T2S Final Wave: Pre-announcement on the functional modifications to Iberclear


Clearstream Banking AG, Frankfurt (CBF)1 informs the customers about the scheduled functional modifications for the migration of Iberclear, the Spanish CSD, to TARGET2-Securities with the T2S final wave on

18 September 2017

Functional modifications for the settlement

In general, any T2S service which is available for cross-border settlement will be offered by Iberclear after the migration on the pan-European settlement platform.

Based on the latest details agreed with Iberclear, CBF has started to identify its needs for functional modifications based on the T2S services. CBF will provide an updated version of this customer announcement with the final modifications in due time.

The changes indicated below might have to be considered in the processes of our customers for the respective migration of Iberclear with the T2S final wave. Please consider that this customer announcement describes the required modifications. Procedures that have been introduced with CBF’s migration to T2S and remain unchanged are not listed (e.g. Partial Settlement, Transaction Linking) as today’s functionality will not be affected.

  • Change of the account number for Iberclear;
  • Adjustment of the settlement timeline for valid instructions;
  • Use of T2S Party BICs;
  • Disclosure of Account Master Data;
  • Processing of instructions against / with payment;
  • Consideration of the T2S matching criteria;
  • Adjustment of the cancellation process for valid instructions;
  • Changes to the processing of corporate actions;
  • Adjustment of settlement messages in ISO 15022 format;
  • Adjustment of settlement messages in ISO 20022 format;
  • T2S Link Guide and Realignment Guide;
  • Customer simulation for cross-border settlement with Iberclear;
  • T2S Final Wave Migration Weekend.

The implementation guidelines for these functional aspects will be explained in the attachment.


1. This announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.