Annual Client Review 2018

EuroCCP is shortly to undertake its annual Clearing Participant review which will require all Clearing Participants to provide the following information:

  1. Certificate of Incorporation and current Articles of Association,
    Excerpt from Chamber of Commerce or Company Register and
    Organisation chart
  2. Current Authorised Signatory list
  3. Proof of regulated status: Credit institution, Bank or Investment firm established in a FATF country (If a bank, evidence of banking license)
  4. Copy of your Annual Report (English Version) and Disclosure Report
  5. Current contact list for all teams within your organisation, including escalation contacts
  6. LEI Number

EuroCCP is a central counterparty authorised pursuant to the EU Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012 “EMIR”) and is required to conduct a comprehensive review of its Clearing Participants.

The deadline for completion of this review is 31 May 2018 and EuroCCP’s Client Services Team will be contacting all Clearing Participants by email from 17 May 2018.

Oslo Børs technical go-live

Following EuroCCP’s newsflash dated 9 May 2018 regarding client testing arrangements for Oslo Børs, we are pleased to provide further details regarding the technical go-live date.

As from Monday 28 May 2018, the technical arrangements to enable EuroCCP to receive trade flow will be implemented by Oslo Børs. The go-live date for client on boarding is anticipated during Q2 2018, subject to regulatory approval, which will be confirmed in due course.

Further details regarding client testing and on boarding can be found on EuroCCP’s website and we would also refer you to Oslo Børs Delta News, which provides information regarding the technical go-live for EuroCCP as a central counterpart at Oslo Børs.

Oslo Børs client testing

Following EuroCCP’s newsflash dated 13 February 2018 regarding Oslo Børs developments, we are pleased to provide further details regarding client testing.

As from Monday 14 May 2018, EuroCCP’s client test environment will be available for clients to test trades executed in Oslo Børs ‘ test environment.

Clearing Participants who may wish to consolidate their Oslo Børs activity with EuroCCP and benefit from cross-platform netting, are advised  to arrange their testing requirements with EuroCCP and Oslo Børs.

A go-live date for the clearing of Oslo Børs trades by EuroCCP is anticipated during Q2 2018, subject to regulatory approval, which will be confirmed in due course.

Testing with Oslo Børs and EuroCCP

To set up testing requirements with Oslo Børs and EuroCCP, the following must be arranged:-

  • Trading firms wishing to test trades executed on Oslo Børs with EuroCCP, must liaise with their Clearing Participant and advise Oslo Børs of their intention via email to enablement@oslobors.no and their Oslo Børs account manager.
  • Clearing Participants wishing to test EuroCCP’s service offering for Oslo Børs must contact EuroCCP Client Testing at clienttesting@euroccp.com.

Once all test details are received, EuroCCP will coordinate with Oslo Børs to ensure that both test environments are configured accordingly.

A list of ISIN codes will be agreed with each client for testing purposes, in order to ensure a smooth and successful test.

Further details can be found on EuroCCP’s webpage and Oslo Børs Delta News.

Succesful migration Euroclear Finland Infinity 2

Following Euroclear Finland’s recent communication, Clearing Participants are advised that the release 2 of the Infinity platform was successfully implemented on Sunday 6 May 2018.

We are pleased to confirm that all settlement instructions that failed to settle on Friday 4 May 2018 have now been successfully submitted in Infinity by EuroCCP.

Additionally, the settlement instructions for Intended Settlement Date Monday 7 May 2018 and Tuesday 8 May 2018 have been successfully submitted in the new settlement system.

From Monday 7 May 2018, the new EuroCCP split timelines for the Finnish market will be as follows:-

Start split request initiated by Clearing Participants Deadline split request initiated by Clearing Participants Start split request initiated by EuroCCP Deadline split request initiated by EuroCCP
08:00 CET 14:00 CET 15:00 CET 15:30 CET

 

Euroclear Finland Infinity – Production Migration

Following a successful Migration Dress Rehearsal during the weekend of 14 – 15 April 2018, Euroclear Finland will proceed with the migration of its equity market to the Infinity production platform during the weekend of 5 – 6 May 2018.

From Intended Settlement Date (ISD) Monday 7 May 2018, Euroclear Finland will operate the Infinity system release 2 for the Finnish fixed income and cash equity market.

