CSD

The Central Securities Clearing System (CSCS), the CSD for Nigeria, is upgrading its clearing and settlement platform, utilising Tata Consultancy Services’ platform, TCS BaNCS.

The move to this state of the art platform will enable CSCS to further align itself with global best practices and international standards, such as those outlined by the CPMI-IOSCO Principles for Financial Market Infrastructures, being increasingly looked at by global investors and banks. Many of the PFMIs are directly applicable to CSDs.

Euroclear has announced that its Belgian, Dutch and French CSDs will not be migrating to the ECBs flagship settlement platform, T2S (Target2-Securites) on 28 March 2016 as originally planned. This is the date for Wave 2 migration to the platform, following on from Wave 1 on 22 June 2015 and what some have termed Wave 1a on 31 August.

As we looked at last week, Northern Trust mapped out its response to T2S very early on, meaning that it had everything in place for when the pan-European settlement platform went live on 22 June.

Northern Trust surprised its competitors by announcing how it would manage the transition to T2S a good nine months before the first markets joined the new settlement platform on 22 June 2015. Its solution was a practical one, which recognises the fact T2S is essentially a settlement platform. It combines direct access to T2S settlement services, with a single asset-servicing agent. To access central bank money at the ECB, Northern Trust is using its full bank branch in Luxembourg to enter the euro-system via the Banque Centrale du Luxembourg.

BNP Paribas Securities Services became a directly connected participant in T2S (TARGET2-Securities) upon the launch of the harmonised European settlement platform in Italy on 31 August. Since then, the bank has successfully migrated over 60,000 positions onto the platform and settled nearly 500,000 transactions on it.

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