Alain Raes, SWIFT
Brussels - SWIFT has announced the successful migration of OeKB CSD (Austria), Clearstream Banking (Germany), LuxCSD (Luxembourg), Centrálny depozitár cenných papierov (CDCP) (Slovakia) and KDD - Centralna klirinško depotna družba (Slovenia) and their respective communities to live operations on T2S using its Value Added Network (VAN) Solution for T2S.
The five central securities depositories (CSDs) went live on T2S on 6 February and have successfully completed their first three days of live operations on the system. They all 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 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.
Alain Raes, Chief Executive, EMEA and Asia Pacific, SWIFT said: "With four migration waves now completed, SWIFT is delighted to have contributed to the successful migration onto T2S of most of the European volumes. The Wave 4 migration went extremely smoothly and the point of no return was reached well ahead of schedule. T2S is a very important milestone in the transformation of the European securities market and a major building block in the Capital Markets Union (CMU). Going forward, we expect to see new business models arise as the market continues to develop, integrate new regulations and realises the true benefits of T2S."