Euroclear has announced migration of its ESES CSDs to the TARGET2-Securities (T2S) platform. The migration process was completed successfully, alongside the other CSDs connecting to T2S in Wave 3.
T2S increases cross-border settlement efficiency in Europe and presents new opportunities for firms to access liquidity and finance their activity more effectively.
Through their migration to the T2S platform, Euroclear Belgium, Euroclear France and Euroclear Nederland connect approximately 40% of the total outstanding in corporate bonds, equities and funds, and 30% of government bonds for T2S markets. Euroclear Finland will also join T2S as part of the final wave scheduled for 18 September 2017.
- The migration process was completed in line with our plans, with the ‘point of no return’ reached at 10:00 on Sunday, 11 September.
- 343,898 balances and 122,519 pending instructions received from ESES’ clients were successfully migrated to the T2S platform.
- In all steps of the migration, the number of rejected instructions was very limited.
- Balances and settlement reports were sent to clients after the ‘point of no return’.
Tim Howell, Chief Executive Officer of the Euroclear group, commented:
The T2S project is a significant undertaking for Europe’s financial community, bringing many opportunities for cross-border trading and enhanced liquidity management. Reaching this milestone has taken tremendous motivation and commitment by many people at Euroclear and by our client community, and I would like to thank them for their efforts. I would also like to extend my thanks to the ECB and regulators in partnering with us, and wish all involved continued success for the remaining waves.”