Updated Regulation EuroCCP Investment Policy

EuroCCP is pleased to announce that it has updated its Regulation EuroCCP Investment Policy (REIP).

The changes have been approved in accordance with the requirements of the Regulation and relate to the following:

  • A haircut will be taken in line with perceived risks when collateral in the form of securities is received
  • Clarification that, for the purposes of obtaining liquidity, EuroCCP may obtain short term financing from defined Credit Institutions or Central Banks. For this purpose, EuroCCP may use collateral provided by the Clearing Participants as collateral with these liquidity providers.
  • Clarification that EuroCCP may use cash provided by Clearing Participants as collateral for the purposes of making payments, in accordance with the provisions of EMIR.
  • EuroCCP shall hold cash overnight with Credit Institutions and shall ensure that such holdings are collateralised for not less than 95 percent, calculated over an average period of one calendar month (rather than collateralising by 102% on a daily basis), to align with EMIR requirements.

A track changes version of the Regulation is available.

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Regulation EuroCCP Investment Policy

Tracked changes - version November 2018

End of year timings 2018

EuroCCP is pleased to confirm the timelines for the distribution of Client reporting between 24 December and 2 January, as follows:-

24 December 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 Thursday 27 December 2018.  Clearing Participants may wish to deposit additional collateral on Monday 24 December in order to avoid a margin call on 27 December.

25  and 26 December 2018

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

27 December 2018

EuroCCP will be open and CIF & CHC files will be distributed at the usual time.  Margin calls will be made at the usual times.

31 December 2018

EuroCCP will distribute end of day CIF & CHC files at the usual time.  Clearing Participants may wish to deposit additional collateral on Monday 31 December in order to avoid a margin call on 2 January.

2 January 2019

EuroCCP will be open and CIF & CHC files distributed at the usual time.  Margin calls will be made at the usual times.

 

Updated Collateral Standard Settlement Instructions

We are pleased to inform you that the SSIs for EuroCCP’s mandatory Collateral account and Clearing Fund contributions for fixed income (bonds) will change as from 1 January 2019.

In addition, we would confirm that EuroCCP’s Regulation Collateral has been reviewed and, pursuant to clause 6.2.2 of the Clearing Rule Book, EuroCCP has amended the percentage of collateral required to be held by EuroCCP from 70% to 100%.

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Regulation Collateral

Version November 2018

Should you have any further queries, please do not hesitate to contact EuroCCP Client Services: clientservices@euroccp.com or Relationship Management: rm@euroccp.com.

EuroCCP clearing Borsa Italiana trades from 3 December 2018

EuroCCP is delighted to announce that regulatory approval was received today to provide clearing services for trades executed on Borsa Italiana’s Regulated Markets and MTF – Mercato Telematico Azionairo (MTA), Borsa Italiana Equity MTF and ETFplus Market.

The service will be available on a Preferred CCP basis for shares, equity certificates and exchange traded funds traded on Borsa Italiana.

Since its inception and in close cooperation with the clearing community, EuroCCP has been an advocate of open access for the benefit of clearing and trading participants alike.  With the introduction of EuroCCP as a Preferred CCP on Borsa Italiana’s three platforms, clearing services will become even more efficient by reducing post trade costs, increasing cross-venue netting opportunities and optimising operational processes.

We would refer you to Borsa Italiana’s website, which provides further information on this announcement.

EuroCCP’s test environment is available to clearing participants that may wish to undertake testing through Borsa Italiana’s test environment.

Clearing participants wishing to clear trades executed on Borsa Italiana with EuroCCP should ensure that:-

  • Trading firms wishing to test trades executed on Borsa Italiana with EuroCCP liaise with their clearing participant and advise Borsa Italiana’s membership team of their intentions via email to membership@borsaitaliana.it
  • A new Comp ID must be activated by the trading members via the Borsa Italiana member portal, adding EuroCCP as the Preferred CCP
  • EuroCCP’s Relationship Management team is advised of their implementation plans and intended go-live date, so that the necessary arrangements can be made.
  • The Borsa Italiana Statement of Authority is completed.
  • The completed form is forwarded to clientservices@euroccp.com.
  • Further details can be found on EuroCCP’s Borsa Italiana page.
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Borsa Italiana SoA

Version October 2018

EuroCCP clearing Oslo Børs trades from 1 November 2018

EuroCCP is delighted to announce that regulatory approval has been obtained to provide clearing services for trades executed on Oslo Børs from 1 November 2018.

