T2S and CEU Releases: Information on the production launches in November 2026

Clearstream Europe AG¹ informs clients about the upcoming TARGET2-Securities release in November 2026 (T2S R2026.NOV). According to the T2S Release Concept, the release will be deployed on

the weekend 14 and 15 November 2026
for business day, Monday, 16 November 2026

T2S Release R2026.NOV – Scope

With the T2S Release in November 2026, nine Change Requests (CRs) will be introduced in production. They have already been approved at T2S Steering Level. In the event of urgency and if priority is given, further functional updates might be authorised by the Operational Managers Group (OMG). If such changes are announced by T2S, CEU will inform clients in due time.

With this Announcement, CEU informs clients about the scope elements for T2S Release R2026.NOV and indicates if the modification might impact CEU clients acting in ICP and/or DCP mode:

• Overview T2S Change Requests
  The report attached shows nine approved T2S Change Requests (CRs). More details on these requirements can be found in the related ECB documentation².
   
• Problem Tickets (PBIs)
  CEU regularly reviews the lists of pending PBIs provided by T2S. The analysis of the list published mid-May 2026 currently shows no T2S Problem Tickets (PBIs) that might impact CEU’s clients operating in ICP or DCP mode.
   
• Transition plan
  The installation of the T2S Release into production is planned for the third weekend in November 2026. The deployment will be executed via the “Release Weekend Schedule”. In line with the deployment approach of previous T2S Releases, the schedule of the T2S Operational Day will be modified due to the implementation activities. The deployment will start once the end of day procedure (“T2S End of Day”) on Friday, 13 November 2026, has been completed. Beginning of November 2026, CEU aims to provide an indicative timeline for changes in the operational day during the deployment weekend.

The table below provides an overview of the important T2S milestones within the next months:

T2S CRs with potential client impact

Following the unfreeze strategy of Target Services, T2S has been aligning its message formats to the current ISO 20022 standard since June 2026. The upgrades will be concluded with the release in November 2026.

Additionally, the following CRs complement the current scope of services and will be available to CEU clients after the implementation of T2S Release R2026.NOV. These changes do not require any software modifications in CEU's client-facing systems. However, CEU recommends clients to review the changes for any necessary adjustments in their operational procedures.

T2S-0798-URD “T2S CoSD logic should support partial release of instructions”

Conditional Settlement (CoSD) is a process which allows settlement in T2S with the requirement to fulfil a condition outside T2S before achieving the final booking. The CoSD rules are set by each central depository (T2S In-CSD) to identify if a conditional settlement applies on a Settlement Instruction.

CEU uses the T2S Conditional Settlement, for example, for instructions that settle:

• In markets outside T2S (T2S Out-CSDs for NCSC-T securities); or
• Against currencies other than EUR (cash settles with Clearstream Banking S.A. (CBL)).

The current T2S CoSD process is incompatible with the T2S partial settlement and partial release.

This CR aims to enable partial party blocking and release for instructions subject to CoSD. If, for instance, a T2S Out-CSD allows partial settlement, then this partial settlement will be reflected in T2S as well, once the responsible T2S In-CSD confirms this partial settlement to T2S.

CEU clients will benefit from more settlement efficiency in the following scenarios:

Partial releases for delivery legs and partial settlement for receipt legs of transactions against a counterparty with

•    CBL; and

•    Euroclear Bank (EOC, bridge settlement).

T2S-0828-URD “T2S should no longer release cash restrictions related to CoSD blocking at real-time closure”

Currently, during Real-Time Settlement Closure phase, T2S releases all CoSD cash blockings and attempts to re-generate them on the next Business Day only.  Between the RTS Closure and the regeneration of the CoSD blocking, external settlement cannot be reflected in T2S. With this CR, T2S will deactivate the process to release all cash settlement restrictions for CoSD blocked cash during Real-Time Closure phase and instead keep such CoSD blocked cash on the Dedicated Cash Account (DCA) during T2S End of Day (EoD). Like this, it is continuously ensured that this cash can be used to conclude the settlement on T2S after the external settlement was confirmed.

CEU clients will benefit from this new process for the external settlement against EUR to be reflected in T2S during the T2S Real-Time Settlement Closure phase (around 16:00-18:00).

CEU Release

Following the successful standardisation of processes, services and reporting for Asset Servicing, CEU aims to achieve a similar level in Settlement Services.

The target is to align the service offering with T2S and Swift standards as well as a harmonisation between CEU and CBL.

The client ClearstreamXact Reporting has therefore been and continues to be enhanced during 2025 and 2026. With the November 2026 release, the following improvements will be implemented:

Optional Sequence C in MT530 message

CEU clients will be able to submit MT530 message (Transaction Processing Command) to perform modifications without the obligation to consider the fields in Sequence C - Additional Information.

Rejections due to this sequence being mandatory will no longer apply.

MITI Referencing in modification and cancellation requests

CEU clients will be able to send the Market Infrastructure Transaction Identifier (MITI) Reference to CEU in order to submit:

• Modification of instructions via MT530 with the MITI information provided in the field :20C::MITI
• Cancellation of instructions via MT540-543 with qualifier CANC and the MITI provided in the field :20C::RELA.

This information will be visible in Xact Web Portal as well as in the ClearstreamXact settlement reporting and will be valid for Swift messages MT537, MT548, and MT544-547.

CBL-CEU realignments for NCSC-T securities: New format

With the CEU release in November 2026, the CBL instruction format for realignments of positions from a five-digit CBL account (among others 6-series accounts) to a seven-digit CEU account

• in NCSC-T securities (hence, T2S eligible securities in non-collective safe custody)
• without the UCSA-Identifier
  (Further details on the UCSA-Identifier Service are available in the Unified for New Opportunities Detailed Functional Specifications, specifically in section 3.3.1.)

is aligned in the fields 95R::BUYR and 95R::SELL to the T2S Securities Account (SAC) format.

Current CBL format of the BUYR and SELL fields in realignment instructions for NCSC-T securities:

• :95R::BUYR/DAKV/XXXX
• :95R::SELL/DAKV/XXXX

Future CBL format of the BUYR and SELL fields in realignment instructions for NCSC-T securities:

• :95R::BUYR/DAKV/DAKVXXXXxxx
• :95R::SELL/DAKV/DAKVXXXXxxx

Generally, CEU recommends switching to the :95P:: field in combination with a :97A::SAFE option instead of using 95R:

• :95P::SELL//SELLDEFFXXX or :95P::BUYR//BUYRDEFFXXX
• :97A::SAFE//44440000

Client simulation

The client simulation activities for ICPs regarding the T2S R2026.NOV release will be guided by the Unified for New Opportunities project.

Regression testing in the CEU testing environments IMS23 (CASCADE) and OCCT (ClearstreamXact) is possible. The already established static data for CEU accounts and the related connectivity settings in the CEU client simulation environments remain unchanged. If clients need any adjustments of the setup in the client simulation environment or additional information on the simulation requirements, they can contact connect-test@clearstream.com.

According to the ECB planning, the updated software for the T2S Release R2026.NOV will be installed on Thursday, 24 September 2026, in the T2S Pre-Production Environment (UTEST). From Monday, 28 September 2026, DCPs can start their simulation activities. In IMS23, the new software will be available on 12 October 2026. Details about extraordinary closing days and opening hours (UTEST/IMS23/OCCT) are available under Availability and schedules of the client simulation.

------------------------------------------

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.
2. Details about the scope elements of T2S Releases are published on the ECB’s website (status of beginning of March 2026).