Clients of wave-three central securities depositories are ready for the migration to Target2-Securities (T2S), according to VP, whose Danish and Luxembourgish CSDs will join the platform on 12 September.
VP Securities in Denmark and VP Lux in Luxembourg have both announced that they are ready for the migration with wave three. VP conducted community tests in June, and asked its clients to conduct their own tests and confirm readiness by 3 August.
Now, all CSD clients have confirmed that they are prepared, in what VP called a “smooth collaboration”.
The CSDs have also reportedly completed a set of pre-migration activities, which VP says “underpins the readiness of all parties taking part in this migration”.
Also joining in wave three are Euroclear’s Settlement of Euronext-zone Securities CSDs—Euroclear Belgium, Euroclear France and Euroclear Netherlands.
Euroclear confirmed in July that it has completed a final migration rehearsal for the CSDs, including migration to a pre-production environment, and completion of delivery-of-functionality to almost full scope.
Originally scheduled to go live with wave two in March, Euroclear requested more time to prepare for the move, citing processing challenges. At the time, it suggested that the complications were already under control, but had slowed the process so far.
Euroclear was due to prepare its final delivery of functionality on 8 August, and the migration is set to go ahead over the weekend of 10 and 11 September.
Euroclear Finland is set to join the T2S network in the final wave on 18 September 2017.
T2S is a harmonised platform for securities settlement, intended to reduce the cost of settlement and make cross-border transactions more efficient, while improving financial stability in Europe.
Wave one of implementation went live successfully on 22 June 2015, with the exception of the Italian CSD delaying its migration to 31 August 2015.
Wave two also went ahead without a hitch as the Portuguese and Belgian CSDs joined the platform on 29 March.
