Clearstream operational update V

Further to the T2S incident on 27 February 2025, Clearstream Banking informs that the reconciliation of a small number of instructions is progressing with significant improvements. Corrections are being booked and are expected to be completed in the coming days.

Clearstream Banking reminds that:

• Instructions affected by the incident on 27 February 2025 with intended settlement date equal to 28 February 2025 or earlier, that settled in T2S but were not reflected in Clearstream Banking, are being manually booked.
• For instructions affected by the incident on 27 February 2025 with intended settlement date equal to 28 February 2025 or earlier, that could not settle (on-hold or lack of cash/securities), clients are asked to cancel them (if not already cancelled) and re-instruct.
• Instructions affected by the incident on 27 February 2025 with intended settlement date equal to 3 March 2025 or after that were not matched, have been cancelled in T2S. Clients are invited to re-instruct.
• Instructions affected by the incident on 27 February 2025 with intended settlement date equal to 3 March 2025 or after that were already matched, could not be cancelled unilaterally as bilateral cancellation is required. Therefore, clients are invited to contact their counterparties to cancel them and then re-instruct accordingly.

Clearstream Banking takes note of the discussion at the European level about whether penalty fees will be applied. Therefore, for the time being, we ask clients to refrain from raising appeals linked to this incident.