Euroclear Finland – Partial settlements and EuroCCP to mandate PARQ indicator

Please be aware that Euroclear Finland has confirmed the introduction of partial settlement on trade date 30 September 2019. EuroCCP will therefore mandate the use of PARQ for this market in keeping with its Regulation Settlement.

The main changes impacting EuroCCP’s services incorporate:

  • Partial settlement functionality.
  • Settlement agent Power of Attorney.

Partial Settlement

The partial settlement windows for settlement instructions against payment are scheduled at 11:00, 13:00 and 16:30 EET.

Clearing Participants need to ensure that the settlement instructions submitted into the settlement system include the PARQ indicator. This is a mandatory requirement and Clearing Participants are responsible for informing any trading members that they must update their settlement instructions to reflect the PARQ indicator on 30 September 2019.

Settlement Agent Power of Attorney

Settlement instructions sent to the Clearing Participant’s settlement agent under the Settlement Agent Power of Attorney (PoA), will be enriched to include the partial indicator PARQ and the status of the PoA settlement instruction will be “released” (NEWM).

Testing

Clients are encouraged to test the new functionality to ensure a smooth migration and that the enriched settlement agent POA instructions flow STP in participants post trade systems.

EuroCCP will support testing from 5 August 2019 until 9 September 2019 and clients can contact EuroCCP’s testing team at: clienttesting@euroccp.com to arrange support.

Should you have any further questions please do not hesitate to contact EuroCCPs Relationship Management Team.

 

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.

 

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.

Updated Regulations Infinity 2

EuroCCP has been advised by Euroclear Finland earlier today that the proposed migration of the Finnish market to Infinity release 2 on Monday 12 February has been postponed to Monday 7 May 2018, with a backup date of 21 May 2018.

As a consequence of this postponement, Friday 9 February 2018 will now be a normal settlement day.

We would confirm that the forthcoming changes to EuroCCP’s Regulation Settlements, Regulation Corporate Actions and Regulation Buy-In have been amended accordingly.

EuroCCP’s migration plan has also been updated to reflect the new timeline, which can be found  at EuroCCP Migration Plan Infinity release 2.

EuroCCP Migration Plan Infinity Release 2 – Finland

As the implementation of the second release of Infinity in the Finnish market approaches, EuroCCP has published the migration plan on its website.

The Migration Weekend of Infinity release 2 is scheduled for the weekend of 9 – 11 February 2018 and the first settlement date will be Monday 12 February 2018. EuroCCP’s migration plan provides a detailed description of the following activities that will take place over this final weekend:-

  • Migration of pending instructions.
  • Corporate action handling during the migration weekend.
  • Specifications of the last operational day in Hexclear.
  • EuroCCP communication.
  • Client readiness.

Further details on the Migration Weekend process can be found within:

Euroclear Finland Infinity release 2 – reminder

Following EuroCCP’s newsflash dated 7 December 2017 regarding the publication of EuroCCP’s Service Description Euroclear Finland – Infinity release 2, we would remind you of the following important dates and actions required in preparation for the forthcoming migration of the Finnish market to Infinity release 2:-

  • Confirmation of Standard Settlement Instructions (SSIs) & update to the Settlement Agent Power of Attorney.
  • Introduction of new PSET for Finnish market in EuroCCP’s CIF file and POAs settlement instructions as from Tuesday 16 January 2018
  • Deadline for the Submission of the Readiness Statement by Friday 19 January 2018

Standard Settlement Instructions & Settlement Agent Power of Attorney

With the migration of the Finnish equity market to Infinity, settlement arrangements and SSIs for Clearing Participants and EuroCCP 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 Infinity 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 12 February 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

EuroCCP will continue to support the Settlement Agent POA service, where settlement instructions are delivered to the Clearing Participant’s settlement agent.

Clearing Participants should update their current Settlement Agent POA agreements with their new SSI’s in the  Annex section.

EuroCCP Reporting (CIF and POAs)

From Trade Date 16 January 2018, EuroCCP’s settlement instructions and the Client Information File (CIF) will contain the new PSET, the BIC11 of the local CSD in the Finnish market.

The 8-digit CSD BIC will change to CSD BIC11 as follows:-

  • From APKEFIHH to APKEFIHHXXX

In addition, the updated Clearing Participant SSIs will be reflected in the CIF for settlement instructions that will be reinstructed by EuroCCP in Infinity after the go-decision is confirmed by Euroclear Finland.

Client testing & Readiness statement

EuroCCP strongly recommends that Clearing Participants undertake different test cases for the Finnish market prior to the implementation of Infinity release 2 in February 2018, and its client test environment is already available for testing.

In order to participate in client testing, those SSIs that are used for testing should be confirmed by completing EuroCCP’s Infinity information form.

In order to ensure a smooth migration, Clearing Participants must confirm their readiness for the implementation of Infinity release 2 by completing EuroCCP’s Readiness Statement, which should be signed and returned no later than 19 January 2018, and which is available at EuroCCP Readiness Statement.

