T2S Spanish Market Reform – 4th Migration Weekend Dress Rehearsal and Business Day Testing

Following the third Migration Weekend Dress Rehearsal (MWDR) for T2S Wave 5, a fourth MWDR is scheduled for the weekend of 5–6 August 2017, which will be followed by Business Day (BD) testing between Monday 7 August and Friday 1 September 2017.

The purpose of this newsflash is to inform our Clearing Participants and their settlement agents of the fourth MWDR, BD testing and reporting during the forth MWDR & BD testing.

Migration Weekend Dress Rehearsal

EuroCCP will participate in the fourth MWDR for the Spanish market, however will not require involvement from Clearing Participants. 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 3 August 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 4 August 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 forth MWDR, EuroCCP’s Client test environment will be cleaned.
  • At close of business, Iberclear will upload the production activity for Friday 4 August 2017 into the ARCO 1 test environment. This task will be undertaken once the settlement instructions for Intended Settlement Date (ISD) Monday 7 August 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 4 August to Sunday 6 August 2017
  • Migration Weekend Dress Rehearsal.
  • EuroCCP will reconcile migrated positions and pending instructions based on messages received from Iberclear and T2S, once the Point of No Return is reached.
Monday 7 August 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 7 August and Friday 1 September 2017 – full BD testing is scheduled. During this period, test cases can be executed in accordance with the production processing timelines.

Clearing Participants and their settlement agents are strongly advised to undertake testing, including PTI reporting, in accordance with SMR phase II requirements.

During the first week of this BD testing window, EuroCCP will only copy production trading activity into its Client test environment for trade date 7 to 9 August 2017. Transactions entered into the trading platform’s UAT environment will be processed in EuroCCP’s Client test environment during the full BD testing window.

The execution IDs of the production trading activity for Spain, which is copied in EuroCCP’s Client test environment during the BD test, will include a small “b” or “s” instead of the capital “B” or ”S”.

In conjunction with Iberclear and PTI, the August BD testing window is scheduled as follows:-

Monday 7 August 2017
  • Start of BD testing – production processing timelines applies.
  • EuroCCP will copy production trading activity for the Spanish market with trade date 7 August 2017 into its Client test environment for intended settlement date 9 August 2017.
Tuesday 8 August 2017
  • EuroCCP will copy production trading activity for the Spanish market with trade date 8 August 2017 into its Client test environment for ISD 10 August 2017.
  • ISD-1 for trade date 7 August 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 9 August 2017
  • EuroCCP will copy production trading activity for the Spanish market with trade date 9 August 2017 into its Client test environment for ISD11 August 2017.
  • ISD-1 for trade date 8 August 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.
  • ISD for trade date 7 August 2017. Release requests will be processed in the Client test environment in accordance with the production processing timelines.
Thursday 10 August 2017
  • ISD-1 for trade date 9 August 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.
  • ISD for trade date 8 August 2017. Release requests will be processed in the Client test environment in accordance with the production processing timelines.
  • At close of business, Iberclear and the PTI will cancel all outstanding transactions in its phase II test environment.
Friday 11 August 2017
  • Iberclear and PTI phase II test environment closed for testing.
  • 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.
  • EuroCCP’s Client test environment will be cleaned.
Monday 14 August – Friday 1 September 2017
  • Continue BD testing – production processing timelines applies.

The BD testing schedule is subject to change.

We would refer you to EuroCCP’s Client test plan Spain T2S for the production https://www.euroccp.com/Spainand test processing timelines. Please note that the BD test schedule is subject to change and may be updated.

Reporting during the forth MWDR & BD testing

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