Wednesday April 5 2017

News Source: Global Exchanges

Focus: Other

Type: General




On 14 April 2017 and 17 April 2017 TARGET2-Securities (T2S) will be open for free of payment settlement activities only and TARGET2-Cash will be closed.

Clearstream Banking AG, Frankfurt ( CBF) has requested all customers who regularly enter delivery against / with payment instructions to prepare for a particular liquidity management procedure taking place on Tuesday, 18 April 2017.

On 14 April 2017 and 17 April 2017, all CBF systems will be available. Customers acting in ICP mode can transmit their instructions to CBF. Clearstream’s real-time interface towards T2S will be active. CBF’s real-time and standard reporting will be provided as defined with the migration to T2S in Wave 4.

Delivery against / with Payment instructions (DvP2) in EUR with ISINs in collective safe custody (CSC) will not be executed as TARGET2-Cash is closed on these processing days. Therefore, T2S will reject DvP instructions that indicate an Intended Settlement Date (ISD) of 14 or 17 April 2017. T2S will transmit the rejection code “MVSD403 – The Intended Settlement Date of the Settlement Instruction against payment is not a T2S Settlement Date for the Currency”. DvP instructions submitted to CBF will be rejected, also. The error message “KV6128F The settlement day is not a business day in TARGET2/ T2S” will be shown.

As TARGET2-Cash will be closed and DvP instructions cannot be settled, the T2S Auto-Collaterali-sation functionality will not be executed on the Easter holidays, that is Good Friday, 14 April 2017 and Easter Monday, 17 April 2017.

CBF will be open for FoP settlement. As Clearstream Banking S.A., Luxembourg, (CBL) will be also open on these days, there can be settlement of DvP instructions in non-EUR currencies and / or in ISINs in non-collective safe custody (NCSC).

Click on the link above for further details.