T2S wave 3: Impact on Clearstream Banking services - update IV
Note: This announcement, originally published on 17 March 2016 and updated on 5 July 2016, 12 August 2016 and 8 September 2016, has been updated to include a new version of the attached document to provide additional information for cross-border settlement between CSDs and further clarification on the procedure for customers’ counterparties. Changes have been marked in the attached document.
Monday 12 September 2016
the third wave of TARGET2-Securities (T2S) will be launched.
In the third wave, five Central Securities Depositories (CSDs) will change their settlement processes by outsourcing their settlement activity to T2S. Clearstream Banking S.A. (hereinafter referred to as "Clearstream Banking") has direct domestic links to these five CSDs.
The CSDs will send securities settlement instructions received from their participants to T2S for matching and subsequent settlement. Clearstream Banking will continue to access the CSDs via its local agents and depositories, as follows:
|Country||CSD||Type of link||Securities eligible||Services impacted by T2S wave 3|
|Belgium||Euroclear Belgium (EBE) SA/NV||Direct link operated by BNP Paribas Securities Services (BP2S) Paris||Equities eligible in EBE||Settlement free of and against payment in EUR|
|France||Euroclear France (EF)||Direct link operated by BNP Paribas Securities Services (BP2S) Paris||Debt securities and equities eligible in EF||Settlement free of and against payment in EUR|
|Netherlands||Euroclear Nederland (EN)||Direct link operated by BNP Paribas Securities Services (BP2S) Paris||Debt securities and equities eligible in EN||Settlement free of and against payment in EUR|
|Denmark||VP Securities||Direct link operated by Danske Bank Copenhagen||Debt securities and equities eligible in VP Securities||Settlement against payment in EUR only|
|Luxembourg||VP LUX||Direct link to VP LUX||Debt securities eligible in VP LUX||Settlement free of and against payment in EUR|
Please refer to the PDF attached below for the information about the impact on customers.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.