Update on the functional modifications for the Euroclear markets France, Netherlands and Belgium / Information on the preparation for the CBF Customer Simulation for T2S Wave 3
Clearstream Banking1 would like to inform customers about updates on the necessary functional modifications for the migration of the Euroclear markets to TARGET2-Securities (T2S) on
Monday, 12 September 2016.
Additionally we present the latest information for the preparation of the upcoming CBF Customer Simulation for T2S Wave 3 intended to be executed from 2 to 20 May 2016.
Additional information on the functional modifications
Further to Announcement D15042 dated 9 November 2015 and Announcement D16013 dated 24 March 2016, we would like to remind our customers to communicate their T2S Party BIC (BIC11) to their counterparties in Euroclear France, Euroclear Netherlands and Euroclear Belgium (ESES markets).
When sending Free of Payment (FoP) instructions without matching (Dumps), CBF customers must fill the T2S Party BIC and additionally the T2S Securities Account (SAC) of the Euroclear participant in Party Level 1. Dump instructions in which the T2S Party BIC or SAC of the recipient is missing will be rejected by ESES. CBF customers are requested to obtain this information from their counterparties in due time.
CBF will continue to closely monitor the implementation activities for the link with the ESES markets and inform customers about any relevant findings from the ongoing bilateral test.
Getting prepared for the CBF Customer Simulation for T2S Wave 3
Besides the test constraints described in the CBF Customer Simulation for T2S Wave 3 - Customer Notification dated 24 March 2016, customers participating in this simulation with the ESES markets need to take into account the following additional limitations:
- On Monday, 2 May 2016 and Tuesday, 3 May 2016, it is recommended to only conduct connectivity tests in the simulation environment IMS23, as there might be remaining setup activities by CBF.
- On Friday, 5 May 2016 and Monday, 16 May 2016, the simulation environment IMS23 will not be available due to public holidays in Germany.
- On Tuesday, 17 May 2016 (all-day) and on Friday, 20 May 2016 from 12:00 until end of day, CBF will be preparing the simulation environment IMS23 for the upcoming Migration Weekend Dress Rehearsal (MWDR) as of 20 / 22 May 2016. Therefore, customers will not be able to perform T2S Wave 3 tests during these times.
- From the list of instruments in which customers can instruct security transfers, instrument BE0002215813 “AGFA-GEVAERT N.V.” (instrument type: bond) will not be available for testing as it has reached final maturity. Instead, instrument BE0003755692 “AGFA-GEVAERT N.V.” (instrument type: equity) will be made available.
- CBF customers can currently not receive securities via Free of Payment (FoP) instructions without matching (Dumps) from Euroclear participants due to a defect in the ESES system. This functionality had to be dropped as a potential test case. Dump instructions sent by a CBF customer are not affected by this limitation and can be tested as required.
- CBF customers can currently not receive cancellations of allegements (MT578 CANC) from Euroclear participants due to unexpected changes in the MT578 message type specification at ESES. This functionality had to be dropped as a potential test case. CBF is currently analysing how to adapt to the changed message content. Allegements as such are not affected by this limitation and can be received as expected.
Please note that the announced functional limitations will be solved with the launch of T2S Wave 3. Should any of these limitations already be solved during the CBF Customer Simulation for
T2S Wave 3, customers registered for this simulation phase (T2S SPOC) will be notified promptly.
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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.