General information

As part of the Unified for New Opportunities initiative, Clearstream Europe AG¹ is pleased to confirm the upcoming Wave 2 market activation for U.S.A., Canada, and Switzerland. This is scheduled for 

Monday, 1 June 2026

To support client preparation, a list of ISINs in scope will be published in Excel format under Unified for New Opportunities rollout documentation. Two versions of the list will be made available:

• First version: Four weeks prior to activation;
• Final version: Friday, 29 May 2026.

The scope includes all non-collective safe custody (NCSC) ISINs that are eligible on German stock exchanges, as well as those with client activity on 6-series accounts, defined as either current holdings or settlement activity within the past 12 months. Additionally, the scope for Wave 2 encompasses all collective safe custody (CSC) ISINs active as of the migration date for the three markets. CSC ISINs are already active in T2S, and the German Stock Exchange is already settling in CEU. 

The custody type for all ISINs in scope will change to NCSC-T, OneClearstream Asset Services (OneCAS) will be activated for CEU clients and new domestic security CSD links to domestic markets via Clearstream Banking S.A. (CBL) will be valid from Monday, 1 June 2026.

Please note that a dedicated migration process will apply to specific groups of securities ahead of Wave 2:

• German American Depositary Receipts (ADRs) under the custody type CSC: A tailored migration approach will be implemented on Monday, 18 May 2026 for German ADRs, and client holdings will be automatically transferred from CEU accounts to clients’ 6‑series accounts. Further details are available under Unified for New Opportunities: Wave 2 market activation for German ADRs.
• Mutual funds registered with transfer agents and currently available via the CEU-SIX SIS link: As part of the CEU–SIX SIS link decommissioning activities, a number of investment fund positions currently held via this link will have to be migrated to clients’ corresponding 6‑series accounts to ensure continuity of service. These positions will be registered with the relevant transfer agents through CBL. Further details are available under Unified for New Opportunities: Wave 2 - Special migration required for Swiss market fund securities.

On Friday, 29 May 2026, static data will be updated, in coordination with WM. This includes:

For NCSC securities:

• Updating the custody type of in-scope securities to NCSC-T. This change will be reflected in the Friday evening GAT file distributed by WM, to ensure alignment on Monday morning.
• Activating OneCAS for CEU clients on Friday evening, with an effective activation date of Monday, 1 June 2026.
• Enabling the new T2S Security CSD links for CEU clients via the CBL network.

For CSC securities:

• Updating the custody type of in-scope securities to NCSC-T. This change will be reflected in the Friday evening GAT file distributed by WM, to ensure alignment on Monday morning.
• Activating OneCAS for CEU clients on Friday morning, with an effective activation date of Monday, 1 June 2026, and incrementally deactivating the CEU legacy asset servicing system KADI (process described below)
• Deactivating the CEU direct links to the depositories SIX SIS and DTCC, which will remain valid until Friday, 29 May 2026 included.
• Enabling the new T2S security CSD links for CEU clients via the CBL network, as follows:
  • ISINs currently processed via the CEU direct link to SIX SIS will be processed through the CEU-CBL-SIX-SIS or CEU-CBL-UBS-SIX-SIS flow.
  • ISINs currently processed via the CEU direct link to DTCC will be processed through the CEU-CBL-Citibank-DTCC or CEU-CBL-RBC-CDS flow.

As a result, Monday, 1 June 2026 will be the first business day under the new model. From that point forward, securities will be eligible for settlement in T2S via the CBL network. 

6-series accounts will remain open until the final migration and account closure planned for end of Q2 2027. In the interim, they will continue to be used for activities related to CEU accounts, such as non-EUR settlement, and payment of proceeds from non-T2S eligible asset servicing.

