T+2 settlement cycle announcement

The CSDR Regulation will come into effect in 2015 and, as part of this mandate, a shorter T+2 settlement cycle will be introduced.

Consequently, securities transactions will settle two business days after trade date rather than the current three day period. Given that EuroCCP already undertakes T+2 settlement in Germany, there are minimal changes to be made  from this European harmonisation.

The chart below details the implementation date of the forthcoming changes:

Country Segment Central Securities Depositary (CSD) Date to move to T+2
Austria OEKD 6th October 2014
Belgium Euroclear Belgium 6th October 2014
Czech Republic CSD Prague 6th October 2014
Denmark VP Securities 6th October 2014
France Euroclear France 6th October 2014
Finland Euroclear Finland 6th October 2014
Germany Clearstream Frankfurt Already T+2
Hungary KELER Ltd 6th October 2014
Ireland Euroclear UK & I 6th October 2014
Italy Monti Titoli 6th October 2014
Netherlands Euroclear Nederland 6th October 2014
Norway VPS 6th October 2014
Portugal Interbolsa 6th October 2014
Spain Iberclear Q4 2015 (Equities)
Sweden Euroclear Sweden 6th October 2014
Switzerland SIX SIS 6th October 2014
United Kingdom Euroclear UK & Ireland 6th October 2014
Depositary Receipts Euroclear Bank 6th October 2014
US Euroclear Bank Remains T+3 out of scope
Impact to EuroCCP Participants

EuroCCP’s client reporting will not be impacted by this market change.  Following client consultation, the “Trade Date” netting model will be retained over this period.

As a consequence, trading undertaken on Friday 3 October will settle on a T+3 basis whereas trading undertaken on Monday 6 October will settle on a T+2 basis.  This will result in two net trades created with settlement date 8 October for those markets which migrate on 6 October.


Although there are no technical changes or modifications to EuroCCP’s reporting, clients may wish to undertake testing prior to this change. EuroCCP will be pleased to provide testing facilities to its clients during July and any testing related queries should be forwarded to clienttesting@euroccp.com.