Information on the functional modifications for the Euroclear markets France, Netherlands and Belgium on T2S
Clearstream Banking1 would like to inform customers about the scheduled functional modifications for the migration of the Euroclear markets to TARGET2-Securities (T2S) on
Monday, 12 September 2016
The migration date of the markets Euroclear France (EF), Euroclear Netherlands (ENL) and Euroclear Belgium (EBE) is due to be confirmed by the relevant committees at the end of March. Furthermore, bilateral tests between CBF and Euroclear to verify the functional modifications are currently being conducted. The remainder of this information describes which of the functional modifications announced in November 2015 remain valid and which partial aspects have changed meanwhile. It is necessary for these details to be taken into consideration in the processes of our customers for the start of production and partially – if applicable – for the customer simulation for T2S Wave 3 in May 2016.
Validity of announced functional modifications
The following functional modifications remain valid for those customers already using the CBF cross-border link towards the ESES markets. For more details please refer to Announcement D15042 dated 9 November 2015:
- Change of account numbers for Euroclear France (EF), Euroclear Netherlands (ENL) and Euroclear Belgium (EBE);
- Adjustment of the settlement timeline for valid instructions;
- Consideration of the T2S matching criteria;
- Use of T2S Party BICs and SACs;
- Changes in the processing of Delivery versus Payment (DvP) instructions;
- Changes in the use of Free of Payment (FoP) instructions without matching (Dumps);
- Adjustment of the Hold / Release process;
- Adjustment of the cancellation process for valid instructions;
- Changes to the processing of corporate actions.
For partial aspects of the attached functional modifications, minor changes apply regarding the filling of Settlement Parties. For this reason, only the changed segments are provided in the attachment. For the remaining details, please use the information from November 2015 as basis for your implementation and – if applicable – for the customer simulation:
- Adjustment of settlement messages in ISO 15022 format;
- Changes to the entries in party fields in CASCADE Online.
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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.