T2S Spanish Market Reform – 3rd MWDR and Business Day Testing

Following the second Migration Weekend Dress Rehearsal (MWDR) for T2S Wave 5, a third MWDR is scheduled for the weekend of 3–4 June 2017, which will be followed by Business Day testing between 5-7 June 2017.

The purpose of this newsflash is to inform our Clearing Participants and their Settlement Agents of the availability of EuroCCP’s Client test environment, the third MWDR and the Business Day testing thereafter.

EuroCCP Client test environment

Following the two week test window in ARCO I mode, EuroCCP will extend this test window by 4 additional days until Thursday 1 June 2017.

From 5 June 2017, Client testing in ARCO II/ T2S mode will be available again in EuroCCP’s Client test environment.

Migration Weekend Dress Rehearsal

EuroCCP will participate in the third MWDR for the Spanish market, however will not require Clearing Participant involvement. This MWDR will be used to test the migration process, in conjunction with Iberclear and the Post Trade Interface (PTI), and is scheduled as follows:-

Thursday 1 June 2017
  • At close of business, Iberclear and the PTI will close and clean the ARCO I test environment, its current pre T2S test environment.
Friday 2 June 2017
  • No reports or messages relating to Spanish trading activity will be sent from EuroCCP’s Client test environment to Iberclear and the PTI test environment.
  • In advance of the third MWDR, EuroCCP’s Client test environment will be cleaned.
  • At close of business, Iberclear will upload the production activity of business day Friday 2 June 2017 into the ARCO 1 test environment. This task will be undertaken once the settlement instructions for intended settlement date Monday 5 June 2017 have been submitted into the production environment.
  • The copy of the production activity for the Spanish market will be reflected in EuroCCP’s Client test environment.
Friday 2 June to Sunday 4 June 2017
  • Migration Weekend Dress Rehearsal.
  • EuroCCP will undertake the reconciliation of migrated positions and pending instructions based on messages received from Iberclear and T2S, once the Point of No Return is reached.
Monday 5 June 2017
  • First settlement date in T2S.
  • EuroCCP’s Client test environment opens again for the Spanish market in ARCO II / T2S mode.

Business Day testing

Between Monday 5 and Wednesday 7 June 2017 – full Business Day testing is scheduled. During these days, 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 5 to 7 June 2017. Clearing Participants and their Settlement Agents are strongly advised to undertake testing, including PTI reporting, in accordance with SMR phase II requirements.  We would refer you to EuroCCP’s Client test plan Spain T2S  for the production and test processing timelines,.  Please note that the Business Day test schedule is subject to change and may be updated.

Monday 5 June 2017
  • Start of business day testing – production processing window applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 5 June 2017 into its Client test environment for intended settlement date 7 June 2017.
Tuesday 6 June 2017
  • Business day testing – production processing window applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 6 June 2017 into its Client test environment for intended settlement date 8 June 2017.
  • Intended settlement date -1 for trade date 5 June 2017. 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 7 June 2017
  • Business day testing – production processing window applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 7 June 2017 into its Client test environment for intended settlement date 9 June 2017.
  • Intended settlement date-1 for trade date 6 June 2017. 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 5 June 2017. Release requests will be processed in the Client test environment in accordance with the production processing timelines.
Thursday 8 June 2017
  • Normal test day – test processing window applies.
  • Intended settlement date -1 for trade date 7 June 2017. 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 6 June 2017. 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 9 June 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 during the Business Day Testing.

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 small b or s instead of the capital B or S.

Reporting during the third MWDR & Business Day testing

During the third MWDR and Business Day testing, EuroCCP’s CIF file will be generated and distributed from EuroCCP’s test environment as usual.