Migration marks end of T2S migration plan, which started back in June 2015

Migration marks end of T2S migration plan, which started back in June 2015

Swift has announced the migration of Iberclear (Spain) and the Baltic central securities depositories (CSDs) of Estonia, Latvia and Lithuania and their respective communities to live operations on Target2 Securities (T2S) using its value added network (VAN) solution.

The migration marks the end of the T2S migration plan, which started back in June 2015. Since then, Swift says 95% of T2S directly connected actors (DiCoAs), have migrated using the VAN solution.

VAN is now carrying live traffic for more than 150 users (CSDs, central banks and directly connected participants). It lets participants connect to the T2S platform for the exchange of business information, and in ISO 20022 format.

Jesús Benito, CEO of Iberclear, says: “Not only does it mean a complete transformation of the Spanish post-trade processing, it also encompasses a new scenario for the European post-trade industry through its common settlement platform, T2S.”

With 100% of expected volumes now on the T2S platform and close to 500,000 transactions being settled every day, Swift says users get a single European platform for securities settlement: liquidity savings, reduced cross border settlement costs, deeper market harmonisation and improved collateral management.

@banking
techno