CBF Release November 2021 – Deployment activities – Update
Note: This announcement, originally published on 22 October 2021, has been updated to provide the latest information about the deployment plan.
Clearstream Banking AG, Frankfurt1 informs customers about deployment activities of CBF and T2S enhancements that will be introduced on
the weekend 20 and 21 November 2021
for business day Monday, 22 November 2021
In addition to the information on the production launch of T2S Release 5.2, this Announcement shows the intended timeline and modifications in the T2S Operational Day between Friday, 19 November, and Monday, 21 November 2021. At the same time during this weekend, the migration activities of Phase 1 for the project Stock Exchange Transactions Go OTC (SET-GO) will be performed. Information on the steps of this migration can be found in the Stock Exchange Transactions Go OTC - Customer Migration Guide. In addition, adaptations in the CASCADE Online functionality (HOST / PC) will be provided in preparation for SET-GO Phase 2, which will be implemented in June 2022. Furthermore, CBF will provide enhancements of corporate action cash payments on T2S as well as for settlement messages of category 5 ("Securities Markets") based on SWIFT Release 2021.
Impacts on the CBF business day on the Deployment Weekend
Due to the “T2S Release Weekend Schedule” the timeline of the operational day and respective reporting during the T2S deployment weekend will be changed.
With this Announcement, CBF customers receive the current schedule2 that highlights the processing during the deployment weekend. The schedule attached has been drafted based on the timeline created after the software deployment in T2S Pre-Production Environment (UTEST) on 25 September 2021.
In addition to the implementation activities of T2S and CBF, customers using the SWIFT network for instruction management must note that the SWIFT Release 2021 will also be deployed on this weekend.
For this SWIFT has announced the below-mentioned maintenance window:
SWIFT Maintenance Schedule
20 November to
Possible small disruption less than 10 minutes
Based on the most recent information provided, the following assumptions can be made:
- Customers acting in ICP mode and using the CBF connectivity channels via SWIFT, MQ, File Transfer (FT) or ClearstreamXact need to consider that any instruction transmitted between Friday, 19 November 2021, at 20:00, and the finalisation of the Clearstream Banking implementation phase on Sunday, 21 November 2021 at around 06:00, will be queued in the backend systems. Only customers transmitting instructions via SWIFT to CBF will receive an acknowledgement upon receipt of the instruction based on their existing message subscription.
- The opening hours of the Clearstream Online functionalities will be modified. The CASCADE HOST / PC frontend and Xact Web Portal will be available until Friday, 19 November 2021 at 20:00. After this, customers are requested not to enter, modify, or cancel instructions.
As part of the SET-GO ICSD Migration (Phase 1) activities, Xact Web Portal is scheduled to be open on Saturday afternoon, 20 November 2021 from 15:30 to 18:00 for settlement instructions enquiries.
During Sunday, 21 November 2021, Clearstream Online functionalities will be open from 06:30 to 11:00.
- Customers acting in ICP mode and using an automated connectivity channel (SWIFT, MQ or File Transfer (FT)) to receive the CBF settlement reporting are requested to check the modified reporting times where applicable. CBF will provide the files according to the existing message subscription. Depending on the T2S Release 5.2 timeline, files might be empty and will be transmitted only if empty reports are ordered. In addition, the customer’s technical infrastructure should accept and store the provided files. Otherwise, the information / data will be lost. CBF recommends accepting files at any time during the T2S Release Weekend.
- Customers acting in DCP mode must be prepared to use the updated XML scheme (XSD) once T2S Release 5.2 has been successfully implemented. Any instruction that will be transmitted to T2S:
- On Friday, 19 November 2021, before 20:00, and is accepted by T2S will be converted by T2S. Once the deployment activities are complete, the instruction is processed using the modified processes. The corresponding reporting is sent based on the new XSDs / formats.
- On Friday, 19 November, after 20:00 must take the new XSD / format into account. If the latest definitions are not used, the instruction will be rejected when T2S reopens after the software deployment.
- On Friday, 19 November 2021 at 20:00, T2S will close the online functionality (T2S GUI, U2A) and the “Straight Through Processing” channels (STP, A2A). On Sunday, 19 November 2021 at 11:00, T2S will start its maintenance window. Incoming instructions that will reach T2S during the deployment phase or maintenance window are queued. After the reopening of T2S, these instructions will be processed, either on Saturday, 20 November 2021, after the software implementation, or on Monday, 22 November 2021 from 02:30, as part of the T2S Operational Day.
- Customers acting in DCP mode and using the “YCON” procedure to receive real-time settlement reporting via CBF need to consider that these messages will be transmitted on Sunday, 21 November 2021, after CBF has started to provide the settlement results in ICP mode.
- For the processing via KADI (CBF in its role as Issuer CSD) and Custody (OneClearstream markets), the following processing applies. Settlement instructions resulting from corporate actions processing will be created on Friday, 19 November 2021, in line with the regular business day and presented to T2S before the system will be closed for the deployment activities. On this processing day, customers will receive Corporate Actions messages (MT564, MT568) only from 23:00, deviating from the regular transmission time (that is, 19:30). Additionally, the transmission times of Corporate Action Confirmations (MT566) will be modified. The reporting, which is generated via Custody and KADI can be provided on Sunday, 21 November 2021, after 06:00 until the maintenance windows will start (at around 11:00).
