T2S Release 4.0 – Deployment activities – update


Note: This announcement and the related attachment, originally published on 24 April 2020, have been updated in preparation for the upcoming deployment weekend.

Following Announcement D20007, Clearstream Banking AG, Frankfurt1 informs customers about the TARGET2-Securities (T2S) Release 4.0 that will be deployed on

the weekend 13 and 14 June 2020
for business day Monday, 15 June 2020

This Announcement shows the intended timeline and modifications in the T2S Operational Day between Friday, 12 and Monday, 15 June 2020 for the deployment of T2S Release 4.0. Additionally, at the end of this Announcement a dedicated section “Notes for the start in production” is included.

T2S Change Requests and T2S Problem Tickets

CBF updates the list of T2S Change Requests attached to Announcement D20007 and describes the T2S Problem Tickets (PBIs) that are resolved with T2S Release 4.0, if necessary. Please note that only tickets that might have impact on CBF customers acting in ICP and / or DCP mode are listed. As previously announced, 17 PBIs, that can also affect CBF customers, have been authorised for implementation with T2S Release 4.0.

Impacts on the CBF Business Day for the T2S Release 4.0 Deployment Weekend

Due to the “T2S Release Weekend Schedule” the timeline of the operational day and respective reporting during the T2S deployment weekend will be changed.

With this Announcement, CBF customers receive the current schedule2 that highlights the processing during the deployment weekend. This attached schedule is based on the timeline announced in the latest version of the T2S Playbook for the deployment weekend provided end of May 2020.

Based on the most recent information provided, the following assumptions can be made:

  • Customers acting in ICP mode and using the CBF connectivity channels via SWIFT, MQ, File Transfer (FT) or ClearstreamXact need to consider that any instruction transmitted between Friday, 12 June 2020, at 20:00, and the finalisation of the Clearstream Banking implementation phase on Sunday, 14 June 2020 at around 06:00, will be queued in the backend systems. Only customers transmitting instructions via SWIFT to CBF will receive an acknowledgement upon receipt of the instruction based on their existing message subscription.
  • The opening hours of the Clearstream Online functionalities will be modified. The CASCADE HOST / PC frontend and Xact Web Portal will be available until Friday, 12 June 2020 at 20:00. Afterwards the systems are closed for the input, modification and deletion of instructions and will be re-opened on Sunday, 14 June 2020 between 06:00 to 11:00.
  • Customers acting in ICP mode and using an automated connectivity channel (SWIFT, MQ or File Transfer (FT)) to receive the CBF settlement reporting are requested to check the modified reporting times where applicable. CBF will provide the files according to the existing message subscription. Depending on the T2S Release 4.0 timeline, files might be empty and will be transmitted only if empty reports are ordered. In addition, the customer’s technical infrastructure should accept and store the provided files. Otherwise, the information / data will be lost. CBF recommends accepting files at any time during the T2S Release Weekend.
  • Customers acting in DCP mode must be prepared to use the updated XML scheme (XSD) once T2S Release 4.0 has been successfully implemented. Any instruction that will be transmitted to T2S:
    • On Friday, 12 June 2020, before 20:00, and is accepted by T2S will be converted by T2S. Once the deployment activities are complete, the instruction is processed using the modified processes. The corresponding reporting is sent based on the new XSDs / formats.
    • On Friday, 12 June, after 20:00 must take the new XSD / format into account. If the latest definitions are not used, the instruction will be rejected when T2S reopens after the software deployment.
  • On Friday, 12 June 2020 at 20:00, T2S will close the online functionality (T2S GUI, U2A) and the “Straight Through Processing” channels (STP, A2A). On Sunday, 14 June 2020 at 11:00, T2S will start its maintenance window. Incoming instructions that will reach T2S during the deployment phase or maintenance window are queued. After the reopening of T2S, these instructions will be processed, either on Saturday, 13 June 2020, after the software implementation, or on Monday, 15 June 2020 from 05:00, in line with the T2S Operational Day.
  • Customers acting in DCP mode and using the “YCON” procedure to receive real-time settlement reporting via CBF need to consider that these messages will be transmitted on Sunday, 14 June 2020, after CBF has started to provide the settlement results in ICP mode.
  • For the processing via KADI (CBF in its role as Issuer CSD) and Custody (OneClearstream markets), the following processing applies. Settlement instructions resulting from corporate actions processing will be created on Friday, 12 June 2020, in line with the regular business day and presented to T2S before the system will be closed for the deployment activities. On this processing day, customers will receive Corporate Actions messages (MT564, MT568) only from 23:00, deviating from the regular transmission time (that is, 19:30). Additionally, the transmission times of Corporate Action Confirmations (MT566) will be modified. The reporting, which is generated via Custody and KADI can be provided on Sunday, 14 June 2020, after 06:00 until the maintenance windows will start (at around 11:00).
  • In general, the processing at Clearstream Banking S.A., Luxembourg (CBL) is not impacted by the T2S Release Weekend procedure. The CBL procedures related to CBF or executed for CBF will run in the existing business as usual mode. However, the securities settlement of instructions against a foreign currency will shift. The cash management at CBL will be conducted according to the CBL timeline and the cash settlement result will be presented to CBF. CBF will queue these results. The settlement of the securities leg will be possible once CBF transmits the release instruction for the “CoSD Hold” to T2S. Therefore, the reporting of the cash settlement and securities settlement will be provided at different times.
  • CBF’s processing with the T2S Out-CSDs DTCC and SIX SIS will remain unchanged. Customers’ settlement instructions will be forwarded to these CSDs in accordance with the market deadlines. Settlement results and feedback for pending instructions from these CSDs will be transmitted to T2S once CBF releases the queued instructions for the T2S Real-time Settlement (RTS) cycle scheduled for Sunday, 14 June 2020.

