Cash & Liquidity ManagementPaymentsSWIFTWave 4 of T2S completes

Wave 4 of T2S completes

SWIFT reports that central securities depositories in Austria, Germany, Luxembourg, Slovakia and Slovenia in the latest phase of TARGET2-Securities implementation.

Financial messaging services provider SWIFT has confirmed the successful migration of five more European central securities depositories (CSDs) in the latest phase (Wave 4) of TARGET2-Securities (T2S) implementation. The latest are: OeKB CSD (Austria), Clearstream Banking (Germany), LuxCSD (Luxembourg), Centrálny depozitár cenných papierov SR (CDCP) (Slovakia) and KDD – Centralna klirinško depotna družba (Slovenia) and their respective communities.

The five CSDs went live on T2S on February 6 and have successfully completed their first three days of live operations on the system. Each selected the SWIFT value-added network (VAN) solution to connect to the new pan-European securities settlement platform, meaning that the SWIFT VAN is now carrying live traffic for more than 130 users (CSDs, central banks and directly connected participants). With the addition of the Wave 4 transactions to the T2S platform, and with only one final wave still to come in September 2017, 90% of the expected volumes are now on the platform.

SWIFT added that while the platform has seen mainly domestic transactions settled on it to date, the number of cross-border transactions on T2S is expected to increase significantly with the migration of the Wave 4 CSDs.”

TAS Group commented: “With the entry of Clearstream, the most relevant CSD in terms of customers and volumes throughout the single euro payments area (SEPA), the total number of settlement transactions handled by the T2S pan-European infrastructure has almost doubled. Eighteen CSDs representing 16 markets are now smoothly settling securities transactions on the pan-European platform.

Comments are closed.

Subscribe to get your daily business insights

Whitepapers & Resources

2021 Transaction Banking Services Survey
Banking

2021 Transaction Banking Services Survey

3y
CGI Transaction Banking Survey 2020

CGI Transaction Banking Survey 2020

4y
TIS Sanction Screening Survey Report
Payments

TIS Sanction Screening Survey Report

5y
Enhancing your strategic position: Digitalization in Treasury
Payments

Enhancing your strategic position: Digitalization in Treasury

5y
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

5y