Between Friday 4 – Sunday 6 May 2018, static data and securities positions will be migrated from Euroclear Finland’s Central Register system to Infinity release 2.

Settlement instructions that fail to settle in the HEXClear system on Friday 4 May 2018, will not be migrated to Infinity release 2 by Euroclear Finland. As a consequence, EuroCCP will  reinstruct those settlement instructions in Infinity release 2 on Monday 7 May 2018. Those settlement instructions will contain a new instruction reference which will be reflected in EuroCCP’s CIF file.

Settlement instructions for ISD Monday 7 and Tuesday 8 May 2018 will not be submitted in HEXclear by EuroCCP on trade date Thursday 3 and Friday 4 May 2018. EuroCCP will submit these settlement instructions to Infinity release 2 on Monday 7 May 2018.

Standard Settlement Instructions

All settlement instructions that EuroCCP will submit in Infinity release 2 from Monday 7 May 2018 will contain the Infinity release 2 eligible Standard Settlement Instructions which have been confirmed by Clearing Participants.

EuroCCP’s new SSIs, detailed below, will apply from settlement date Monday 7 May 2018:-

EuroCCP SSIs Euroclear Finland:

Delivery / Receiving party BIC (DEAG / REAG) EMCFNL2AXXX
Securities Account APKE0000000000008500000000000008558
CSD of Delivering / Receiving party (PSET) APKEFIHHXXX
Client of Delivering / Receiving party (Seller / Buyer) EMCFNL2AXXX
Friday 4 May 2018 short settlement day

In preparation of the migration weekend Euroclear Finland will close the HEXClear system at 12:00 CET. EuroCCP will suspend split processing during this day.

From Monday 7 May 2018 the following new EuroCCP split timelines will apply for the Finnish market:

Start split request initiated by Clearing Participants Deadline split request initiated by Clearing Participants Start split request initiated by EuroCCP Deadline split request initiated by EuroCCP
08:00 CET 14:00 CET 15:00 CET 15:30 CET

For further details we would like to refer you to:

Production Migration Weekend

The production Migration Weekend for Infinity release 2 is scheduled as follows:-

Thursday 3 May 2018
  • Settlement instructions with trade date Thursday 3 May 2018 for ISD Monday 7 May 2018 will not be submitted in HEXClear.
  • Settlement instructions generated under the PoA will not be sent to Clearing Participants settlement agents.
  • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
Friday 4 May 2018
  • Last Settlement Date in HEXClear.
  • HEXClear closes at 12:00 CET, EuroCCP will suspend split processing for the Finnish market.
  • Settlement instructions with trade date Friday 4 May 2018 for ISD Tuesday 8 May 2018 will not be submitted in HEXclear.
  • Settlement instructions generated under the PoA will not be sent to Clearing Participants’ settlement agents.
  • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
Saturday 5 to Sunday 6 May 2018
  • Migration Weekend.
Monday 7 May 2018
  • First Intended Settlement Date in Infinity release 2.
  • Settlement instructions that failed to settle on Friday 4 May 2018 will be resubmitted in Infinity release 2 and settlement instructions generated under the PoA will be resent to Clearing Participants’ settlement agents.
  • Settlement instructions with trade date Thursday 3 and Friday 4 May 2018 will be submitted in Infinity release 2.
  • At close of business, EuroCCP will submit settlement instructions with trade date 7 May 2018 for ISD 9 May 2018 in Infinity release 2.

 

Financial News Awards 2018

We are delighted to have been shortlisted in two categories at the Financial News Excellence in Trading and Technology, Europe Awards 2018.

The awards are voted on by an independent panel consisting of industry leaders and experts.

We would like to thank our Clearing Participants for their ongoing support throughout the year and look forward to continuing our successful partnership in the future.

Underpinning the nominations, Financial News confirmed:-

Nominee to Industry Leader of the Year, Diana Chan, CEO, EuroCCP

In her decade in charge of EuroCCP, Diana Chan has built the biggest and most connected cash equities clearing house in Europe. She has positioned the firm to benefit from MiFID II’s open access provisions to give investors a choice of clearing houses and has been a driving force behind the development of Europe’s market infrastructure. Diana will be taking on a new role later this year as senior adviser to chairman Jan Bart de Boer, while also still representing EuroCCP in its engagement with regulators.