CBF customer communication on the T2S Release 4.0 Deployment Weekend

Before and during the T2S deployment weekend, “Operational News” will be published on the Clearstream website, to which CBF customers can subscribe to be informed about the progress of the implementation of T2S Release 4.0. The following table provides an overview of the planned "Operational News" and respective "Alerts". Customers who would like to be informed constantly on the progress can set up the subscription of "Alerts" for "Operational News" in the MyClearstream section under Subscriptions / Real-time alerts.

Envisaged customer communication
„T2S Release 4.0 Deployment Weekend“

Operational News


Due date / time (CEST)


T2S Release Weekend Schedule
Latest status for planning
Monday, 8 June 20203


Completion of CBF End of Day Processing Friday, 12 June 2020

Friday, 12 June 2020,


Green Light for T2S Software Deployment

Friday, 12 June 2020,


Start of Transmission (A2A)
T2S Settlement Messages / Reports
Saturday, 13 June 2020,


Start of Transmission Clearstream Settlement Reporting

Sunday, 14 June 2020,


Completion of T2S Real-Time Settlement (RTS) and Start of Maintenance Windows

Sunday, 14 June 2020,

Once an above-mentioned milestone has been achieved, CBF will promptly publish the “Operational News” with the updated status in English. An alert will inform subscribed users about the publication of the operational news.

CBF Indicative Timeline for the T2S Release 4.0 Deployment Weekend

The attached timeline indicates the changes in the CBF operational schedule during the T2S Release Weekend.

The timeline created by CBF is based on the T2S Playbook for the deployment weekend that was provided end of May 2020. The plan covers the period from Friday, 12 June 2020, at 15:45 to Monday, 15 June 2020, at 06:00. Events and processes before and after this specific period can be considered as unchanged. To indicate the changes, a column “Revision” is available. It shows:

Processing in line with daily operational schedule

Process / reporting will not be executed

Process ahead compared to daily operational schedule; see revised time

Process postponed compared to daily operational schedule; see revised time

Publication Operational News

Notes for the start in production

Based on CBF's implementation approach, the new T2S services will be supported and activated during the implementation weekend.

Among other items, T2S will provide the enhanced services for already matched (ALM) instructions (T2S-CR-658-SYS) and for the change of ownership information BENE (T2S-CR-671-SYS) during the implementation weekend. Customers interested in using these new services need to consider the T2S and CBF timelines when providing instructions. CBF recommends that instructions containing the enhanced flags are not sent until implementation activities have been completed. The "Operational News" planned to be published by CBF can be used as a basis for the transmission of such instructions. For customers operating in DCP mode, Operational News #4 applies. Customers operating in ICP mode please take note of Operational News #5.

System-generated instructions set up by CBF or Eurex Clearing AG and using the flag "ALM" will continue to be subject to the current settlement processes. This means that there will be no change in instruction management regardless of the connectivity channel.

Known Limitations

Based on the concluding test results, T2S added the following Problem Ticket (PBI) for a resolution after the implementation of T2S Release 4.0. Customers acting in DCP mode are recommended to review the specified production problem for operational and / or functional changes in their processes. Customers acting in ICP mode are not impacted as CBF will absorb the impact and adjust the software accordingly.

PBI 208511 in regard to the enhanced service for the change of ownership information “BENE” (T2S-CR-671-SYS):

The element “Beneficial Ownership” in the sese.023 contains a YesNoIndicator (based on boolean) (message path: SctiesSttlmTxInstr/SttlmParams/BnfclOwnrsh/Ind). 

According to W3C Recommendation XML Schema Part 2 chapter 3.2.2 "an instance of a datatype that is defined as “boolean” can have the following legal literals {true, false, 1, 0}." 
With the current implementation, only the values ”true” and “false” can be processed by T2S. This behaviour is a Release Defect introduced with CR-671. 

Therefore, until the problem has been solved, values “1” and “0” cannot be processed in field “BnfclOwnrsh”, only “true” or “false” will be accepted by the T2S platform.

This PBI has not been classified as critical by the Operations Managers Group (OMG) and requires a further prioritisation before the implementation date can be announced. CBF will advise the further progress using the regular reporting about T2S Problem Tickets. 


For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer. Particular questions related to this Annoucement will be routed to the experts of the T2S Settlement Functionality team.


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.
2. All times in the Announcement are specified in Central European Summer Time (CEST).
3. The announcement will be published in the course of the day.