T2S Spanish Market Reform – 2nd MWDR and Business Day testing – reminder

Following the Newsflash dated Friday 28 April 2017, EuroCCP would like to remind Clearing Participants and their settlement agents of the second upcoming Migration Weekend Dress Rehearsal (MWDR) for T2S Wave 5 and the Business Day testing.

Migration Weekend Dress Rehearsal

EuroCCP will participate in the second MWDR for the Spanish market, however Clearing Participant involvement will not be required. This MWDR will be used to test the migration process in conjunction with Iberclear and the Post Trade Interface (PTI) and is scheduled during the weekend of Friday 5 May till Sunday 7 May 2017.

In preparation of the second MWDR EuroCCP’s Client test environment will be closed for testing activity across all markets on Friday 5 May 2017. No trades will be processed in EuroCCP’s Client test environment in advance of the second MWDR and no reports or messages will be sent from the test environment.

On Monday 8 May 2017, the Client test environment will be open for testing activity once again.

Business Day testing

The second MWDR will be followed by a three day Business Day test window.  From Monday 8 to Wednesday 10 May 2017, test cases can be executed in accordance with the production processing timelines and EuroCCP will copy production trading activity into its Client test environment for trade date 8, 9 and 10 May 2017.

Clearing Participants and their settlement agents are strongly advised to undertake testing, including PTI reporting, according to SMR phase II requirements. For the production and test processing timelines, we would refer you to EuroCCP’s Client test plan Spain T2S.

The Business Day test schedule is scheduled as follows:-

Monday 8 May 2017
  • Start of business day testing – production processing window applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 8 May 2017 into its Client test environment for intended settlement date 10 May 2017.
Tuesday 9 May 2017
  • Business day testing – production processing window applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 9 May 2017 into its Client test environment for intended settlement date 11 May 2017.
  • Intended settlement date – 1 for trade date 8 May – Execution Realignment files, Ownership Reporting and Hold and Release requests will be processed in the Client test environment in accordance with the production processing timelines.
Wednesday 10 May 2017
  • Business day testing – production processing window applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 10 May 2017 into its Client test environment for intended settlement date 12 May 2017.
  • Intended settlement date – 1 for trade date 9 May – Execution Realignment files, Ownership Reporting and Hold and Release requests will be processed in the Client test environment in accordance with the production processing timelines.
  • Intended settlement date for trade date 8 May – Release requests will be processed in the Client test environment in accordance with the production processing timelines.
Thursday 11 May 2017
  • Normal test day – test processing window applies.
  • Intended settlement date-1 for trade date 10 May. Execution Realignment files, Ownership Reporting and Hold and Release requests will be processed in the Client test environment in accordance with the test processing timelines.
  • Intended settlement date for trade date 9 May – Release requests will be processed in the Client test environment in accordance with the test processing timelines.
  • At close of business, Iberclear and the PTI will cancel all outstanding transactions in its phase II test environment.
Friday 12 May 2017
  • Normal test day – test processing window applies.

Transactions entered into the trading platform’s UAT environment will be processed in EuroCCP’s Client test environment.

The execution IDs of the production trading activity for Spain which is copied in EuroCCP’s Client test environment during the business day test, will include a lower case b or s rather than a capital B or S.

Reporting during the second MWDR & Business Day testing

 On Friday 5 May 2017, EuroCCP’s CIF file will not be generated and distributed from EuroCCP’s test environment. From Monday 8 May 2017, EuroCCP’s CIF generated from the Client test environment will be distributed as normal.