Euroclear Announces Wave Two Migration Delay for T2S
Euroclear Belgian, Dutch and French CSD’s require more time to ensure stable migration to securities settlement platform.
Following the launch of the European Central Bank (ECB)-pioneered T2S platform in June, Euroclear ESES was due to be part of the second migration wave scheduled for March next year, alongside central securities depositories (CSD) from Belgium (National Bank of Belgium Securities Settlement System) and Portugal (Interbolsa - Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A).
However, due to challenges in migrating to the platform, Euroclear has announced its CSDs in Belgium, France and the Netherlands will not meet the March deadline, requiring more time to "ensure a safe and stable migration."
In a statement, Euroclear said it was "full committed to the T2S project" and was continuing to "evaluate possible alternative migration scenarios, in order to minimise the impact of this delay."
Italian CSD Monte Titoli also joined the T2S platform later than planned after encountering similar migration challenges.
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