This will be a fully interoperable service for shares, equity certificates and exchange traded funds traded on Oslo Børs.

Since its inception, EuroCCP has been an advocate of open access for the benefit of clearing and trading participants alike.  With the introduction of EuroCCP as the third CCP for Oslo Børs, clearing services will become even more efficient by reducing post trade costs, increasing cross-venue netting opportunities and optimising operational processes.

We would refer you to Oslo Børs Delta News, which provides further information on this announcement.

EuroCCP’s test environment is available to clearing participants that may wish to undertake testing through Oslo Børs’ test environment.

Clearing Participants wishing to clear trades executed on Oslo Børs with EuroCCP should:-

  • Advise EuroCCP’s Relationship Management team of their implementation plans and intended go-live date, so that the necessary arrangements can be made.
  • Complete the Oslo Børs Statement of Authority .
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Oslo Børs SoA

Version October 2018

Successful T2S Danish Kroner Migration

Following the successful migration of Danish Kroner denominated settlement activity to T2S, the TARGET2 Securities platform, on Saturday 27 October 2018, we are pleased to announce that EuroCCP is now a Directly Connected Party to the T2S Platform for VP Securities, the Danish Central Securities Depository.

This is another important milestone which demonstrates EuroCCP’s commitment to providing its clients with the most efficient access to local markets, which improves settlement efficiency.  EuroCCP will continue to support direct access to  local markets and has committed to join future T2S migrations as they arise.

We are pleased to confirm that all pending settlement instructions have been successfully migrated to T2S.

Danish settlement instructions with trade date Friday 26 October 2018 for intended settlement date Tuesday 30 October 2018 will be migrated to T2S on Monday 29 October 2018.

T2S Denmark – Danish Kroner reminder

Following EuroCCP’s newsflash dated 13 September 2018 regarding the forthcoming migration of Danish Kroner denominated settlement activity to T2S, the TARGET2 Securities platform, EuroCCP would like to remind Clearing Participants of the updates to Standard Settlement Instructions (SSIs), Client testing requirements, Client Readiness and EuroCCP’s T2S migration plan.

The migration of Danish Kroner denominated settlement activity to the T2S platform is scheduled to take place on Friday 26 and Saturday 27 October for settlement date Monday 29 October 2018.

Standard Settlement Instructions Danish market

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

EuroCCP’s new SSIs – shown below – will apply from settlement date Monday 29 October 2018 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

Settlement instructions to which EuroCCP is a counterparty will settle in T2S. Clearing Participants must therefore have undertaken all necessary actions to ensure that the correct account structure is arranged with VP Securities, to enable them to settle the CCP related activity in a T2S securities account.

Client testing – T2S mode for Danish market

EuroCCP’s client test environment is in T2S mode for the Danish market and available for end-to-end testing, including trades received from platforms’ UAT environment.

Nasdaq Copenhagen has set up the following ISIN codes for testing with VP securities and T2S:-

DK0017207409
DK0017207672
DK0017208563
DK0017209025
DK0017209108
DK0017209371
DK0017210544
DK0017210627
DK0017210700

Clearing Participants and their settlement agents are advised to undertake testing in accordance with VP Securities’ T2S requirements. Clearing Participants using the settlement agent PoA process should instruct their settlement agent to process the SWIFT MT54X messages received.

Should you have any further queries, please do not hesitate to contact EuroCCP’s Client testing team at clienttesting@euroccp.com

Client Readiness

Clearing Participants must confirm their readiness for the migration to T2S by completing the EuroCCP Readiness Statement, which should be signed and submitted to EuroCCP as soon as possible.

