Migration of ESES CSDs to T2S (Target2-Securities) will be delayed, says Euroclear, the Belgium-based financial services company that specialises in the settlement of securities transactions.

ESES (Euroclear Settlement of Euronext-zone Securities) is a platform for the settlement of securities, which enables cross-border transactions between counterparties in Belgium, France and the Netherlands to be processed as domestic transactions.

In a news statement, Euroclear said more time is needed to ensure a safe and stable migration. The current target is March 2016. A new target date for migration will be announced soon. The statement said: “This delay is due to challenges that Euroclear has itself faced in progressing ESES’s migration to the T2S platform, with such challenges now being under control.”

It added: “We remain fully committed to the T2S project and continue to work closely with the ECB, the CSD community and our clients to evaluate possible alternative migration scenarios, in order to minimise the impact of this delay. Having completed this evaluation, we expect to be in a position to provide clarification on our fuller migration schedule in the coming weeks.”