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Five additional CSDs go live on T2S with SWIFT

First Published 20th September 2016

Euroclear ESES CSDs, VP SECURITIES and VP LUX complete successful migration to T2S using SWIFT's Value Added Network solution.

Brussels - Five central securities depositories (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, meaning that the SWIFT VAN is now carrying 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.

Through their migration to the T2S platform, 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. Euroclear Finland will join T2S as part of the final wave scheduled for 18 September 2017 and will also use SWIFT's VAN to connect to the platform.

VP SECURITIES is the first Nordic CSD to go live on T2S and also the first CSD with a "Direct Holding" account structure to migrate. Furthermore, VP is one of the first non-Eurozone CSD to go live and open up for issues in EUR on the T2S platform. The next milestone for VP SECURITIES will be settlement in Danish kroner (DKK) on the T2S platform in 2018.