T2S Spanish Market Reform Migration Weekend

Following the Newsflash dated Thursday 31 August 2017 regarding the implementation of the second phase of the Spanish Market Reform and the migration of the Spanish Market to the Target 2 Securities platform (T2S), we are pleased to inform our Clearing Participants and their settlement agents of EuroCCP’s forthcoming migration process.

The migration weekend is scheduled for 16-17 September 2017 with the first settlement date being Monday 18 September 2017 and is scheduled as follows:-

Friday 15 September 2017
  • Last settlement date in ARCO 1, Iberclear’s legacy settlement system.
  • Realignments, ownership, correction ownership, hold and release requests will be processed within the current timelines published in EuroCCP’s migration plan.
  • PTI mid day session file will be available at approximately 18:00 CET.
  • Iberclear and PTI will close the settlement system at 20:30 CET in preparation for the migration weekend.
    • Settlement instructions for intended settlement date Monday 18 September 2017 will be submitted in ARCO 1 prior to the closure of the settlement system.
    • Details related to the settlement instructions will be reported to the PTI prior to the closure of the system.
    • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
  • During this day, EuroCCP cannot allow an extension of the hold deadline.
Friday 15 September to Sunday 17 September 2017
  • Migration Weekend.
    • Matched settlement instructions that are pending settlement on the Friday prior to the migration weekend will be migrated by Iberclear to T2S, including partially settled settlement instructions.
Monday 18 September 2017
  • First intended settlement date in T2S for transactions with trade date Thursday 14 September 2017.
  • Realignments, ownership, correction ownership, hold and release requests will be processed in accordance with the new timelines published in the EuroCCP’s migration plan.
  • Settlement instructions with trade date Friday 15 September 2017 for intended settlement date Tuesday 19 September 2017 will be submitted in T2S prior to the start of the first Night Time Settlement cycle.
  • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
Tuesday 19 September 2017
  • Intended settlement date for transactions of trade date Friday 15 September 2017.
  • Realignments, ownership, correction ownership, hold and release requests will be processed within the new timelines as published in the EuroCCP migration plan.
  • Settlement instructions with trade date Monday 18 September 2017 for intended settlement date Wednesday 20 September 2017 will be submitted in T2S prior the start of the first Night Time Settlement cycle.
  • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
Fall-back scenario

If the point of no return is not reached during the Migration Weekend, Iberclear and PTI will restore pre-migration processes and remove T2S specific processes. Settlement instructions that were removed by Iberclear prior to the migration weekend will be reinstructed by EuroCCP.

The settlement arrangements, static data and Standard Settlement Instructions (SSIs) which were originally in place in EuroCCP’s records, will remain unchanged.

For further details of the migration process, we would like to refer you to the EuroCCP migration plan T2S Wave 5 – Spain, which is available on EuroCCP’s website.