

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European post-trade giant Euroclear says it has successfully converted to TARGET2-Securities (T2S), the European Central Bank’s settlement engine.

The firm has moved its central securities depositories in Belgium, France and the Netherlands onto the new system - connecting close to 40% of the total outstanding in corporate bonds, equities and funds, and 30% of government bonds for T2S markets.

VP Lux (Luxembourg) and VP Securities (Denmark) also made the transition over the weekend in what was the ‘third wave’ of market participants implementing the system.

Euroclear Finland will also join T2S as part of the final wave scheduled for September next year.

Clearstream goes live in February 2017.

T2S is a single, pan-European platform for securities settlement in central bank money and aims to increase cross-border settlement efficiency in Europe.

Tim Howell, chief executive officer of the Euroclear group said reaching this milestone has taken tremendous motivation and commitment.

“The T2S project is a significant undertaking for Europe’s financial community, bringing many opportunities for cross-border trading and enhanced liquidity management,” he added.

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