Clearstream’s Monthly Report - Taking T2S Cross-Border - T2S Volumes Doubled To 500,000 Transactions Per Day; Remain Divided Along National Lines - Clearstream’s Enhanced Service Offering Allows Clients To Settle In Commercial And Central Bank Money – Via One Single Platform

Five years ago, the first nine Central Securities Depositories (CSDs) signed the agreement with the Eurosystem to set up the pan-European settlement platform TARGET2-Securities (T2S). T2S set out to reduce settlement cost in Europe, increase cross-border activity, move settlement to a common platform and thereby address some of the Giovannini barriers, identified as major obstacles to an efficient market infrastructure. Today, 18 CSDs, representing 16 markets, have already migrated to T2S, bringing more than 80% of the total volume to the platform – and the fifth and last migration wave is approaching fast.