T2S Spanish Market Reform - 1st Migration Weekend Dress Rehearsal-reminder

The first T2S Wave 5 Migration Weekend Dress Rehearsal is approaching and EuroCCP will participate during this dress rehearsal by testing the migration of its Spanish settlement activity to T2S.

The purpose of this newsflash is to remind our Clearing Participants and their Settlement Agents of the first Migration Weekend Dress Rehearsal (MWDR), which is scheduled for the weekend of 10–12 March 2017.

Migration Weekend Dress Rehearsal

EuroCCP will participate in the first MWDR, however does not require Clearing Participant involvement. This MWDR will be used to test the migration process in close cooperation with Iberclear and the PTI and is scheduled as follows:-

  • Thursday 9 March 2017

At close of business, Iberclear and the PTI will close and then clean the ARCO 1 test environment, its current pre T2S test environment.

  • Friday 10 March 2017

Reports and messages resulting from Spanish test activities undertaken in EuroCCP’s Client testing environment for Trade Date 10 March 2017, will not be sent to the Iberclear and PTI test environment.

At close of business, Iberclear will upload the production activity of business day Friday 10 March 2017 into the ARCO 1 test environment. This task will be undertaken once the settlement instructions for the next settlement date have been submitted in the production environment.

The copy of the production activity will not be reflected in EuroCCP’s Client test environment.

  • Friday 10 March to Sunday 12 March 2017

Migration Weekend Dress Rehearsal.

EuroCCP will undertake the reconciliation of migrated positions and pending instructions based on messages received from Iberclear and T2S once the Point of No Return is reached.

  • Monday 13 March 2017

First settlement date in T2S test environment.

From this date, EuroCCP will undertake a number of mandatory authorisation test cases which have been agreed with Iberclear, prior to offering any Client testing in T2S mode.

Reports and messages resulting from Spanish test activities undertaken in EuroCCP’s Client test environment for Trade Date 13 March 2017, will not be sent to the Iberclear and PTI test environment.

  • Tuesday 14 March 2017

EuroCCP’s Client testing environment will reopen for Spanish testing in Iberclear and PTI ARCO 1 test environment from Trade Date 14 March 2017 until Trade Date 21 April 2017.

Pending settlement instructions with Trade Date prior to migration

Pending settlement instructions will be migrated by Iberclear as follows:-

  • Matched settlements instructions    

-

will be migrated by Iberclear

  • Unmatched settlement instructions

-

will not be migrated

  • Pending Corporate Events

-

out of scope during first MWDR

Already Matched pending settlement instructions will be migrated to T2S under the same conditions, including the status hold or release. Partially settled settlement instructions will be migrated for the pending settlement obligation with the partial settlement indicator activated. 

Pending zero quantity and zero cash settlement instructions will be cancelled by Iberclear on the Friday prior migration weekend and are considered settled. 

Reporting during the first Migration Weekend Dress Rehearsal

On Friday 10 March 2017, the EuroCCP CIF file will be generated and distributed from EuroCCP’s test environment as usual.

Client testing in T2S mode

From Trade Date Monday 24 April 2017, EuroCCP’s Client testing environment will be linked to T2S test environment and ARCO 2 test environment, Iberclear’s post T2S test environment. Clearing Participants and their Settlement Agent will then be able to undertake their testing, including PTI reporting according to SMR phase 2 requirements.

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