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Euroclear ESES CSDs migrate to T2S

Euroclear Settlement of Euronext-Zone Securities (ESES) completes landmark journey.

Brussels, 13 September 2016 - Euroclear announces migration of its ESES CSDs to the TARGET2-Securities (T2S) platform. The migration process was completed successfully, alongside the other CSDs connecting to T2S in Wave 3.

T2S increases cross-border settlement efficiency in Europe and presents new opportunities for firms to access liquidity and finance their activity more effectively.

Through their migration to the T2S platform, Euroclear Belgium, Euroclear France and Euroclear Nederland connect approximately 40% of the total outstanding in corporate bonds, equities and funds, and 30% of government bonds for T2S markets. Euroclear Finland will also join T2S as part of the final wave scheduled for 18 September 2017.

Facts and figures

  • The migration process was completed in line with our plans, with the ‘point of no return’ reached at 10:00 on Sunday, 11 September.
  • 343,898 balances and 122,519 pending instructions received from ESES’ clients were successfully migrated to the T2S platform.
  • In all steps of the migration, the number of rejected instructions was very limited.
  • Balances and settlement reports were sent to clients after the ‘point of no return’.

Tim Howell, Chief Executive Officer of the Euroclear group, commented: “The T2S project is a significant undertaking for Europe’s financial community, bringing many opportunities for cross-border trading and enhanced liquidity management. Reaching this milestone has taken tremendous motivation and commitment by many people at Euroclear and by our client community, and I would like to thank them for their efforts. I would also like to extend my thanks to the ECB and regulators in partnering with us, and wish all involved continued success for the remaining waves.”

Note to editors

About Euroclear

Euroclear group is the financial industry’s trusted provider of post trade services. At the core, the group provides settlement, safe-keeping and servicing of domestic and cross-border securities for bonds, equities and derivatives to investment funds. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.

The Euroclear group includes Euroclear Bank - which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s - as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 675 trillion in securities transactions in 2015, representing 191 million domestic and cross-border transactions. In the first half of 2016, the group held EUR 27 trillion in assets for clients.

For more information about Euroclear, please visit About us or follow us on Twitter @EuroclearGroup or on LinkedIn.

Towards T2S

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