Target DKK Migration on Easter Weekend 2025 – Information on the timings
Clearstream Banking AG, Frankfurt1 (CBF) informs clients about the migration of the Danish krone (DKK) to T2 over
the Easter weekend 17 to 21 April 2025
for business day Tuesday, 22 April 2025
This Announcement summarises the impact of the T2 migration of the Danish krone (DKK) on the timeline of the T2S Operational Day during the Easter weekend from 17 to 21 April 2025.
Target DKK
Danmarks Nationalbank, Denmark’s central bank, has applied to join the European Central Bank’s (ECB) T2 payment system. The inclusion of the Danish krone in the Eurosystem’s payment platforms will enable market participants in Denmark to use T2 and TIPS services and to settle payments in both euro and Danish krone.
T2 and TIPS services support transactions in different currencies, as is the case for the current TARGET2-Securities (T2S) system. Securities settlement in Danish krone has been available on the T2S platform since October 2018. With the participation of Danmark’s Nationalbank, payments in Danish krone will also be possible in TIPS and T2.
Neither T2S nor CBF need to implement a new software. Hence, the release weekend schedule will not be applied. Nevertheless, because of the T2-T2S interactions during this weekend, the T2S Night-time Settlement (NTS) will start later as usual.
T2 Timeline for the DKK migration
To facilitate a smooth migration, the T2 operating schedule for the EUR currency needs to be adjusted. This will allow the Danish community to execute the necessary verification checks, confirming the successful migration of DKK to the T2 platform.
The DKK migration activities will start on Thursday, 17 April 2025, after the completion of the 17 April 2025 T2 business day at around 18:452. The DKK migration is foreseen to be completed before 22:45 on the same day, allowing the change of the business day to take place at around 23:00, followed by the start of the CLM RTS and the RTGS RTS I periods for the business day 22 April 2025.
The business day of 22 April 2025 will remain open (in RTS I period) until Tuesday, 02:30, when the usual schedule will be resumed. In between, there will be a short interruption of the CLM and RTGS RTS I periods on Sunday between 08:00 and 08:30, when T2 will enter into maintenance.
Impacts on the CBF Business Day for the Migration Weekend
The Easter Weekend 2025 follows the general schedule, except that on Friday evening, 18 April 2025, due to the DKK migration to T2, settlement and the related reporting will be delayed.
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 17 April 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 April 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.
For the processing via
- KADI (Corporate action processing for markets [CH, U.S.] 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)
the following processing applies:
Settlement instructions resulting from corporate actions processing will be created on Thursday, 17 April 2025, in line with the regular business day and presented to T2S. Clients will receive Corporate Actions messages and confirmations (MT564, MT566, and MT568) out of KADI as usual from 19:30 and 21:15. Only the transmission times of KADI Corporate Actions messages and confirmations at 23:00 will be shifted to Friday, 12:30. The reporting, which is generated via Custody, will be stopped as on a normal weekend on Saturday, 19 April 2025, at 17:00, and will be resumed on Sunday, 20 April 2025, after 21:00.
The processing at Clearstream Banking S.A., Luxembourg (CBL) as well as CBF’s processing with the T2S Out-CSDs DTCC and SIX SIS can be delayed by the late start of the Night-time Settlement (NTS) during this T2S Release Weekend. 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.
CBF client communication on the Migration Weekend
During the Easter weekend, “Operational News” will be published on the Clearstream website only if the migration process will be so late that CBF clients will be impacted by this delay in their settlement activities on Tuesday morning. Clients can set their subscription selections to "Operational News" and their "Alerts" in the My Clearstream section under Subscriptions respectively under Real-time alerts. More specifically, CBF recommends the setup of a subscription to TARGET2-Securities alerts by Thursday, 17 April 2025, at the latest.
Furthermore, clients can monitor the ECB’s website where T2S regularly reports the latest operational status.
CBF indicative timeline for the Migration Weekend in April 2025
The attached timeline indicates the changes in the CBF operational schedule during the T2S Release Migration Weekend.
The timeline created by CBF is based on the latest T2S timetable for the migration weekend provided end of March 2025. The plan covers the period from Thursday, 17 April 2025, 17:00, to Tuesday, 22 April 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 migration weekend; no corresponding process in the daily operational schedule |
Contact
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.
2. All times are in Central European Time (CET).
