SWIFT: Wave 3 of T2S successfully completed
Five central securities depositories (CSDs) went live on Target2-Securities (T2S) on 12 September and successfully completed their first week of live operations on the system.
Five central securities depositories (CSDs) went live on Target2-Securities (T2S) on 12 September and successfully completed their first week of live operations on the system.
SWIFT confirmed the successful migration of Euroclear Settlement of Euronext-zone Securities (ESES) central securities depositories (CSDs), VP Securities and VP Lux and their respective communities to live operations on Target2 Securities (T2S) using its value added network (VAN) Solution for T2S. In all, five CSDs – Euroclear Belgium, Euroclear France and Euroclear Nederland, VP Securities (Denmark) and VP Lux (Luxembourg) – went live on T2S on 12 September and have successfully completed their first week of live operations on the system.
All five CSDs in the Wave 3 migration to T2S selected the SWIFT VAN solution to connect to the new pan-European securities settlement platform. SWIFT VAN now carries live traffic for 120 users (CSDs, central banks and directly connected participants). With the Wave 3 volumes now on T2S, users will begin to reap the benefits of having a single European platform for securities settlement, says SWIFT. Collectively, 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.