TARGET2 for Securities (T2S) will become the central technical platform for securities settlement in central bank money (primarily EUR but extending to non-EUR European central banks willing to settle their local currencies in T2S). Core settlement functionalities like the complete lifecycle of a transaction, matching or settlement will be provided by the T2S platform. Clearstream’s T2S-I (real-time interface) ensures an adequate data exchange between T2S and Clearstream Banking Frankfurt. New services will include partial settlement, instructions linking and bilateral cancellation for matched OTC instructions.

Customers will benefit from the harmonisation of the cross-border markets in T2S. CBF therefore will also align its cross-border settlement to the four T2S migration waves.

Regarding cross-border settlement, CBF intends to migrate all existing direct cross-border links for collective safe custody (CSC) securities that are deposited with CBF to T2S with CBF as issuer CSD, and create direct links to all ‘T2S-in CSDs’ for foreign collective safe custody (FCSC) securities which are deposited with these CSDs, with CBF as investor CSD.

CBF prepares and constantly updates a series of documents describing its future offering in line with the migration to T2S and showing the areas where CBF will modify its existing procedures. This will allow CBF customers to identify their implementation needs.