Nominee to Clearing House of the Year, EuroCCP

 EuroCCP has led efforts to promote competition in clearing across Europe through greater interoperability. We clear equities from 18 European markets as well as the US, with a total daily value of €30bn-€40bn. In 2017, EuroCCP went live as a clearing provider for equity and exchange traded funds and trades executed on SIX Swiss Exchange, while also adding Instinet BlockMatch, Euronext Block and other Euronext venues. It is expected that access to European equity trades will rise to 95% this year.  The company has actively supported TARGET2-Securities, directly connecting to the settlement platform with each migration wave.

T2S Denmark – Migration Weekend Dress Rehearsal

Following the migration of Euro denominated settlement activity to T2S, the TARGET2-Securities platform, on 12 September 2016, VP Securities, the Danish Central Securities Depository, will connect to T2S and outsource the settlement process to this pan European platform for Danish Kroner denominated securities settlement.

In advance of the production migration to the T2S platform, VP Securities has scheduled a Migration Weekend Dress Rehearsal (MWDR) for the weekend of 7 – 8 April 2018.

A go-live date for the production migration is scheduled for settlement date Monday 29 October 2018.

The purpose of this newsflash is to provide our Clearing Participants and their settlement agents with further information on the migration of Danish Kroner denominated securities settlement to T2S by covering the following topics:-

  • Migration Weekend Dress Rehearsal schedule and EuroCCP’s Reporting (CIF and PoAs).
  • Client testing in T2S mode for the Danish market.
  • Clearing participants and EuroCCP’s Standard Settlement Instructions (SSIs).
  • EuroCCP’s Service Description – Denmark T2S – Danish Kroner.

Standard Settlement Instructions

With the migration of Danish Kroner denominated securities settlement, settlement arrangements and SSIs for Clearing Participants and EuroCCP’s will change.  EuroCCP will contact those clearing participants that are active on this market to obtain new SSIs for the production environment via the EuroCCP Denmark Information Form, which should be signed and completed and returned to EuroCCP as soon as possible.

The new EuroCCP SSIs, detailed below, will apply from settlement date Monday following the successful migration weekend:-

EuroCCP SSIs VP Securities:
Delivery / Receiving party BIC (DEAG / REAG) EMCFNL2AXXX
Securities Account VPDK17501175001
CSD of Delivering / Receiving party (PSET) VPDKDKKKXXX

Migration Weekend Dress Rehearsal

EuroCCP will participate in the MWDR by uploading production activity to its client test environment, which will be reflected in the associated reporting and messages provided by EuroCCP. The MWDR is scheduled as follows:-

Thursday 5 April 2018
  • EuroCCP’s Client test environment will be cleaned for the Danish market at close of business. EuroCCP’s CIF file which is generated and distributed from EuroCCP’s test environment will not include activity related to the Danish market.
Friday 6 April 2018
  • There will no messages send to VP Securities from EuroCCP’s client test environment for the Danish market.
  • A copy of EuroCCP’s production activity for the Danish market will be reflected in EuroCCP’s Client test environment and submitted in the VP test environment. This will include settlement instructions that failed to settle on Thursday 5 April and settlement instructions for intended settlement date 9 April 2018.
  • Due to the early closure of the VP system, settlement instructions with trade date Friday 6 April 2018 for intended settlement date Tuesday10 April will not be submitted to the VP system, and will be send to T2S on Monday 9 April 2018.
Saturday 7 April 2018
  • Migration Weekend Dress Rehearsal.
  • EuroCCP will undertake the reconciliation of migrated positions and pending instructions based on messages received from VP Securities and T2S, once the “Point of no return” is reached.
Monday 9 April 2018
  • First settlement date in T2S.
  • EuroCCP will submit settlement instructions with intended settlement date Tuesday10 April 2018 to T2S. All settlement instructions will include the new Standard Settlement Instructions in accordance with the VP Securities T2S specifications, once these are available.

Client testing T2S mode for Danish market

From Monday 14 May 2018, EuroCCP’s client test environment will be in T2S mode for the Danish market. Clearing Participants and their settlement agents are invited to undertake testing in accordance with VP Securities T2S requirements.

In order to support testing, Clearing Participants must inform EuroCCP of their Standard Settlement Instructions before testing starts in T2S mode.

