Euroclear has pushed back the date of moving its Belgian, French and Dutch CSDs to T2S, saying it needs more time for a ‘safe and stable migration’.
The ESES CSDs originally intended to transfer their settlement services to T2S in March 2016, however the firm will now reassess its schedule and clarify the new timetable in the coming weeks.
Euroclear operates six CSDs serving seven European markets and was set to migrate its France, Belgium and Netherlands platforms to the new European securities settlement engine early next year.
“We remain fully committed to the T2S project and continue to work closely with the ECB, the CSD community and our clients to evaluate possible alternative migration scenarios, in order to minimise the impact of this delay,” said Euroclear in a statement.
“We continue to dedicate all available resources and expertise to ESES’ T2S migration project, and we remain committed to the safety, stability and resiliency of the marketplace.”
Euroclear’s CSDs signed the T2S Framework Agreement in June 2012 with its plan to outsource matching and settlement services to T2S, but will continue to directly offer all custody and other services to their clients.