We would like to share additional information from the European Central Bank, T2S Harmonisation Steering Group, regarding the shift to the T+2 settlement cycle. As you are aware on 6 October 2014, a large number of markets will migrate to the T+2 settlement cycle.
Securities Settlement T+2 Cycle - Update
Changing the settlement cycle simultaneously in a large number of markets requires a harmonized approach to avoid market disruptions. In order to contribute to a consistent and coordinated migration to the new standard settlement cycle, the T2S Harmonisation Steering Group (HSG) has created a Task Force on T+2 (TF), which has prepared a set of proposals for best practices for migrating to T+2.
The T2S Community of stakeholders wishes to avoid different interpretations when markets are planning the T+2 migration, which could result in an increase of settlement fails once those markets share the T2S platform. For that purpose the HSG has prepared a set of proposals aiming at a smooth transition process and common understanding.
Although page 18 of the linked document reflects an overall summary of HSG’s best practice proposals, we would like to ask your special attention for the best practice proposals:
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