Settlement Agent Power of Attorney

Settlement instructions which are sent by EuroCCP to settlement agents under a Power of Attorney (PoA) will also be distributed during the MWDR at the same time that EuroCCP submits settlement instructions in T2S. Clients wishing to participate in testing using these PoA instructions should instruct their settlement agents to process the swift MT54X messages received.

Reporting during MWDR from EuroCCPs client test environment

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

EuroCCP’s Service Description Denmark T2S – Danish Kronor

With the introduction of T2S for Danish Kronor denominated securities settlement in the Danish market, certain elements of EuroCCP’s services for the Danish market may change.

In order to provide Clearing Participants and their settlement agents with a detailed description of these changes, a Service Description Denmark T2S – Danish Kronor   document has been published.

Euroclear Finland Infinity – Migration Weekend Dress Rehearsal

In advance of the production migration to Infinity release 2, Euroclear Finland has scheduled a Migration Weekend Dress Rehearsal (MWDR) for the weekend of 14 – 15 April 2018.

EuroCCP will participate in the MWDR for the Finnish market by uploading production activity in its client test environment which will be reflected in the associated reporting and messages provided by EuroCCP.

Migration Weekend Dress Rehearsal

The MWDR is scheduled as follows:-

Friday 13 April 2018
  • EuroCCP’s Client test environment will be cleaned for the Finnish market at close of business.
  • A copy of EuroCCP’s production activity for the Finnish market will be reflected in EuroCCP’s Client test environment.
Saturday 14 April to Sunday 15 April 2018
  • Migration Weekend Dress Rehearsal.
  • EuroCCP will reconcile migrated positions based on messages received from Euroclear Finland.
Monday 16 April 2018
  • First settlement date in the Infinity release 2 environment.
  • EuroCCP will submit settlement instructions with Intended Settlement Date (ISD) Monday 16 and Tuesday 17 April 2018 in the Infinity release 2 environment.  In addition, settlement instructions that failed to settle on Friday 13 April prior the MWDR, will be re-instructed in the Infinity release 2 environment. All settlement instructions will include the new SSIs in accordance with the Infinity release 2 specifications (once these are available).

Post Migration Weekend Dress Rehearsal free testing

From Monday 16 April to Wednesday 18 April 2018, Euroclear Finland will offer free testing in the Infinity release 2 environment. EuroCCP will process those trades received from the trading venues UAT environment in its client test environment and submit settlement instructions in the Infinity release 2 environment during this test period.

If different Standard Settlement Instructions are used for the EXT2 environment and the Infinity release 2 environment, Clearing Participants must inform EuroCCP of the specific Standard Settlement Instructions before Wednesday 11 April, for the free testing in the Infinity release 2 environment.

Settlement Agent Power of Attorney

Settlement instructions which are sent by EuroCCP to settlement agents under a Power of Attorney (PoA) will also be distributed during the MWDR at the same time that EuroCCP submits settlement instructions in Infinity release 2 environment. Clients wishing to participate in testing using these PoA instructions should instruct their settlement agents to process the swift MT54X messages received.

Reporting during MWDR from EuroCCPs client test environment

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

Finnish market – Maundy Thursday 2018

EuroCCP is pleased to announce its revised timetable for Maundy Thursday on 29 March 2018 in the Finnish market, covering the so-called short settlement day in the Euroclear Finland HEXClear system

EuroCCP will treat this as a normal settlement day as agreed with the market and have brought forward its splitting times as follows:

Split Timings:

10:30 CET – Participant split instructions into EuroCCP.
11:15 CET – Inter-CCP splits.
12:00 CET – EuroCCP splits out to participants.

The timetable will apply for Thursday on 29 March only. EuroCCP will revert back to its normal agreed upon timings from 3 April 2018.

Easter Arrangements 2018

EuroCCP is pleased to confirm the reporting distribution deadlines for client reporting between 29 March and 2 April as follows:-

29 March 2018

EuroCCP will distribute end-of-day CIF & CHC files at the usual time. These reports will form the basis for the margin calls issued in the morning of Tuesday 03 April 2018.

30 March 2018 and 2 April 2018

EuroCCP will be closed and no CIF & CHC files will be distributed.  No margin calls will be made.