Clearing participants that require further information on testing arrangements should contact clienttesting@euroccp.com.

Euroclear Finland Infinity release 2 – update

Following EuroCCP’s newsflash dated 3 October 2017 regarding the implementation of Infinity release 2 by Euroclear Finland on Monday 12 February 2018, Clearing Participants and their settlement agents are advised that the Service Description is now available on EuroCCP’s website.

We would also remind you of the following important dates and actions required in preparation for the upcoming migration:-

Friday 15 December 2017 (at the latest)
  • Confirmation of Standard Settlement Instructions (SSIs) & update Settlement Agent Power of Attorney.
Tuesday 16 January 2018
  • Introduction new PSET for Finnish market in EuroCCP Reporting (CIF and POAs).
Friday 19 January 2018
  • Deadline for the submission of the Readiness Statement.

Standard Settlement Instructions & Settlement Agent Power of Attorney

With the migration of the Finnish equity market to Infinity, 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 Infinity 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 12 February 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

EuroCCP will continue to support the Settlement Agent POA service, where settlement instructions are delivered to the Clearing Participant’s settlement agent,  following the implementation of Infinity release 2.

Clearing Participants should update their current Settlement Agent POA agreements with their new SSI’s in the  Annex section.

EuroCCP Reporting (CIF and POAs)

From Trade Date 16 January 2018, EuroCCP’s settlement instructions and the Client Information File (CIF) will contain the new PSET, the BIC11 of the local CSD in the Finnish market.

The 8-digit CSD BIC will change to CSD BIC11 as follows:-

  • From APKEFIHH to APKEFIHHXXX

In addition, the updated Clearing Participants SSIs will be reflected in the CIF for settlement instructions that will be reinstructed by EuroCCP in Infinity after the go-decision is confirmed by Euroclear Finland.

Client testing & Readiness statement

EuroCCP strongly recommends that Clearing Participants undertake different test cases for the Finnish market prior to the implementation of Infinity release 2 in February 2018, and its client test environment is already available for testing.

In order to participate in client testing, those SSIs that are used for testing should be confirmed by completing EuroCCP’s Infinity information form.

In order to ensure a smooth migration, Clearing Participants must confirm their readiness for the implementation of Infinity release 2 by completing EuroCCP’s Readiness Statement, which should be signed and returned no later than 19 January 2018, and which is available at EuroCCP Readiness Statement

Clearing participants that require further information on  testing arrangements should contact clienttesting@euroccp.com.

New publications

EuroCCP has created a special page on its website to advise Clearing Participants about the implementation of Infinity release 2 and the future migration of the Finnish market to the Target2 Securities platform.

This page includes EuroCCP’s Service Description Euroclear Finland – Infinity release 2, which defines the impact of the implementation Infinity release 2 to EuroCCP’s service offering for the Finnish market.

In addition EuroCCP’s Client Readiness statement can be found on this page, at https://euroccp.com/finland/

Euroclear Finland Infinity – Volume test

Prior to the December Migration Weekend Dress Rehearsal (MWDR) for Infinity release 2, Euroclear Finland has scheduled a volume test from Monday 20 November to Monday 27 November 2017.

EuroCCP will participate in this Volume test by uploading production trading activity into EuroCCP’s client test environment. Transactions entered into the trading platform’s UAT environment will be processed in EuroCCP’s Client test environment during the full volume testing window. The volume test to be undertaken by EuroCCP is scheduled as follows:-

Monday 20 November 2017
  • Transactions entered into the trading platform’s UAT environment will be processed and settlement instructions will be submitted in the Infinity market test environment.
Tuesday 21 November 2017
  • Production trading activity for trade date Tuesday 21 November 2017 will be uploaded in EuroCCP’s client test environment.
  • Transactions entered into the trading platform’s UAT environment will be processed.
  • Settlement instructions will be submitted in the Infinity market test environment for Intended Settlement Date Thursday 23 November 2017.
Wednesday 22 November 2017
  • Production trading activity for trade date Wednesday 22 November 2017 will be uploaded in EuroCCP’s client test environment.
  • Transactions entered into the trading platform’s UAT environment will be processed.
  • Settlement instructions will be submitted in the Infinity market test environment for Intended Settlement Date Friday 24 November 2017.
Thursday 23 November until Monday 27 November 2017
  • Transactions entered into the trading platform’s UAT environment will be processed and settlement instructions will be submitted in the Infinity market test environment.

The execution IDs of the production trading activity for Finland, which is copied in EuroCCP’s client test environment during the volume test, will include a lower case “b” or “s” instead of the upper case “B” or ”S”.

Settlement instructions which are sent by EuroCCP to settlement agents under a Power of Attorney, will also be distributed during the volume test.

Clearing Participants and their settlement agents are strongly advised to undertake testing, in accordance with Infinity release 2 requirements.

Reporting and during the Volume test

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