T2S migration weekend Spain

Following the successful migration of the Spanish market to the Target2-Securities (T2S) platform on Saturday 16 September 2017, we are pleased to announce that EuroCCP is now a Directly Connected Party to the T2S Platform for Iberclear, the Spanish Central Securities Depository. With the migration to T2S, the second phase of the Spanish Market Reform has been successfully implemented.

This is another important milestone which demonstrates EuroCCP’s commitment to providing its clients with the most efficient access to local markets, which improves settlement efficiency. EuroCCP will continue to support direct access to  local markets and has committed to join the future T2S migration waves.

We are pleased to confirm that all pending settlement instructions that were matched prior to the migration weekend have now been successfully migrated to the T2S platform.

From Monday 18 September 2017, realignments, ownership, correction ownership, hold and release requests will be processed in accordance with the new timelines published in the EuroCCP’s migration plan.

Spanish settlement instructions with trade date Friday 15 September 2017 for intended settlement date Tuesday 19 September 2017 will be submitted in T2S at close of business on Monday 18 September 2017.