T2S, CBF and Swift Releases: Information on the production launches in November 2023 – Final update


Note: This Announcement, originally published on 7 July 2023 and supplemented on 16 August 2023, has been updated once more to reflect the final scope of the T2S Release. Changes have been highlighted.

Clearstream Banking AG, Frankfurt,informs clients about the following releases in November 2023: TARGET2-Securities (T2S) R2023.NOV, CBF and Swift. According to the T2S Release Concept, the T2S release will be deployed on 

the weekend 18 and 19 November 2023
for business day, Monday, 20 November 2023

as well as the CBF and Swift releases.

T2S Release R2023.NOV – Scope

With the T2S Release R2023.NOV, seven Change Requests (CRs) will be introduced in production. They have already been approved at T2S Steering Level. In addition, the release will fix various misfunctions and close the related T2S Problem Tickets (PBIs). 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, CBF will inform clients in due time. 

The following overview presents the scope elements for T2S Release R2023.NOV and indicates if the modification might have impact on CBF clients acting in ICP and / or DCP mode:

  • Overview T2S Change Requests
    Please find all approved T2S Change Requests (CRs) in the list attached. CR T2S-733-SYS (“Definition of a classification of transactions for CB T2S”)  and CR T2S-753-SYS (“Export of T2S cash transactional data from the Data Warehouse to a Eurosystem’s analytical platform”) have been added to the scope but do not have any impact on CBF clients.
    Based on the functional description provided by T2S, CBF identified the system requirements for November Release 2023. CBF aims to absorb the impact on clients acting in ICP mode as much as possible.
    In the attached list, clients acting in (Cash) DCP mode will find more information. More details on these requirements can be found in the related ECB documentation2
  • Problem Tickets (PBIs)
    CBF’s review of the latest list of pending PBIs, provided by T2S (as of mid of October 2023), has identified ten tickets that might have impact on CBF’s clients operating in (cash) DCP mode. Further four PBIs can affect ICPs and DCPs. The assessment result is included in the second list attached.
    CBF’s assessment for these Problem Tickets shows that the fixes will not require software changes in CBF. Clients are recommended to validate these scope elements and check whether operational and/or functional modifications in their procedures are required.
  • Transition plan

    The installation of T2S Release R2023.NOV into production is planned for the third weekend in November 2023. The deployment will be executed via the “Release Weekend Schedule”. As with the introduction of the previous T2S Releases, the schedule of the T2S Operational Day will be modified according to the implementation activities. The deployment will start once the end of day procedure (“T2S End of Day”) on Friday, 17 November 2023, has been completed. Beginning of November 2023, CBF 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 Service Transition Plan

Activity for T2S Release R2023.NOV


End of testing of R2023.NOV scope elements in Pre-Production

Wednesday, 1 November 2023

MIB approves the R2023.NOV deployment to Production

Tuesday, 7 November 2023

Deployment of R2023.NOV to Production

Saturday, 18 November 2023

T2S CRs with potential client impact

The following CRs complement the current scope of services and will be available to CBF clients after the implementation of T2S Release R2023.NOV. These changes do not require any software modifications in CBF’s client-facing systems. However, CBF recommends clients to review the changes for any necessary adjustments in their operational procedures.

T2S-0756-SYS “If an instruction is cancelled, then T2S should no longer consider it to be part of a Pool”

If an instruction is linked to a pool, it will be possible to cancel or replace it (for instance in case of a rejection) without cancelling and re-instructing all instructions linked to the pool. Only if the pool is already complete, and all instructions are matched, the cancellation without replacement of one of the pooled instructions will prevent settlement.

CBF will apply this new behaviour to pooled Payment Free of Delivery (PFoD) instructions for the processing of a corporate event. In future, single PFoDs can be corrected and replaced individually – thus avoiding a cancellation of the whole pool with the original PFoDs pending until their automatic cancellation at the end of the T2S recycling period.

T2S-0786-SYS “Counterparty leg of a failing instruction due to reason code “LINK” should not be penalised”

In a linkage scenario where an instruction fails to settle because it contains a link to another instruction which also fails to settle regardless of the reason for the failure, the counterparty of the first instruction should not be penalised. The penalty should be applied only to the instruction that contains the link, as this instruction is the one responsible of the failure.

CBF enhancements for the Swift Release in November 2023

Partially Released Quantity reported in MT537 and MT548 messages

With the Release in November 2022, CBF implemented the support of the qualifier PREL to properly report the partially released quantity in fields :36B: and :70D: of MT537 and MT548 messages. For more details, please see Announcement D22054. With the Release in November 2023, CBF will decommission the possibility to additionally report the partially released quantity in narrative field :70D: with the qualifier /PRQT.

