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T2S launch supported by Swift’s VAN Solution

As Target2-Securities (T2S), the European Central Bank project to harmonise Europe’s post-trade securities settlement systems, went live on Monday 22 June 2015, Swift announced that its Value Added Network (VAN) Solution for T2S also went live as planned.

VAN enables T2S participants to connect to the T2S platform to exchange business information securely in ISO 20022 format.

On Monday, the central securities depositories (CSDs) in Greece, Malta, Romania and Switzerland, as well as other directly connected participants and central banks, were part of the first wave of CSDs to participate in the system. The four national CSDs were:

  • The Bank of Greece Securities Settlement System (BOGS),
  • Depozitarul Central (Romania),
  • Malta Stock Exchange and
  • SIX SIS (Switzerland).

Italy’s CSD, Monte Titoli, was originally scheduled to go live on 22 June but has delayed implementation until the end of August 2015.

Swift announced that: “The migration was smooth, and the Swift VAN is now carrying live T2S traffic between the T2S platform and a number of participants including the four CSDs.”

Alain Raes, chief executive for EMEA and Asia Pacific, at the member-owned cooperative, added: “The successful transition by T2S to live operations is a major milestone in the ongoing harmonisation of clearing and settlement in Europe.”

In addition to the four CSDs named above, a large number of other CSDs and banks have selected SWIFT for T2S connectivity, including: Clearstream, Euroclear, Iberclear, Interbolsa, KDD Central Securities Clearing Corporation, BNP Paribas Securities Services, Citi, Deutsche Bank and Societe Generale Securities Services.

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