Following the successful implementation of Target 2 Securities (T2S) Wave 4, EuroCCP is now in the process of preparing for the first Migration Weekend Dress Rehearsal for T2S Wave 5. As Euroclear Finland has postponed its migration to T2S, EuroCCP will only migrate its Spanish settlement activity to T2S during Wave 5 and this will be tested in close cooperation with Iberclear and the Post Trade Interface (PTI).
The purpose of this newsflash is to inform our Clearing Participants and their Settlement Agents of the first Migration Weekend Dress Rehearsal (MWDR) which is scheduled for the weekend of 10–12 March 2017.
Migration Weekend Dress Rehearsal
EuroCCP will participate in the first MWDR, however does not require Clearing Participant involvement. This MWDR will be used to test the migration process in close cooperation with Iberclear and the PTI and is scheduled as follows:-
Thursday 9 March 2017
- At close of business, Iberclear and the PTI will close and clean ARCO 1 test environment, its current pre T2S test environment.
Friday 10 March 2017
- EuroCCP’s Client test environment will be closed for Spanish activities for Trade Date 10 and 13 March 2017 and no reports and messages will be sent to Iberclear and PTI test environment.
- At close of business, Iberclear will upload production activities of business day Friday 10 March 2017 into the ARCO 1 test environment. This task will be undertaken once the settlement instructions for the next settlement date have been submitted in the production environment.
- The copy of the production activities will not be reflected in EuroCCP’s Client test environment.
Friday 10 March to Sunday 12 March 2017
- Migration Weekend Dress Rehearsal.
- EuroCCP will execute the reconciliation of migrated positions and pending instructions based on messages received from Iberclear and T2S after the Point of No Return is reached.
Monday 13 March 2017
- First settlement date in T2S test environment.
- From this date, EuroCCP will execute a number of mandatory authorisation test cases which have been agreed with Iberclear prior to offering any Client testing in T2S mode.
Tuesday 14 March 2017
- EuroCCP’s Client test environment will reopen for Spanish testing in Iberclear and PTI ARCO 1 test environment from Trade Date 14 March 2017 until Trade Date 21 April 2017.
Pending settlement instructions with Trade Date prior to migration
Pending settlement instructions will be migrated as follows:-
| ||–||will be migrated by Iberclear|
| ||–||will not be migrated|
| ||–||Out of scope during first MWDR|
Already Matched pending settlement instructions will be migrated to T2S under the same conditions. Partially settled settlement instructions will be migrated for the pending settlement obligation with the partial settlement indicator activated.
Reporting during the first Migration Weekend Dress Rehearsal
Friday 10 March 2017, the EuroCCP CIF file will be generated and distributed from EuroCCP’s test environment as usual, however it will not include Spanish activity.
EuroCCP’s Client test environment will remain open for all other markets and only closed for Spain during this MWDR.
Client testing in T2S mode
From Trade Date Monday 24 April 2017, EuroCCP’s Client test environment will be linked to T2S test environment and ARCO 2 test environment, Iberclear’s post T2S test environment. Clearing Participants and their Settlement Agent will then be able to undertake their testing, including PTI reporting according to SMR phase 2 requirements.