From a settlement perspective:

For NCSC securities:

• Non-cleared and cleared stock exchange trades received before Monday, 1 June 2026 (timestamp of the instructions) will settle in 6-series accounts.
• Non-cleared and cleared stock exchange trades received from Monday, 1 June 2026 onwards (timestamp of the instructions) will settle in CEU accounts, in line with the settlement process described in German Stock Exchange and central counterparty (CCP) transactions for NCSC-T instruments (in a T+2 environment, trades concluded and received on Monday will settle in CEU on Wednesday). Affected clients will need to move securities to their CEU account to support their activities. To ensure a smooth settlement and re-alignment process between CEU and CBL, for all markets in scope of the project, clients are asked to refer to the following guide, outlining the required formats for transferring holdings from 6-series or CBL accounts to their CEU accounts:
  • Instruction specifications - International (Counterparty in CBL) (CEU)
• OTC trades on securities in scope can be conducted from CEU accounts or 6-series accounts after the activation.
• No cancellation or re-instruction is required.
• For the markets in scope, transfers from 6-series accounts to CEU or CBL, completed within the first two weeks following activation, will benefit from a fee waiver as outlined in Unified for New Opportunities: Transaction fee waivers for Wave 2, client migrations and final migration.

For CSC securities:

• During the change of security CSD links, all pending transactions on CEU accounts will be cancelled by T2S. Pending transactions with an Intended Settlement Date (ISD) on or after Monday, 1 June 2026 will be cancelled on Friday, 29 May 2026, in the afternoon, while those with an ISD earlier than Monday will be cancelled on Friday, 29 May 2026, in the evening during the T2S Start of Day (SOD) cycle. The cancellation of these instructions will be communicated via a settlement status advice message MT548. The following reason codes will be communicated:
  • For already matched instructions: “MVIC316 -The ISIN Code of the already matched Settlement Instruction is not eligible for settlement in the delivering or receiving CSD”.
  • For unmatched instructions and instructions that matched on T2S: “MVIC305 - The ISIN Code of the Settlement Instruction is not eligible for settlement in the delivering CSD” or “MVIC315 - The ISIN Code of the Settlement Instruction is not eligible for settlement in the receiving CSD”. The matched leg is cancelled with reason: “MMCS007 - Cancelled due to the cancellation of the counterpart instruction”.
• Reinstruction will be required once the new links are activated. The following scenarios will apply:
  • Domestic transactions: Clients and CCPs will need to reinstruct any domestic transactions that were cancelled.
  • Intra-CSD (CEU-CEU) transactions:
    • OTC transactions: Clients will need to reinstruct the pending OTC transactions cancelled during the process.
    • Cleared German stock exchange transactions: CCPs will be responsible for reinstructing any pending cancelled transactions.
    • Non-cleared German stock exchange transactions (SETI transactions): CEU will reinstruct the pending transactions cancelled during the process. 
      • These new instructions must be resubmitted to T2S after the new security CSD links have been created, with a new T2S Actor Reference (the second digit to be increased) and a new “Auftragsnummer”. This means, for example, that if the original instruction reference starts with SAxxxxxxxx (usual case), the reference of the re-instruction will start with SBxxxxxxxxx. In the case a cancelled instruction reference was already SBxxxxxxxxx, CEU will re-instruct it as SCxxxxxxxx. Note that no linking will be applied to re-instructed stock-exchange trades, that is, linkages will not be restored.
      • For partially settled deliveries, reinstructions will be based on the remaining quantity only. As a result, the cancelled Total Quantity/Amount and the reinstructed Total Quantity/Amount will not match.
• Instructions submitted to the German Stock Exchange and received on Friday, 29 May 2026 (timestamp of the instructions) will not be cancelled. These instructions will be processed by SETI after end‑of‑day, once the static data updates have been completed and the new T2S links are available. Instructions received up to Thursday, 28 May 2026 will be part of the cancellation and re‑instruction process, provided they are still pending at the time of the migration.
• For the markets in scope, no fees will be applied to clients for instructions cancelled on Friday, 29 May 2026, and for new instructions submitted on Monday, 1 June 2026 from CEU accounts, regardless of whether they are submitted via a central counterparty (CCP), CEU, or directly by the client. For more details, please refer to Unified for New Opportunities: Transaction fee waivers for Wave 2, client migrations and final migration.
• From Tuesday, 2 June 2026, removal requests of CSDR Late Matching Fail Penalty (LMFP) fees resulting from the re-instructions of stock-exchange transactions by CEU and Eurex Clearing AG will be sent to T2S, or via the CEU auto-repair functionality for CEU-owned (technical) accounts and via a dedicated T2S Penalty Modification Request (PMR).

