Adaptation of the practices of the French market in the framework of the implementation of T2S

The implementation of TARGET2-Securities (T2S) on the ESES (Euroclear Settlement of Euronext-zone Securities) area, the related functionalities, as well as the  evolutions in the services provided by the CSD (Central Securities Depository) require for the French market to adapt some practices currently in force, to ensure appropriate management in a post-T2S environment.

In order to meet this need, AFTI created at the beginning of 2015, the Market Practice Adaptation workgroup (GAPM). The GAPM and the CFONB financial instruments experts have defined market practices. Each of them describes the existing practice and their impact on T2S as well as the recommended practice in the framework of the implementation of T2S.
Please find below the list of the market practices and the market practices sheets available. In order to consult them, just click on their reference.

• List of the market practices (click here)
• Settlement instruction parties – Mandatory matching criteria (MS-MATCH-CRITE-01)
• Use of the optional field: client of the CSD participant (MS-MATCH-CRITE-02)
• Use of additional matching criteria (MS-MATCH-CRITE-03)
• Switch of the instruction mode of securities financing transactions into a Buy/Sell mode and management of the transition to T2S (MS-SETTL-CESSIONSTEMP-01)
• Post-T2S management of securities financing transactions (MS-SETTL-CESSIONSTEMP-02) 
• Management of Corporate Actions using Euroclear’s « Free Of Payment Without Matching” service (MS-SETTL-FRANCO-01) 
• Portfolio transfers (MS-SETTL-FRANCO-02)
• Conversions - Change in the form of securities (MS-SETTL-FRANCO-03)
• Management of deliveries without payment (MS-SETTL-FRANCO-04)
• Migration of instructions set at ICPG3 by both counterparties (MS-SETTL-ICPG-01)
• Management of settlement instructions on the primary market - (MS-SETTL-PRIMAIRE-01) 
• Use of the Hold & Release functionality (MS-SETTL-PREMAHR-01) 
• Impact of T2S on registered shares (NE-NOMIN-SETTL-01)
• Management of Market Claims in the context of the switch of securities financing transactions in a buy/sell mode – Operations not cleared by LCH SA (OF-FLUX-CESSIONSTEMPORAIRES-01)
• Management of Market Claims on securities financing transactions post-T2S (OF-FLUX-CESSIONSTEMPORAIRES-02)
• Payment mode for cash flows on corporate actions outside ESES (OF-OST-RETRO-01)
• Optional earmarking of settlement instructions on funds using BIC11 (OP-SETTL-MARQUAGE-01) 
• Optimization of the settlement of orders in amount on funds (OP-SETTL-MONTANT-01)
• Management of settlement instructions on funds in case of delays - Funds (OP-SETTL-RETARD-01) 
• Orders with separate settlement of securities and cash - Funds (OP-SETTL-RLDISSOCIE-01)
• Definition of the trade date for instructions on funds (OP-SETTL-TRADE-01)
• Market claim adjustements on cancelled T2S mother transactions (OS-OST-REGMarketclaim-01)
• Transformations in mandatory reorganizations (OS-OST-TRANSFO-01)
• Identification of the agent in confirmations to clients (RE-CPTY-AGENT-01)