Euroclear normally reports its news with all the subtlety of a wounded rhinoceros in full charge but its announcement that it requires more time to ensure a safe and stable migration of its ESES CSDs to T2S than is currently available, with the March 2016 Wave 2 target, has more the feeling of a note being slipped under the door in the middle of the night.
Euroclear explains that this delay is due to challenges that it has itself faced in progressing ESES’ migration to the T2S platform, with such challenges now being under control.
“We remain fully committed to the T2S project and continue to work closely with the ECB, the CSD community and our clients to evaluate possible alternative migration scenarios, in order to minimise the impact of this delay,” says the Euroclear note slipped under the door. “Having completed this evaluation, we expect to be in a position to provide clarification on our fuller migration schedule in the coming weeks.”
“In the meantime, ESES community testing on the platform continues and remains available,” it adds. “We continue to dedicate all available resources and expertise to ESES’ T2S migration project, and we remain committed to the safety, stability and resiliency [sic] of the marketplace.”