T2S migration weekend Spain

Following the successful migration of the Spanish market to the Target2-Securities (T2S) platform on Saturday 16 September 2017, we are pleased to announce that EuroCCP is now a Directly Connected Party to the T2S Platform for Iberclear, the Spanish Central Securities Depository. With the migration to T2S, the second phase of the Spanish Market Reform has been successfully implemented.

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 the future T2S migration waves.

We are pleased to confirm that all pending settlement instructions that were matched prior to the migration weekend have now been successfully migrated to the T2S platform.

From Monday 18 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.

Spanish settlement instructions with trade date Friday 15 September 2017 for intended settlement date Tuesday 19 September 2017 will be submitted in T2S at close of business on Monday 18 September 2017.

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.

Updated Regulations and T2S Migration Documents

Following the Newsflash dated Thursday 29 June 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 of the forthcoming changes to EuroCCP’s Regulation Settlements, Regulation Corporate Actions and Regulation Buy-In.

As a result of the changed regulations the EuroCCP migration plan T2S Wave 5 – Spain and the Service Description Spanish Market Reform T2S have been revised accordingly.

SMR T2S Update

Following EuroCCP’s newsflash dated 11 July 2017 regarding the important dates related to the implementation of the Spanish Market Reform phase II, EuroCCP is pleased to advise its Clearing Participants and their settlement agents of the revised Post Trade Interface (PTI) requirements for the provision of a natural persons’ date of birth.

Last week, Iberclear advised that the provision of a natural persons’ date of birth, which is reported to the PTI, will be optional rather than mandatory.  As a result, the provision of this information to EuroCCP via the Owner Reference Static Data (ORS) file will also become optional.

The ORS file is used to update EuroCCP’s records with ownership details. If a natural persons’ date of birth is provided to EuroCCP via the ORS file, it will be reported to the PTI.

The following EuroCCP documents have been updated to reflect the optional provision of a natural persons’ date of birth:

Reminder- T2S Spanish Market Reform – 4th MWDR and Business Day Testing

Following the Newsflash dated Monday 17 July 2017, EuroCCP would like to remind Clearing Participants and their settlement agents of the fourth Migration Weekend Dress Rehearsal (MWDR) for T2S Wave 5 and the Business Day (BD) testing.

Migration Weekend Dress Rehearsal

EuroCCP will participate in the fourth MWDR for the Spanish market, however will not require Clearing Participant involvement. This MWDR will be used to test the migration process, in conjunction with Iberclear and the Post Trade Interface (PTI), and is scheduled during the weekend of Friday 4 – Sunday 6 August 2017.

In preparation of the fourth MWDR, 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 from Monday 31 July until Friday 4 August 2017.

On Monday 7 August 2017, BD Testing  begins and the Client test environment will be open for testing activity again in accordance with the production process window.

Business Day testing

Between Monday 7 August and Friday 1 September 2017 – full BD testing is scheduled. During these days, test cases can be executed in accordance with the production processing timelines.

Clearing Participants and their settlement agents 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 business day test, will include a lower case “b” or “s” instead of a 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 business day 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 intended settlement date 10 August 2017.
  • Intended settlement date-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 intended settlement date 11 August 2017.
  • Intended settlement date-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.
  • Intended settlement date 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
  • Intended settlement date-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.
  • Intended settlement date 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 are 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 Business Day testing – production processing timelines applies.

We would refer you to EuroCCP’s Client test plan Spain T2S for the production and test processing timelines.

Please note that the Business Day test schedule is subject to change and may be updated.

Reporting during the third MWDR & Business Day testing

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

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.

T2S Spanish Market Reform phase II – Important dates

Following EuroCCP’s newsflash dated 29 July 2017 regarding the migration plan of the Target 2 Securities (T2S) Wave 5, EuroCCP would like to remind its Clearing Participants and their settlement agents of the important dates in preparation for this migration.

Before the migration of the Spanish market to the T2S settlement platform during the weekend of 16–17 September 2017, a number of actions need to be undertaken in accordance with the following schedule:-

Tuesday 1 August 2017
  • Mandatory use of updated Owner Reference Static Data file to include new Owner Reference details to EuroCCP’s records.
  • Owner Reference Static Data for natural persons already in place with EuroCCP’s records must be updated with the date of birth.
  • Confirmation of Clearing Participant Static Data.
Friday 4 – Sunday 6 August 2017
  • 4th Migration Weekend Dress Rehearsal
Monday 7 August – 1 September 2017
  • Business Day Testing.

Owner Reference Static Data file

The use of the updated Owner Reference Static Data file is optional until Monday 31 July 2017. Thereafter, the use of the updated Owner Reference Static Data file will be mandatory for Clearing Participants that currently use the ORS file and the date of birth must be included for each natural person.

The Owner Reference Static Data file is used to update EuroCCP’s records with Ownership details. With the implementation of phase II of the Spanish Market Reform, the date of birth of each natural person (Persona fisica) must be reported to the Post Trade Interface (PTI) by EuroCCP. This information is only required if the Natural / legal identification is equal to F (Persona fisica).

Owner Reference Static Data for natural persons already in place with EuroCCP’s records must be updated with the date of birth by Clearing Participants who report ownership for natural persons.

Further details about the ORS file is published on EuroCCP’s website at Owner Reference Static Data file.

4th Migration Weekend Dress Rehearsal and August Business Day Testing

EuroCCP’s plan to copy production trading activity to its Client test environment during Business Day Testing will be revised in agreement with Iberclear and PTI.

It is proposed to upload a copy of the production trading activity to the Client test environment only during the first week of Business Day Testing following the Migration Weekend Dress Rehearsal.

Further details of the upcoming Migration Weekend Dress Rehearsal and Business Day Testing will be published by EuroCCP in due course.

Migration plan T2S Wave 5 – Spain

As the implementation of the second phase of the Spanish Market Reform and the migration to the Target 2 Securities platform (T2S) approaches, EuroCCP has published the migration plan on its website.

The Migration Weekend of the final T2S Wave is scheduled for the weekend of 16 – 17 September 2017 and the first settlement date will be Monday 18 September 2017. EuroCCP’s migration plan provides a detailed description of the following processes that will take place over this final weekend:-

  • Migration of pending instructions.
  • Corporate action handling during the migration weekend.
  • PTI communication.
  • EuroCCP communication.
  • Client readiness.

Further details on the Migration Weekend process can be found within EuroCCP migration plan T2S Wave 5 – Spain.

T2S Spanish Market Reform Client test plan – reminder

Following the newsflash dated 11 April 2017 regarding the publication of the T2S Spanish Market Reform Client test plan, EuroCCP would like to remind Clearing Participants and their settlement agents of the importance of testing the settlement and registration process in ARCO II / T2S mode and the submission of the Readiness statement.

Continue reading “T2S Spanish Market Reform Client test plan – reminder”