CBF clients who already decommissioned the use of the qualifier /PRQT in November 2022, will not be affected in their settlement reporting.  

CBF Enrichment of MT537 and MT544-548 messages with CMIT 

Currently, CBF provides the T2S reference of the counterparty instruction CMIT (Counterparty Market Infrastructure Transaction Identification) in the following message type:

  • Matched internal (intra-CSD) transactions in the field :20C: (Reference) under qualifier MITI (Market Infrastructure Transaction Identification): 
    • MT548 (Settlement Status and Processing Advice).

With the release in November 2023, CBF will provide in these messages the own T2S reference under qualifier MITI, as well as the counterparty’s T2S reference under qualifier CMIT.

In addition, CBF will enrich the following message types currently showing only the own T2S reference under qualifier MITI with the the counterparty’s T2S reference under qualifier CMIT: 

  • Matched internal (intra-CSD) instructions: 
    • MT537 (Statement of Pending Transactions) and 
    • MT544-547 (Settlement Confirmation Notification).

Finally, the own T2S reference under qualifier MITI and the counterparty’s T2S reference under qualifier CMIT will be introduced in the following instruction types:

  • Matched cross-border instructions between T2S In-CSDs:
    • MT537
    • MT544-547 and
    • MT548.

The counterparty’s T2S reference is displayed in the ISO 15022 messages with the following attributes:

Field :20a: Reference

Format: Option C :4!c//16x (Qualifier)(Reference)

Presence: Mandatory in mandatory subsequence A1 (MT544-548) resp. C1 (MT537)

Qualifier: CMIT (Counterparty Market Infrastructure Transaction Identification)

Extract of an ISO 15022 message example:

:16R: LINK
:16S: LINK
:16R: LINK
:16S: LINK
:16R: STAT
:16S: STAT

The display of T2S references in CASCADE Host, CASCADE-PC and Clearstream Xact remains unchanged with the release in November 2023.

CBF service enhancement for the Vaults reporting

As of the release in November, CBF clients can see the following new values in their Vaults reporting (new values in bold):


KZ-NACHWEISART (indicator evidence type; CEA9T05)


EINLIEF. EFF. URK. (Deposit of security certificates)




URK. VON DRUCK./EM. (Certificate from printing press or issuer)


OHNE URKUNDEN (Without certificates)


EFF. URK. U. ZESSION (Security certificates and assignment)


UM-/FESTSCHREIBUNG (Re-registration/locking up)


ZESSION FEHLT (Assignment missing)




EDELMETALL (Precious metal)




SCHALTERHALLE (Service counter)





KZ-AUSLIEF-VORG (Withdrawal process ID; CEA9T10)






TEILREDUZIER. (Partial reduction)


REVAL. M. REDUZ. (Mark down with reducation)


REDUZ. RAHMEN (Reduction of Rahmennominale)





The new values are reserved for instructions set up by CBF; they are not available to clients’ new instructions, neither in CASCADE Host nor in CASCADE-PC.

OneClearstream activation for the KADI DE Migration

CBF recommends clients to check the last version of the CAH KADI DE Migration to OneCAS – Detailed Functional Specifications for activiations on the release weekend in November 2023.


For the introduction of the CBF Release in November 2023, rollout activities for the CASCADE-PC version 10.5 have to be considered. A mandatory software update has been scheduled, that is, all earlier versions of CASCADE-PC cannot be used after the successful deployment of the CBF Release in November 2023. Starting from 20 November 2023, clients, who log on using CASCADE-PC version 10.4, will receive the following error message:

“E00060: your currently installed program version is 10.4,

but you need version: 10.5. Terminate this application.”

CASCADE-PC version 10.5 will be available for download from the website as of 6 November 2023.

Client simulation

The simulation activities will be conducted in a “free simulation mode”. The already established static data for CBF accounts and the related connectivity settings in the CBF client simulation environment (IMS23) remain unchanged. CBF clients who intend to test the new functionalities are requested to send an email to t2s-support@clearstream.com in order to be registered as tester and to receive more details about the simulation requirements.

The updated software for the T2S Release R2023.NOV has been installed on Friday, 22 September 2023, in the T2S Pre-Production Environment (UTEST). A dedicated web page provides information on the availability of the CBF client simulation environment. 

Transition weekend

On 13 November 2023, CBF plans to publish an Indicative Timeline for the T2S Release R2023.NOV Deployment Weekend. This timetable is to be updated on 14 November 2023, shortly before the implementation of the release.


For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer. Questions related to the technical connection can be addressed to Connectivity Support. Particular questions related to the production launch in November 2023 will be routed to the experts of the T2S Release Management.


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. Details about the scope elements of T2S Release R2023.NOV are published on the ECB’s website.