During the weekend from Feb 3-5, 2017, Clearstream (Clearstream Banking Frankfurt and LuxCSD) successfully migrated to the ECB’s TARGET2-Securities (T2S) platform.
The first business day is already in process and runs smoothly.
As it is the largest T2S participant, the migration of Clearstream has added an unprecedented volume of about 40 percent to the overall volume on the ECB's settlement platform. This leads to a doubling of current volumes and means that more than 80 percent of the total volume now has been migrated to the platform.
“The successful conclusion of the fourth T2S migration wave brings T2S very close to the finishing line, taking Europe a crucial step forward towards a harmonised settlement landscape”, says Berthold Kracke, CEO of Clearstream Banking AG. “As of 6 February, our clients will be able to consolidate all eligible assets at our Central Securities Depository Clearstream.”
“This important strategic project has been conducted in close partnership with the European Central Bank, Deutsche Bundesbank, The Banque centrale du Luxembourg as well as other National Central Banks and participating CSDs over many years,” says Patrick Georg, CEO of LuxCSD S.A. “It forms an important pillar in the vision of a Capital Markets Union and contributes to the integration of the European financial market infrastructure by further improving the stability and integrity of the European market.”
Following the migration, customers will be able to benefit from Clearstream's T2S offering, which enables them to profit from unique economies of scale as well as improved liquidity and collateral management via the new platform. Clearstream's holistic T2S offering includes integrated ICSD and CSD services at a competitive price.
These services include settlement in commercial and central bank money, harmonised connectivity through a single interface as well as the ability to pool liquidity to take full advantage of Clearstream’s collateral management capabilities. Moreover, will customers profit from a unique asset servicing proposition offered with local agent bank partners and easy access to Deutsche Börse services offered through Xetra and Eurex.
Along with Clearstream Banking Frankfurt and LuxCSD, the Central Securities Depositories (CSDs) of Hungary, Slovenia, Slovakia and Austria have also successfully migrated to the platform.