The T2-T2S Consolidation project driven by the European Central Bank (ECB) is in the home straight and the financial community in the euro area is working with maximum effort to ensure that the ECB's outstanding operational readiness milestones are met.
Based on reached milestones so far, in particular the successful member tests, we would like to announce that, as far as we know at present, ECC will have met all requirements for a successful migration weekend in November 2022.
As a smooth migration to the new TARGET2 system is of great importance, ECC expects that all members and auctioneers or their respective settlement banks have performed the following tasks:
- Internal processes are ready (front-office and back-office)
- Penny tests have been conducted successfully
- Third party software is ready and compatible with the T2-T2S Consolidation requirements
If it is foreseeable that you or your Settlement Bank will not meet the ECB milestones for go-live, we urgently ask you to contact the dedicated ECC project team by 18 October 2022.
For clearing of products in EUR the provisioning of a functioning TARGET2 account is a precondition for Institution Clearing Members. Should this access requirement not be met after the T2-T2S migration, ECC would be required to terminate the clearing licence in accordance with section 2.1.8. of the ECC Clearing Conditions. In order not to be forced to take such measures, we would like to offer a dialogue to participants with concerns regarding their migration readiness at an early stage in order to discuss options for reliable payment settlement after the TARGET2 migration.
If you have any questions regarding member simulation or any other questions regarding the T2-T2S Consolidation project at ECC, please contact the ECC project team at target2.consolidation@ecc.de
Contact:
European Commodity Clearing AG
Clearing & Settlement
Phone: +49 341 24680-444
E-mail: clearing@ecc.de