T2S Release: Alternative CSD Links for cross-border settlement - Update
Note: This announcement, originally published on 30 April 2025, has been updated to add important information about the actual implementation date. Changes have been highlighted.
LuxCSD1, operating as a TARGET2-Securities (T2S) Participant via a relayed link, informs clients that the Change Request T2S-0797-SYS was implemented by T2S on Monday, 16 June 2025. However, the functionality will not be activated on the LuxCSD side immediately due to ongoing discussions about tax issues with Euroclear France.
Clients will be informed when the functionality becomes available.
Background
T2S aims to be a platform which facilitates cross-border settlement throughout all participating markets.
T2S Actors currently face limitations in settling securities issued in one T2S Central Securities Depository (CSD) with counterparties in some other T2S CSDs. T2S -797-SYS aims to lift these limitations.
T2S-0797-SYS has no impact on intra-CSD movements with all parties involved being clients to one T2S CSD (deliverer and receiver both LuxCSD clients). Only cross-border transactions are affected.
Impact on clients
With the implementation of T2S-0797-SYS, LuxCSD clients will benefit from improved cross-border settlement capabilities.
T2S cross-border settlement is organised through links established between T2S CSDs:
- Direct link to the T2S issuer CSD; or
- Relayed links, that is links between Investor CSDs if one of them is linked to the T2S Issuer CSD (so-called technical Issuer CSDs):
Future scenario | Current scenario |
In this scenario, T2S Actors of the five CSDs can settle transactions with any counterparty of these T2S CSDs. | Illustration of T2S Actors currently facing limitations in settling securities issued in one T2S Central Securities Depository (CSD) with counterparties in some other T2S CSDs. |
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Name | ISIN |
AZ LEASING S.P.A. EO -,50 | IT0004812258 |
EDILIZIAACROBATIC | IT0005351504 |
SIPARIO MOVIES S.P.A. | IT0005380602 |
INNOVATIVE-RFK S.P.A. EO1 | IT0005391161 |
ITALY INNOVAZIONI | IT0005336521 |
MEXEDIA S.P.A. | IT0005450819 |
RACING FORCE SPA | IT0005466963 |
SOCIETA EDIT.IL FATTO | IT0005353484 |
SEMPLICEMENTE S.P.A. | IT0005072811 |
TATATU SPA EO -,10 | IT0005507857 |
Further information
For further information, clients may contact LuxCSD Client Services or their Relationship Officer.
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1. LuxCSD refers to LuxCSD S.A., registered office at 42, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B-154.449.