From an asset servicing perspective:

For NCSC securities: OneCAS will be activated for CEU clients as from Monday, 1 June 2026.

For CSC securities: Asset Services processing will switch from the CEU legacy system KADI to OneCAS for CEU clients.

As a consequence, the corporate action and income events ongoing on the current links, and for which CEU clients received previously an MT564, will be processed as follows for CEU clients:

• Income and non-income mandatory (MAND) events with an entitlement date before the OneCAS activation date (that is, record date is strictly before Monday, 1 June 2026) will be completed in KADI.
• Mandatory with choice (CHOS) events with an entitlement date before the OneCAS activation date (that is, record date is strictly before Monday, 1 June 2026) will be processed via existing procedures.
• Voluntary (VOLU) events with a market deadline before the OneCAS activation date (that is, strictly before Monday, 1 June 2026) will be processed via existing procedures (whether payment date is before or after 1 June 2026).
• Income and non-income mandatory (MAND) events with an entitlement date on or after the OneCAS activation date (that is, record date is greater or equal to Monday, 1 June 2026) will be cancelled in KADI and CEU clients will be considered for the processing in OneCAS.
• Mandatory with choice (CHOS) events with an entitlement date on or after the OneCAS activation date (that is, record date is greater or equal to Monday, 1 June 2026) will be considered for the processing in OneCAS for CEU clients.
• Voluntary (VOLU) events with a market deadline on or after the OneCAS activation date (that is, greater or equal to Monday, 1 June 2026) will be considered for the processing in OneCAS for CEU clients.
• Two-events scenarios (events with interim securities): The second event will be processed in KADI if the first event is completed in KADI. If the first event has not yet been processed, both events will be processed in OneCAS.

For pending events that are cancelled in KADI and will subsequently be processed by OneCAS, clients will receive an MT564 CANC on Friday, 29 May 2026. This will be followed by a new MT564 as a replacement for the previously cancelled MT564, at the latest on Monday, 1 June 2026. As the new message will be sent from OneCAS rather than KADI, it will have a new Corp ID and may differ slightly in content (for example, the instruction input deadline). Clients will need to acknowledge the specifics of the new message. As from the OneCAS activation date, payments resulting from corporate actions for all ISINs in scope of the market activation and for CEU entitled accounts will follow the logic described below (no change to existing logic). This will remain valid until the final closure of the 6-series accounts, which is planned for end of Q2 2027: 

• Cash proceeds in EUR will be paid on CEU Dedicated Cash Accounts (DCAs).
• Cash proceeds in non-EUR will be paid on 6-series accounts. 
• Securities proceeds being T2S eligible will be paid in T2S on CEU Securities Accounts (SACs). 
• Securities proceeds being non-T2S eligible will be paid or transferred to 6-series accounts.
• Following OneCAS activation, CEU clients will receive the full General Meeting Service for all Swiss events with an entitlement date after the activation. Clients will be notified accordingly. Existing service levels for the U.S.A. and Canada will be maintained.

Key milestones

The key milestones that will be communicated to clients throughout the activation process are depicted below. A final notification will be sent upon the successful completion of the market activation activities.

All timings are indicative and subject to change. Clients will be informed of any significant deviations from the schedule.

These milestones mark the transition to the Unified for New Opportunities model for U.S.A., Canada, and Switzerland. From Monday, 1 June 2026, securities in scope will be eligible for settlement in T2S via CEU accounts.

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1. This Announcement is published by Clearstream Europe AG (CEU), 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.