- In general, the processing at Clearstream Banking S.A., Luxembourg (CBL) is not impacted by the T2S Release Weekend procedure. The procedures in CBL regarding the settlement of DvP instructions in foreign currencies, stock exchange trades in non-collective safe custody (NCSC) netted by Eurex, as well as for the markets included in the Local Market Partner (LMP) concept, will continue to run in the existing business as usual mode. But the securities settlement of instructions against a foreign currency will shift. The cash management at CBL will be conducted according to the CBL timeline and the cash settlement result will be presented to CBF. CBF will queue these results. The settlement of the securities leg will be possible once CBF transmits the release instruction for the “CoSD Hold” to T2S. Therefore, the reporting of the cash settlement and securities settlement will be provided at different times.
However, the settlement of stock exchange trades in custody NCSC and Wertpapierrechnung (WPR) not cleared by Eurex Clearing AG (non-CCP) will no longer be transmitted via LION (Lieferfreigabe Online) but via the new Stock Exchange Transaction Interface (SETI) to CBL. With the launch of SET-GO these instructions will be settled in an “OTC like” mode on Creation. Further information on the future processing can be found in the Stock Exchange Transactions Go OTC Introduction Note. Customers are requested to consider, that for the SET-GO migration related settlement reporting, the Xact A2A outbound channel will be opened on Saturday, 20 November 2021, between 18:00 and 19:00. Afterwards, the transmission window has to be closed for T2S Release 5.2 deployment activities. Potentially, not all outbound messages resulting from the SET-GO ICSD Migration can be sent during the given timeframe. If so, the remaining messages will be queued in the Clearstream back-end and transmitted after the deployment activities for T2S Release 5.2 on Sunday, 21 November 2021 starting after 05:00 until 11:00, latest.
- CBF’s processing with the T2S Out-CSDs DTCC and SIX SIS will remain unchanged. Customer settlement instructions will be forwarded to these CSDs in accordance with the market deadlines. Settlement results and feedback for pending instructions from these CSDs will be transmitted to T2S once CBF releases the queued instructions for the T2S Real-time Settlement (RTS) cycle scheduled for Sunday, 21 November 2021.
CBF customer communication during the Deployment Weekend
Before and during the deployment weekend, “Operational News” will be published on the Clearstream website, to which CBF customers can subscribe to be informed about the progress of the implementation of T2S Release 5.2 and the SET-GO ICSD Migration (Phase 1). The following table provides an overview of the planned "Operational News" and respective "Alerts". Customers who would like to be informed constantly on the progress can set up the subscription of "Alerts" for "Operational News" in the MyClearstream section under Subscriptions / Real-time alerts.
Update - Indicative timeline for customer communication - "Deployment Activities Release Weekend November 2021"3
Due date / time (CET)
SET-GO: Pre-Migration –
Monday, 4 November 20214
SET-GO: Pre-Migration –
Friday, 12 November 20214
CBF: November Release Weekend Schedule – Final update
Monday, 15 November 20214
SET-GO: Transmission LION reporting
Friday, 19 November 2021, 14:00
CBF: Completion end of day processing
Friday, 19 November 2021, 19:30
T2S: End of processing of incoming messages
Friday, 19 November 2021, 20:15
T2S: Green Light for software deployment
Friday, 19 November 2021, 20:30
|SET-GO: Receipt of daily SE trade confirmations|
Friday, 19 November 2021, 23:00
SET-GO: Green Light for software deployment
Saturday, 20 November 2021, 10:00
SET-GO: Transmission of Migration Reports 1 and 2
Saturday, 20 November 2021, 13:30
SET-GO: Transmission of Migration Report 3
Saturday, 20 November 2021, 16:30
SET-GO: Finalisation implementation activities
Saturday, 20 November 2021, 18:00
SET-GO: Transmission (A2A) CBL Settlement Messages / Reports
Saturday, 20 November 2021, 18:15
T2S: Transmission (A2A) Settlement Messages / Reports
Saturday, 20 November 2021, 20:25
T2S: Start of Transmission (A2A) CBF Settlement Reporting
Sunday, 21 November 2021, 08:00
T2S: Completion of RTS and start of T2S and CBF maintenance windows
Sunday, 21 November 2021, 11:15
CBF Indicative Timeline for Deployment Weekend
The attached timeline indicates the changes in the CBF and T2S operational schedule during the deployment weekend.
The timeline created by CBF is based on the T2S Playbook for the deployment weekend that was provided end of September 2021. The plan covers the period from Friday, 19 November 2021, at 15:45 to Monday, 22 November 2021, at 06:00. In addition, details are provided related to the LION reporting for system wise cancelled instructions on Monday, 22 November 2021 and Tuesday, 23 November 2021. Events and processes before and after this specific period can be considered as unchanged. To indicate the changes, a column “Revision” is available. It shows:
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer. Particular questions related to this Annoucement will be routed to the experts of the related project team.
1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. All times in the Announcement are specified in Central European Time (CET).
3. Rows in pink concern SET-GO, rows in blue concern T2S/CBF.
4. This Operational News will be published in the course of the day.