TARGET2-Securities (T2S): Generation of monthly T2S invoice

02.08.2022

Clearstream Banking AG, Frankfurt1 informs customers about the postponement of the T2S billing for the months July, August, and September 2022. The T2S billing to CBF is planned to be made in October 2022.

Background

With the implementation of T2S Release 6.0 on 4 July 2022, a new software component for billing ("Billing Common Component") was deployed by T2S. During the test activities conducted for this new component, defects and incidents in the software were detected, which are currently being fixed. The aim is to give the Central Securities Depositories (CSDs) and Central Banks the opportunity to perform comprehensive tests in the T2S environments before activating the software in production. These tests will be necessary to ensure that future T2S billing and invoicing can take place correctly.

Invoicing

Based on the current plan, the new Billing Common Component will generate the invoices for the months of July, August, and September on 3 October, 5 October, and 7 October 2022 respectively. The payment date for all three invoices is scheduled for 24 October 2022. Although this change will have adjustments for the billing in CBF, the impact on CBF customers will be significantly limited. At present, CBF's invoicing process is almost independent of T2S billing. That is, CBF independently determines the data for invoicing on the basis of T2S instruction data available in its own systems. CBF only takes over the information exclusively from T2S in two invoice items:

  • CB02010DS Daytime settlement surcharge
    (charged when the instruction has been settled).
  • CB02010TS30 Information services for customers acting in DCP mode
    (for T2S information services other than message copies sent by T2S to Clearstream Banking).

This means that from the invoice month July 2022 - created at the beginning of August - no amount can be determined for these items in the invoice. If the recalculation of the above-mentioned fee items for the months of July, August, and September 2022 results in peculiarities in the invoicing for the month of October 2022, CBF will inform customers in due time.

In addition, CBF would like to inform that the T2S billing cannot be charged in the current quarter and therefore asks customers - if necessary - to inform the appropriate departments about the postponement.

Contact

For further information, please contact the Clearstream Banking Client Services or your Relationship Officer.

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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.