T2S Spanish Market Reform phase II – Important dates

Following EuroCCP’s newsflash dated 29 July 2017 regarding the migration plan of the Target 2 Securities (T2S) Wave 5, EuroCCP would like to remind its Clearing Participants and their settlement agents of the important dates in preparation for this migration.

Before the migration of the Spanish market to the T2S settlement platform during the weekend of 16–17 September 2017, a number of actions need to be undertaken in accordance with the following schedule:-

Tuesday 1 August 2017
  • Mandatory use of updated Owner Reference Static Data file to include new Owner Reference details to EuroCCP’s records.
  • Owner Reference Static Data for natural persons already in place with EuroCCP’s records must be updated with the date of birth.
  • Confirmation of Clearing Participant Static Data.
Friday 4 – Sunday 6 August 2017
  • 4th Migration Weekend Dress Rehearsal
Monday 7 August – 1 September 2017
  • Business Day Testing.

Owner Reference Static Data file

The use of the updated Owner Reference Static Data file is optional until Monday 31 July 2017. Thereafter, the use of the updated Owner Reference Static Data file will be mandatory for Clearing Participants that currently use the ORS file and the date of birth must be included for each natural person.

The Owner Reference Static Data file is used to update EuroCCP’s records with Ownership details. With the implementation of phase II of the Spanish Market Reform, the date of birth of each natural person (Persona fisica) must be reported to the Post Trade Interface (PTI) by EuroCCP. This information is only required if the Natural / legal identification is equal to F (Persona fisica).

Owner Reference Static Data for natural persons already in place with EuroCCP’s records must be updated with the date of birth by Clearing Participants who report ownership for natural persons.

Further details about the ORS file is published on EuroCCP’s website at Owner Reference Static Data file.

4th Migration Weekend Dress Rehearsal and August Business Day Testing

EuroCCP’s plan to copy production trading activity to its Client test environment during Business Day Testing will be revised in agreement with Iberclear and PTI.

It is proposed to upload a copy of the production trading activity to the Client test environment only during the first week of Business Day Testing following the Migration Weekend Dress Rehearsal.

Further details of the upcoming Migration Weekend Dress Rehearsal and Business Day Testing will be published by EuroCCP in due course.