Euroclear has delayed the T2S migration of its Euroclear Settlement of Euronext-zone Securities (ESES) central securities depositories for Belgium, France and the Netherlands.
The delay means that the French, Belgian and Dutch CSDs will not migrate to T2S with wave in March 2016, as planned.
Euroclear has put the delay down to early challenges in the process, which have now been resolved, but have set them behind in the migration schedule.
According to Euroclear, it is working with the European Central Bank and with its clients to explore alternative migration solutions, and to try and minimise the impact of the delay. A clearer migration schedule will be provided after this evaluation.
Community testing on the ESES platform remains available, and Euroclear has stressed its commitment to the safety, stability and resiliency of the T2S marketplace.
