T2-T2S consolidation: Deployment activities March 2023
Clearstream Banking AG, Frankfurt1 informs customers about deployment activities of the ECB T2-T2S consolidation to be deployed on
the weekend of 18 and 19 March 2023
for business day Monday, 20 March 2023
In addition to the information in Announcement D23007, this Announcement shows the intended timeline between 18:30 Friday, 17 March and 01:30 Monday, 20 March 2023. The information is based on the deployment schedule provided by the European Central Bank (ECB). The “Release Weekend Schedule” defines an indicative timeline of the operational day and respective reporting during the deployment weekend. If required, more details on the planning and timeline can be requested via the customer’s National Central Bank used for liquidity management for CBF settlement instructions via TARGET2-Securities (T2S).
Based on the most recent information provided by the ECB, the following can be inferred:
- On Friday, 17 March 2023, CBF will complete the end of day processing at 18:45.
- Customers acting in ICP mode and using the CBF connectivity channels via Swift, MQ, File Transfer (FT) or ClearstreamXact must consider that any instruction transmitted between 20:00 Friday, 17 March 2023 after the “Green Light” is given by T2S and at around 06:00 Sunday, 19 March 2023 will be queued. Only customers transmitting instructions via Swift to CBF will receive an acknowledgement upon receipt of the instruction based on their existing message subscription.
- Customers acting in ICP mode and using an automated connectivity channel (Swift MQ or File Transfer (FT)) for the receipt of the CBF settlement reporting must consider that the reporting times will be adapted to the T2-T2S consolidation deployment timeline. Depending on the actual roll-out, files may be empty and will be transmitted only if empty reports have been requested. Therefore, the customer’s technical infrastructure should accept and store the provided files. Otherwise, the information/data will be lost. CBF recommends accepting files at all times during the Release Weekend. From 01:30 Monday, 20 March 2023 CBF will start its regular operational day.
- The opening hours of Clearstream functionalities will be modified. The CASCADE HOST / PC frontend and Xact Web Portal will be available until 20:00 on Friday, 17 March 2023. After this, customers are requested not to enter, modify, or cancel instructions. The systems will be re-opened between 06:10 and 11:00 on Sunday, 19 March 2023.
- At 20:00 on Friday, 17 March 2023, T2S will close online functionality and the “Straight Through Processing” channels (STP, A2A). At 11:00 on Sunday, 19 March 2023, the maintenance window is scheduled. Incoming instructions that reach T2S during the deployment phase or maintenance window will be queued. At around 21:00 on Sunday, 19 March 2023 the T2S maintenance window will be closed, and T2S Real-Time Settlement will commerce.
- Customers acting in DCP mode and using the “YCON” procedure to receive real-time settlement reporting via CBF will receive these reports on Sunday, 19 March 2023, 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 applies: Settlement instructions resulting from corporate actions will be created on Friday, 17 March 2023, in line with the regular business day and presented to T2S before the system is closed for the deployment activities. On this processing day, customers will receive Corporate Actions Messages (MT564, MT568) from 23:00, instead of the normal transmission time of 19:30. Additionally, the transmission times of Corporate Action Confirmations (MT566) will be modified. The reporting, which is generated via Custody and KADI will be provided after 06:00 on Sunday, 19 March 2023, until the maintenance window starts at around 11:00.
- Customers creating settlement instructions against or with payment (DvP, RvP, DwP or RwP) are reminded to perform the Liquidity Transfer (LT) from MCA/RTGS to T2S DCA using one of the options suggested in Announcement D23007 before T2S Night-Time Settlement (NTS) starts. On Friday, 17 March 2023, CBF customers are requested to manage their liquidity requirements for the business day Monday, 20 March 2023, in due time to allow the processing of against payment settlement instructions in T2S NTS.
- The verification of migrated data will be offered by ECB via T2. In addition, the distribution of LT to the T2S DCA can be checked, if access was requested. Based on the latest timeline, there will be a window enabled between 13:30 and 17:30 on Saturday, 18 March 2023.
In general, the processing at Clearstream Banking S.A. (CBL) is not impacted by the migration procedure. However, the T2S securities leg 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.
The following schedule provides an overview of the milestones defined by ECB. The table shows the indicative times announced. This information will not be updated by CBF during the Release Weekend. ECB will regularly report the latest deployment and operational status on their website.
Milestone | Due date / time (CET) |
Start of T2 Migration Weekend | Friday, 17 March 2023, 19:15 |
End of processing of incoming messages in T2S | Friday, 17 March 2023, 20:00 |
Open Liquidity Transfer queue with T2 | Saturday, 18 March 2023, 10:55 |
Start of T2 Window for reconciliation activities of migration results | Saturday, 18 March 2023, 13:30 |
Start of T2S Night-Time Settlement | Saturday, 18 March 2023, 18:00 |
Start of T2S Real-Time Settlement and | Saturday, 18 March 2023, 22:10 |
Start of T2S Maintenance Window | Sunday, 19 March 2023, 11:00 |
Start of T2S Real-Time Settlement (RTS) | Sunday, 19 March 2023, 22:00 |
Further information
Please contact Clearstream Banking Client Services or their Relationship Officer. Particular questions related to the introduction of the T2-T2S consolidation will be routed to the experts of the functional team.
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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.