EuroCCP’s T2S Migration plan – Danish Kroner

During Friday 26 and Sunday 28 October 2018, Danish Kroner denominated static data, securities positions and pending settlement instructions will be migrated from VP Securities’ legacy settlement system to T2S.

EuroCCP has published its T2S migration plan for Danish Kroner denominated activity on its website, which outlines migration of pending instructions, corporate action handling, EuroCCP reporting and client readiness, and can be found at EuroCCP T2S migration plan – Danish Kroner.

Further details on the changes to certain elements of EuroCCP’s services for the Danish market, can be found on EuroCCP’s website at Service Description Denmark T2S – Danish Kroner.

Go-live Euronext Dublin Postponed

EuroCCP was informed earlier today that the proposed go-live date for  EuroCCP’s appointment as sole CCP for Euronext Dublin has been postponed to Monday 4 February 2019.

As previously advised, EuroCCP will be the sole CCP for Euronext Dublin and will clear shares, equity certificates and exchange traded funds traded on the Main Securities Market (XMSM), the Enterprise Securities Market (XESM) and the Atlantic Securities Market (XATL).

Subject to regulatory approval, EuroCCP will provide clearing services to Euronext Dublin from 4 February 2019 in accordance with the following timeline:-

Further details can be found on our Euronext Dublin page. We also refer you to Euronext’s communication:

T2S Denmark – Danish Kroner reminder

As the migration of Danish Kroner denominated settlement activity to the TARGET2 Securities platform is approaching, EuroCCP would like to remind Clearing Participants of the forthcoming changes to EuroCCP’s Standard Settlement Instructions (SSIs), Client testing requirements, Business Day testing and the EuroCCP T2S migration plan.

Standard Settlement Instructions Danish market

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

EuroCCP’s new SSIs, detailed below, will apply from settlement date Monday 29 October 2018 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

All settlement instructions to which EuroCCP is a counterparty will settle on the T2S platform. Clearing Participants must therefore have undertaken all necessary actions to ensure that the correct account structure is arranged with VP Securities, to enable them to settle the CCP related activity within a T2S securities account.

Client testing T2S mode for Danish market

EuroCCP’s client test environment is currently in T2S mode for the Danish market and available for end-to-end testing including trades received from the platforms UAT environment.

Nasdaq Copenhagen has set up the following ISIN codes for testing with VP securities and T2S:-

  • DK0017207409
  • DK0017207672
  • DK0017208563
  • DK0017209025
  • DK0017209108
  • DK0017209371
  • DK0017210544
  • DK0017210627
  • DK0017210700

Clearing Participants and their settlement agents are advised to undertake testing in accordance with VP Securities’ T2S requirements. Clearing Participants using the settlement agent PoA process should instruct their settlement agent to process the SWIFT MT54X messages received.

Between Monday 17 September and Friday 12 October 2018 – full Business Day testing is scheduled by VP Securities. During these days, test cases can be executed in accordance with the production processing timelines.

Should you have any further queries, please do not hesitate to contact EuroCCP Client testing clienttesting@euroccp.com

EuroCCP’s T2S Migration plan – Danish Kroner

Between Friday 26 and Sunday 28 October 2018, Danish Kroner denominated static data, securities positions and pending settlement instructions will be migrated from VP Securities’ legacy settlement system to T2S.

EuroCCP has published its T2S migration plan for Danish Kroner denominated activity on its website, which outlines migration of pending instructions, corporate action handling, EuroCCP reporting and client readiness, and can be found at EuroCCP T2S migration plan – Danish Kroner.

Further details on the changes to certain elements of EuroCCP’s services for the Danish market, can be found on EuroCCP’s website at Service Description Denmark T2S – Danish Kroner.

Direct member of Euroclear Bank

Following the recent newsflash dated 3 Sept 2018, EuroCCP is pleased to announce that with effect from settlement date 7 September 2018, it will become a direct member of Euroclear Bank.

Clients may be required to update the format of their settlement instructions for Euroclear Bank and this SSI change has been reflected in EuroCCP’s regulations which can be found at:-

Any clients using Settlement Agent POA are not required to take any action