Five CSDs go live on Target2-Securities
Five European central securities depositories (CSDs) have migrated their respective communities to live operations on the Target2-Securities (T2S) platform using Swift’s value added network (VAN) solution.
OeKB CSD (Austria), Clearstream Banking (Germany), LuxCSD (Luxembourg), Centrálny depozitár cenných papierov SR (CDCP) (Slovakia) and KDD – Centralna klirinško depotna družba (Slovenia) all migrated over. These five quickly follow on the heels of Clearstream Banking Frankfurt.
Berthold Kracke, CEO of Clearstream Banking, says the fourth T2S migration wave “takes Europe a crucial step forward towards a harmonised settlement landscape” and by bringing an “unprecedented volume of approximately 40% to the ECB’s [European Central Bank] platform, current volumes on the platform are doubled, bringing T2S very close to the finishing line”.
Swift says its VAN is now carrying live traffic for more than 130 users (CSDs, central banks and directly connected participants).
With the addition of these latest Wave 4 transactions to the T2S platform, and with one final wave to come in September 2017, it says 90% of the expected volumes are now on the platform.
The goal of T2S is a single European platform for securities settlement: liquidity savings, reduced cross border settlement costs, deeper market harmonisation and improved collateral management.