T2S Release 4.2 – Deployment activities – Update


Note: This announcement and the related attachment, originally published on 23 October 2020, have been updated in preparation for the upcoming deployment weekend.

Following Announcement D20038, Clearstream Banking AG, Frankfurt1 informs customers about the TARGET2-Securities (T2S) Release 4.2 that will be deployed on

the weekend 21 and 22 November 2020
for business day Monday, 23 November 2020

This Announcement shows the intended timeline and modifications in the T2S Operational Day between Friday, 20 and Monday, 23 November 2020 for the deployment of T2S Release 4.2. 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

The lists of T2S Change Requests and T2S Problem Tickets (PBIs) attached to Announcement D20038 describe the scope of T2S Release 4.2. 

Please note that only Problem Tickets are listed that might have impact on CBF customers acting in ICP and / or DCP mode. As previously announced, nine PBIs, that can also affect CBF customers, have been authorised for implementation with T2S Release 4.2.

CBF updates the list of T2S Change Requests attached to Announcement D20038 and describes the T2S Problem Tickets (PBIs) that are resolved with T2S Release 4.2, if necessary. Please note that only tickets are listed that might have impact on CBF customers acting in ICP and / or DCP mode. As previously announced, nine PBIs, that can also affect CBF customers, have been authorised for implementation with T2S Release 4.2.

Impacts on the CBF Business Day for the T2S Release 4.2 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. The schedule attached has been drafted on the basis of the timeline created after the software deployment in T2S Pre-Production Environment (UTEST) on 25 September 2020. This attached timeline is based on the schedule announced in the latest version of the T2S Migration Playbook for the deployment weekend provided beginning of November 2020.

In addition to the implementation activities of T2S and CBF, customers using the SWIFT network for instruction management must note that the SWIFT Release 2020 will also be deployed on this weekend.

For this SWIFT has announced the below-mentioned maintenance window:

SWIFT Maintenance Schedule


Start time

End time

Maintenance type


21 November to
22 November 2020

Saturday 05:00

Saturday 16:00

General Maintenance

No disruption

Saturday 16:00

Sunday 05:00

Possible small disruption less than 10 minutes

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, 20 November 2020, at 20:00, and the finalisation of the Clearstream Banking implementation phase on Sunday, 22 November 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, 20 November 2020 at 20:00. After this, customers are requested not to enter, modify or cancel instructions.  In the course of Sunday, 22 November 2020, the systems will be re-opened between 06:30 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 4.2 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 4.2 has been successfully implemented. Any instruction that will be transmitted to T2S:
    • On Friday, 20 November 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, 20 November, 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, 20 November 2020 at 20:00, T2S will close the online functionality (T2S GUI, U2A) and the “Straight Through Processing” channels (STP, A2A). On Sunday, 22 November 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, 21 November 2020, after the software implementation, or on Monday, 23 November 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, 22 November 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, 20 November 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, 22 November 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 procedures in CBL regarding the settlement of DvP instructions in foreign currencies, stock exchange trades in non-collective safe custody (NCSC) as well as for the markets included in the Local Market Partner (LMP) concept will continue to 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. Customer 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, 22 November 2020.

CBF customer communication on the T2S Release 4.2 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 4.2. 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 4.2 Deployment Weekend“

Operational News


Due date / time (CET)


T2S Release Weekend Schedule
Latest status for planning

Monday, 16 November 20203


Completion of CBF End of Day Processing
Friday, 20 November 2020

Friday, 20 November 2020, 19:30


T2S - End of processing of incoming messages

Friday, 20 November 2020, 20:15


Green Light for T2S Software Deployment

Friday, 20 November 2020, 20:30


Start of Transmission (A2A)
T2S Settlement Messages / Reports

Saturday, 21 November 2020, 13:15


Start of Transmission
Clearstream Settlement Reporting

Sunday, 22 November 2020, 07:00


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

Sunday, 22 November 2020, 11:15

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 4.2 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 Migration Playbook that was provided beginning of November 2020. The plan covers the period from Friday, 20 November 2020, at 15:45 to Monday, 23 November 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.

With T2S Release 4.2, ISO Transaction Codes „SWIF" (change of an investment from one sub-fund to another subfund (redemption leg)) and „SWIT" (change of an investment from one sub-fund to another subfund (subscription leg)) will be introduced. These enhancements are based on T2S Change Request „T2S-0713-SYS".

  • Customers acting in ICP mode can use the new ISO Transaction Codes via CBF’s automated connectivity channels (ISO 15022), CASCADE Online Functionality (HOST / PC) or the Xact Web Portal starting Monday, 23. November 2020, 12:00.
  • Customers acting in DCP mode must have the related privileges „SII_USWIF and SII_USWIT " before a related message will be accepted by T2S. After the successful implementation of T2S Release 4.2, CBF will enrich the existing privileges for all customers acting in DCP mode. On Monday, 23 November 2020 from 12:00, customers can start with the configuration of their message subscriptions, if required.

In addition, T2S will implement a harmonisation of the key values for the ISO Transaction Code related to the “Buy-In Procedure” (new value “BYIY” as a replacement for the value “BIYI”) with this release. In future, customers acting in DCP mode need to instruct with value “BYIY” instead of “BIYI”. Caused by this modification, the name of the related privilege will be adapted system-wise by T2S during the deployment weekend. Subsequently, the privilege “SII_UBYIY” must be stored enabling the successful creation of an instruction.

During the T2S deployment weekend, T2S will conduct a system-side conversion of all instructions with ISO Transaction Code “BYIY” to the new value “BYIY”. CBF systems will not take this conversion into account. Against this background, CBF reminds customers – irrespective of the connectivity channel used to T2S – to cancel all instructions containing a buy-in flag on Friday, 20 November 2020, until 18:00, and to re-instruct them on Monday, 23 November 2020, if necessary.

In line with the SWIFT Release November 2020, CBF will implement the new qualifiers for the time stamps for acknowledgement and matching of pending instructions. Furthermore, these enhancements will be integrated into the automated connectivity channels (SWIFT, MQ or File Transfer (FT)) for the message types MT530 (“Transaction Processing Command”) and MT566 (“Corporate Action Confirmation”). The enhancements will be made available by CBF after the successful deployment of T2S Release 4.2. Therefore, customers acting in ICP mode can make use of the new service from Monday, 23 November 2020, at 06:00, if no deviating definition has been given for a particular service.


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 Time (CET).
3. The operational news will be published in the course of the day.