T2S Release in March 2025 for Spanish Reforma 3 – Information on the deployment activities
Following Announcement D25007, Clearstream Banking AG1 informs clients about the TARGET2-Securities (T2S) Release in March 2025 for the Spanish “Reforma 3” that will be deployed on
the weekend 8 and 9 March 2025
for business day Monday, 10 March 2025
This Announcement shows the intended timeline and modifications in the T2S Operational Day between Friday, 7, and Monday, 10 March 2025, for the implementation of the Spanish Reforma 3.
Spanish “Reforma 3”
With the Spanish Reforma 3, the Financial Intermediary Model will be decommissioned. Consequently, the OAUX transaction type for Ancillary transactions is removed, the use of the transaction types OWNE and ONWI rearranged, and a new transaction type PORT is introduced. Registration details are no longer to be delivered in Party 2 field.
CBF clients need to consider the instruction types when setting up instructions in shares on the Spanish market. Details can be found in Announcement D25007. Furthermore, they can be impacted if they are clients of a DCP (“directly connected participant”) and need to arrange with this DCP for the assignment of T2S privilege SII_UPORT needed for the setup of PORT instructions.
T2S does not need to implement a new software. The Spanish central depository (CSD) Iberclear requested a T2S release weekend for their implementation activities. Therefore, the reporting times during the implementation weekend follow the usual “T2S Release Weekend Schedule”. Details can be found underneath and in the Indicative Timeline attached.
Impacts on the CBF Business Day for the Deployment Weekend
Due to the “T2S Release Weekend Schedule”, the timeline of the operational day and respective reporting during the T2S Deployment Weekend will be changed.
Based on the currently available information, the following assumptions can be made:
- Clients acting in ICP mode and using the CBF connectivity channels via Swift, MQ, File Transfer (FT) or ClearstreamXact need to consider that any instruction transmitted between Friday, 7 March 2025 at 20:00, and the finalisation of the Clearstream implementation phase on Sunday, 9 March 2025 around 06:00, will be queued in the connectivity layer. All instructions received on Friday, 7 March 2025 by 19:45, that could not be processed, as well as queued instructions, will be processed after the deployment with the enhanced functionality. During the implementation weekend, only clients transmitting instructions via Swift to CBF will receive an acknowledgement upon receipt of the instruction based on their existing Swift message subscription.
- The opening hours of the Clearstream Online functionalities will be modified. The CASCADE-Host frontend and Xact Web Portal will be available until Friday, 7 March 2025 at 20:00. After this, clients are requested not to enter, modify or cancel instructions. Over the course of Sunday, 9 March 2025, the systems will probably be re-opened from 06:00 to 11:00.
- Clients acting in ICP mode and using an automated connectivity channel (Swift, MQ or File Transfer (FT)) to receive the CBF settlement reporting are requested to check the modified reporting times, where applicable. The CBF business day 7 March 2025 is planned to be closed at 19:30. Afterwards, the End of Day (EoD) reporting will be prepared and sent. CBF will provide the files according to the existing message subscription. Depending on the T2S Release March 2025 timeline, files might be empty and will be transmitted only if the related messages have been subscribed for. In addition, the client’s technical infrastructure should accept and store the provided files. Otherwise, the information / data will be lost. CBF recommends accepting files at any time during the T2S Release Weekend.
- On Friday evening, 7 March 2025, T2S will close the online functionality (T2S GUI, U2A) and the “Straight-Through Processing” (STP) channels (STP, A2A). The online functionality and the STP channels will be re-opened on Saturday at around 08:50 and accordingly at 16:05. On Sunday morning, 9 March 2025, 11:00, T2S is expected to start its maintenance window. Incoming instructions that will reach T2S during the deployment phase or maintenance window are queued. After the reopening of T2S on Monday, 10 March 2025, at 02:30, once the A2A channel and the T2S GUI will be available, these instructions will be processed in line with the T2S Operational Day.
- Clients acting in DCP mode and using the “YCON” flag for their instructions to receive real-time settlement reporting via CBF need to consider that these messages will be transmitted on Sunday, 9 March 2025, 06:00, after CBF has started to provide the settlement results in ICP mode.
- The following processing applies for the processing via
- KADI (Corporate action processing for markets [CH, U.S.] and securities [for example, funds] not migrated by the CAH project) and
- Custody (Corporate action processing for OneClearstream markets and for securities migrated by the CAH project with CBF in its role as Issuer CSD):
Settlement instructions resulting from corporate actions processing will be created on Friday, 7 March 2025, in line with the regular business day and presented to T2S before the system will be closed for the deployment activities. On this processing day, clients will receive Corporate Actions messages (MT564, MT568) only from 23:00, deviating from the regular transmission time (that is, 19:30). Additionally, the transmission times of Corporate Action Confirmations (MT566) will be modified. The reporting, which is generated via Custody and KADI can be provided on Sunday, 9 March 2025, after 06:00 until the maintenance windows will start (at around 11:00). - In general, the processing at Clearstream Banking S.A., Luxembourg (CBL) is not impacted by the T2S Release Weekend procedure. The procedures in CBL regarding the settlement of DvP instructions in foreign currencies, stock exchange trades in non-collective safe custody (NCSC) as well as for the markets included in the Local Market Partner (LMP) concept will continue to run in the existing business as usual mode. However, the securities settlement of instructions which involve CBF accounts, and especially the settlement of instructions against a foreign currency, will be delayed. The cash management at CBL will be conducted according to the CBL timeline and the cash settlement result will be presented to CBF. CBF will queue these results. The settlement of the securities leg will be possible once CBF transmits the release instruction for the “CoSD Hold” to T2S. Therefore, the reporting of the cash settlement and securities settlement will be provided at different times.
- CBF’s processing with the T2S Out-CSDs DTCC and SIX SIS will be delayed as well. Nevertheless, client settlement instructions will be forwarded to these CSDs in accordance with the market deadlines. Settlement results and feedback for pending instructions from these CSDs will be transmitted to T2S once CBF releases the queued instructions for the T2S Real-time Settlement (RTS) cycle scheduled for Sunday, 9 March 2025.
CBF client communication on the Deployment Weekend
During the T2S Deployment Weekend, “Operational News” will be published on the Clearstream website only if the implementation activities will be so late that CBF clients will be impacted by this delay in their settlement activities on Monday morning.
Clients can set up the subscription to "Operational News" and their "Alerts" in the MyClearstream section under Subscriptions/Real-time Alerts. More specifically, CBF recommends the setup of a subscription to "Operational News" or all TARGET2-Securities publications by Friday, 7 March 2025, at the latest.
On Friday, 7 March 2025, at 20:00, T2S will greenlight the implementation of the release software. After that, clients shall monitor ECB’s website where T2S regularly reports the latest deployment and operational status.
CBF indicative timeline for the Deployment Weekend in March 2025
The attached timeline indicates the changes in the CBF operational schedule during the T2S Release Deployment Weekend.
The timeline created by CBF is based on the latest version of the T2S Playbook for the Deployment Weekend provided beginning of February 2025. The plan covers the period from Friday, 7 March 2025, 17:45, to Monday, 10 March 2025, 06:00. Events and processes before and after this specific period can be considered as unchanged. The changes are shown in the “Revision” column as follows:
| Processing in line with daily operational schedule |
| Process/reporting will not be executed |
| Process ahead compared to daily operational schedule; see revised time |
| Process postponed compared to daily operational schedule; see revised time |
| Information only for release weekend; no corresponding process in the daily operational schedule |
Further information
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer. Particular questions related to this Announcement will be routed to the experts of the T2S Settlement Functionality team.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.