Clearstream migrates to T2S

Clearstream migrates to T2S

Clearstream Banking Frankfurt and LuxCSD have migrated to the European Central Bank’s (ECB) Target2-Securities (T2S) platform. “The first business day is already in process and runs smoothly,” Clearstream states.

Clearstream is the largest T2S participant, and its migration has added nearly 40% to the overall volume on the ECB’s settlement platform.

More than 80% of the total volume now has been migrated to T2S.

“The successful conclusion of the fourth T2S migration wave brings T2S very close to the finishing line, taking Europe a crucial step forward towards a harmonised settlement landscape”, says Berthold Kracke, CEO of Clearstream Banking.

The project has been carried out “in close partnership” with ECB, Deutsche Bundesbank, The Banque Centrale du Luxembourg and other central banks in Europe, comments Patrick Georg, CEO of LuxCSD.

In addition, the central securities depositories (CSDs) of Hungary, Slovenia, Slovakia and Austria have also migrated to the T2S platform.