Unified for New Opportunities
Another initiative to prepare clients for T+1
Objective and strategic importance
Clearstream is best positioned to support clients in paving the way for T+1 settlement and has launched an initiative to enhance settlement in TARGET2-Securities (T2S) with increased volumes. This move will reshape the business of Clearstream Banking AG, Frankfurt (CBF) and extend its service offering by making additional markets T2S eligible, benefiting clients with all the advantages T2S brings.
The regulatory changes introduced by the CSDR Refit enable CBF to concentrate on its core functions as a central securities depository, focusing on recordkeeping, safekeeping, and settlement. Consequently, CBF will designate Clearstream Banking S.A., Luxembourg (CBL) to handle ancillary banking services1 such as non-EUR cash deposits and proceeds, and the provision of credit.
To achieve these improvements and to offer superior service to clients, CBF will implement some necessary changes. These updates will streamline key processes and optimise operational activities, while improving client experience.
Changes and improvements
CBF currently operates two types of accounts:
CBF (4-digit) main accounts, which are primarily used for T2S settlement in EUR via dedicated cash accounts (DCAs) in central bank money.
CBF-i (6-series/5-digit) accounts, which are primarily used for settlement of non-T2S securities in EUR as well as for non-EUR cash payments.
After the go-live, envisaged for the end of 2026 / early 2027, CBF-i accounts will be closed and technically decommissioned. Securities in CBF-i accounts will be made T2S eligible to the highest extent possible to enable settlement in T2S via CBF accounts and EUR cash held as central bank money via T2S DCAs. With the completion of all envisaged market activations and with the final position transfer/migration, all non-EUR payments (settlement, corporate actions etc.) will be booked on a CBL account. Therefore, CBF clients are required latest by November 2026 to designate an account with CBL. After the completion of the migration, this CBL account will be used for non-EUR cash settlement of transactions against payment and non-EUR asset servicing payments as well as safekeeping of non-T2S eligible securities.
The new organisational setup will reduce operational complexity. Clearstream clients will benefit from efficient and reliable services, with settlement conducted in CBF, using central bank money to the highest extent possible, thereby reducing risks. Additionally, the full interoperability between CBF and CBL enables efficient collateral usage and choice of settlement across both platforms.
Migration and market activation
The migration will be done in a wave approach (grouping multiple markets).
December 2025 Pilot market activation wave | + market activation waves | End of 2026 / Final market activation wave and position transfer (migration) |
With the market activations, German stock exchange trades that are currently settled on CBF-i accounts will be settled on CBF accounts. Clients can still execute OTC activities on CBF-i accounts. The current service offering on CBF-i accounts remains unchanged until the final migration.
After each market activation wave, CBF clients will be offered an additional option to move their securities gradually from CBF-i accounts to CBF accounts. A position transfer to CBL accounts is always possible, independently of the T2S market activation.
Upon final migration, Clearstream will transfer the remaining positions from CBF-i accounts to CBF or CBL accounts. There will no longer be any positions (cash or securities) or any future client activity on CBF-i accounts.
Further information
Watch the Kick-off Summary Session to become familiar with the project and the necessary technical and operational modifications! Follow-up Summary Sessions will be scheduled throughout the lifecycle of the initiative with the aim to provide clients with an in-depth understanding of the new setup and process changes, and to fully grasp any potential business impact.
For further information, clients may contact the project directly via UNO@clearstream.com or their Relationship Officer.
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1. In accordance with Article 54 (2a) CSDR as amended by CSDR Refit
