T2S and CEU Releases – Information on the production launches in June 2026

Clearstream Europe AG¹ informs clients about the TARGET2-Securities (T2S) and CEU releases in June 2026 (T2S R2026.JUN).  

According to the T2S Release Concept, the releases will be deployed on 

the weekend 13 and 14 June 2026
for business day, Monday, 15 June 2026

T2S R2026.JUN – Scope

With the T2S Release in June 2026, five 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.JUN and indicates if the modification might impact CEU clients acting in ICP and / or DCP mode:

Overview T2S Change Requests

The report attached shows five 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 beginning of December 2025 shows currently six T2S Problem Tickets (PBIs) that might impact CEU’s clients operating in ICP and / or DCP mode. Three further PBIs can affect cash DCPs. CEU recommends clients to check the PBI list attached.

Experience from CEU’s periodic assessment of these lists shows that until the launch of a T2S release, additional tickets will be authorised for implementation. Therefore, this Announcement will be updated with newly prioritised PBIs.

Transition plan

The installation of the T2S Release into production is planned for the second weekend in June 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, 12 June 2026, has been completed. Beginning of May 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 CR with potential client impact

Following the unfreeze strategy of Target Services, T2S will align its message formats to the current ISO 20022 standard. The first upgrades will be implemented with the release in June 2026. The updates will be continued in the releases to come. Additionally, the following CR complements the current scope of services. The new code will be available to CEU clients after the implementation of T2S Release R2026.JUN. This change does not require any software modifications in CEU's client-facing systems. However, CEU recommends clients to review the change for any necessary adjustments in their operational procedures.

T2S-0807-SYS “Add new reason code in the sese.024 to identify that there is a mismatch in the partial settlement indicator”

Partial settlement improves the settlement efficiency in case of insufficient cash or securities. The conditions to be met for a partial settlement are: 

• Matched Free Of Payment or Delivery Versus Payment or Delivery With Payment Instructions
• The above instructions are not linked to other settlement Instructions;
• A currently running partial settlement window;
• Partial settlement threshold criteria for cash or securities fulfilled;
• Settlement Instructions are eligible to settle partially
  (no NPAR indicator that excludes partial settlement).

With the release in June 2026, T2S will introduce a new reason code PATD ("Partial Differ"), which will be reported whenever the necessary conditions for partial settlement are met with the exception of a partial settlement indicator NPAR in field :22F::STCO// (Settlement Transaction Condition Indicator) in one of the instructions whereas the counter-instruction shows PART, PARC or PARQ or no partial settlement indicator in the corresponding field so that partial settlement cannot start.

The following table provides an overview of the combinations of partial settlement indicators NPAR, PART, PARC or PARQ in field :22F::STCO// (Settlement Transaction Condition Indicator) which result in reason code PATD:

In the CEU reporting, the new reason code PATD will appear in the message types 

• MT537  - “Statement of Pending Transactions”; and 
• MT548 – “Settlement Status and Processing Advice”

in the following field under the PEND or PENF qualifier:

:25D::SETT//PEND      or         :25D::SETT//PENF
:16R: REAS                                :16R: REAS
:24B::PEND//PATD                   :24B::PENF//PATD
:16S: REAS                                :16S: REAS

CEU Release

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

The target is to align the service offering with T2S and Swift standards as well as a harmonisation between CEU and Clearstream Banking S.A. (CBL).

As a first step, the client ClearstreamXact Reporting has been and continues to be enhanced during the courses of 2025 and 2026. First adjustments were introduced with the June and November 2025 Releases. With the June 2026 release, the following improvements will be implemented:

T2S-like Multi Status Reporting 

ClearstreamXact Multi Status Reporting will be upgraded and all T2S status feedback will be reported within MT548 (Settlement Status and Processing Advice) and MT537 (Statement of Pending Transactions) messages. The enhanced Multi Status reporting will replace the current single-status messages.

Currently, the subscription to a status feedback report looks as follows:

In the third step, “One” or “All” can be chosen:

After the release, this choice will not be relevant anymore and will therefore be removed:

In particular, in a MT548 message out of ClearstreamXact, all processing status, all settlement status, all hold indicators and all T2S restriction rules (CVAL and COSD) of its corresponding T2S 20022 message (sese.024) will be included and will be provided immediately once received from T2S. 

