T2S partial settlement windows


In general, the settlement functionalities offered by T2S are included in Clearstream Banking AG’s service offering. Therefore, clients can participate in the settlement processes regardless of their chosen connectivity channel to T2S (Indirectly Connected Participants (ICP) or Directly Connected Participant (DCP)).

Partial settlement is active in T2S within the dedicated Partial Settlement Windows. These settlement windows are regularly reviewed by T2S and, if agreed with market participants, extended.

The following times are applicable in the T2S production environment:

Settlement Cycle

Partial Settlement Window

T2S Production:
start execution time

Execution period:
since 9 December 2019

Night-Time Settlement

Last Settlement Cycle,
Sequence X

About 22:20 a

Not applicable.

Realtime Settlement

Partial Settlement 1


The Partial Settlement Window is scheduled for 30 minutes.

Partial Settlement 2


The Partial Settlement Windows are scheduled for 15 minutes.

Partial Settlement 3


Partial Settlement 4


Partial Settlement 5


The Partial Settlement Window is scheduled 30 minutes before the Euro DvP cut-off time and deactivated at the closure of the same day T2S Euro DvP settlement.

a. Depending on the runtime of the preceding settlement processing cycle.

A detailed description of the Partial Settlement Service is available in the CASCADE Handbuch Band 1 (in German only).

Information regarding the client simulation

The CBF Client Simulation environment (IMS23) is connected to the T2S test environment (UTEST). Instructions are processed according to the T2S test schedules. Therefore, the Partial Settlement Windows are executed using the respective schedule, if a Partial Settlement Window is applicable for testing.