Clearstream Banking today informed its clients that the incident that occurred on 27 February 2025 has been fully resolved.

Clearstream Banking advises clients that the deadline for appeals for penalties for the month February 2025 has been extended until 20 March 2025.

In line with the ESMA statement of the non-applicability of cash penalties for the days of 27 and 28 February 2025, penalties will be removed during the week before the reporting of penalties for February 2025.

On 27 February 2025, a major incident adversely affected T2S and T2. Due to a defective hardware component, both services suffered from a slowdown and subsequent unavailability from 08:07 CET and 10:15 CET, respectively. As a consequence of this outage, no settlement instructions, payment, ancillary system instructions or liquidity transfers between TARGET Services could be processed for several hours.

Reporting by CSDs to CSD participants for 27 February 2025 was severely delayed (driven by the T2S and T2 delays until the early hours of 28 February 2025). As such, CSD participants were also delayed in their reconciliation processes, creating settlement fails over the next settlement days.

The major incident that affected T2S and T2 had significant repercussions beyond T2S CSDs and T2S related transactions. Notably, participants’ position and liquidity management in the ICSDs was impacted throughout 27 February 2025 and 28 February 2025 by missing liquidity and securities from T2S, which had a knock-on effect on transactions in commercial bank money. As such, the scope of settlement fails with a cash leg component caused by the incident went beyond EUR and DKK, the settlement currencies in T2S.

This major incident caused an important increase in the total number and value of settlement fails.