If the T2S 20022 message (sese.024) contains several pending or failing reasons, then all these reasons will be listed as repetitions of the status sequence in the corresponding MT548. The Xact Web Portal will display all the reasons as follows:

Main view:

Queries

For querying an instruction status in Xact, the client will be offered both methods of searching:
1. via an overall most relevant status and
2. via the latest status within a settlement status category.

Option 1 (default): Query across all settlement statuses:

The Reason field can be selected using a multi selection drop down window, a query for multiple reasons is possible:

Option 2 (only available for open instructions): Query per settlement status category

The Reason field criteria can be selected using a multi selection drop down window, query for multiple reasons is possible. In the list view of the results, only one of the reason codes is visible.

Reference Owner BIC in POOL Sequence 

When instructions are pooled, the Reference Owner BIC will be reported by ClearstreamXact in the field

:13B::LINK/DAKV/ of the reference field  :20C::POOL//.

This relates to the following MT messages:

• MT54c (Settlement Confirmation messages MT544-547) in "A1 - Linkages - mandatory, repeatable - LINK"
• MT548 (Settlement Status and Processing Advice) in "A1 - Linkages - mandatory, repeatable - LINK"
• MT536 (Statement of Transactions) in "Mandatory Repetitive Subsequence B1a1 Linkages"
• MT537 (Statement of Pending Transactions) in "B2a - Linkages - mandatory, repeatable - LINK"
• MT578 (Settlement Allegement) in "A1 - Linkages - optional, repeatable - LINK"
• MT586 (Statement of Allegements) in "B1 - Linkages - optional, non-repeatable - LINK"

Aggregation rule for Securities Positions

To reflect specific sub-balances in the MT535 (Statement of Holdings) report, ClearstreamXact has introduced respective codes with the release in November 2025 (see announcement D25016).

Additionally, the total balance of securities that are available/not available for settlement by CEU clients will be adapted. 

• The available balance (:93B::AVAI) will be the sum of sub-balances with qualifiers
  AWAS, EDKK, EXXX , EEUR;
• The balance not available for settlement (:93B::NAVL) will be the sum of sub-balances with qualifiers
  BLCA, BLOK, COLL, COSP, DRAW, RSHB, RSKE, RSTR; 
• The overall sum will continue to be reported in :93B::AGGR (sum of the available and not available sub-balances with qualifiers AVAI and NAVL).

Introduction of MT508 Position Type Reporting for CEU clients

With the release in November 2025, the MT538 message (Statement of Intra-Position Advice) via ClearstreamXact Reporting has been introduced for T2S instructions to enable CEU clients to follow up on the different blocking status reasons for a specific position within their securities balances (see announcement D25016). 

With the June release, CEU clients can also subscribe to the MT508 message (Intra-Position Advice), containing the same subscription filters as for the MT538 message.

Xact Query of Securities Transaction Type Reversal

Since the release in November 2025, CEU clients are able to identify special instruction types in their ClearstreamXact Reporting.
With the release in June 2026, reversals will be flagged in the ClearstreamXact settlement reporting with the transaction indicator REVL in field :22F::SETR/DAKV/REVL. In the Xact Web Portal, to query reversals, the value REVL – Reversal is to be chosen (without specifying the Data Source Scheme "DAKV"):

Client simulation

The simulation activities for the T2S release will be conducted in a “free simulation mode”. The already established static data for CEU accounts and the related connectivity settings in the CEU client simulation environment (IMS23) 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.JUN will be installed on Friday, 27 March 2026, in the T2S Pre-Production Environment (UTEST). From Monday, 30 March 2026, DCPs can start their simulation activities. In IMS23, the new software will be available on 20 April 2026. Details about extraordinary closing days and opening hours (UTEST/IMS23/OCCT) are available under Availability and schedules of the client simulation.

Contact

For further information, clients may contact Clearstream Client Services or their Relationship Officer. Questions related to the technical connection can be addressed to Connectivity Support. Particular questions related to the production launches in June 2026 will be routed to the experts of the T2S Release Management.

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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.

2. Details about the scope elements of T2S Releases are published on the ECB’s website. Currently, the status of November 2025 is available there.