T2S
Project status and way forward
IT NUG
Milan, 28th July 2015
1. Project status
2. Community and BD planning
3. MT Community Test status
4. Regulatory matters
London Stock Exchange Group 14 August 2015
Page 2
1.
Project status
London Stock Exchange Group
Page 3
Overview
•
Reached a good level of reliability of all the applications
‒ Reconciliation of accounts is regularly closing positively
‒ Day scheduling processing without major issues/delays
•
Few T2S fixes still to be tested due to release on 24.7
‒ Hot fix on sese.025 scheduled on 7.8
•
MT software frozen on 24.7
‒ Hot fix only possible for issues blocking production
•
Transition to business day
‒ Delivered User Testing Stage Report confirming transition from Community Testing to Business Day Testing stage on
3.8
•
Areas requiring workarounds from the participants
‒ Matching ICP/DCP and rules for Party 2 (published ad-hoc market notice)
‒ De-scoped functionalities and manual management (published with ad-hoc market notice)
‒ Decimals available for portfolio transfer operations (market notice underway)
‒ Planning for final solution to be started immediately after go-live
London Stock Exchange Group
Page 4
Self assessment report summary
Area
G
Y
R
n/a
X
NO DATA
Totale
OVERALL PROGRESS
5
17
1
0
0
2
25
DOMESTIC SETTLEMENT (OTC)
13
12
0
0
0
0
25
DOMESTIC SETTLEMENT (ONEX)
8
11
1
5
0
0
25
CrOSS BORDER SETTLEMENT - Cross-CSDs
3
3
4
11
1
1
25
CROSS BORDER SETTLEMENT - External
12
3
2
6
0
0
25
CUSTODY ON STOCK - Reorganisation
12
7
0
4
0
0
25
CUSTODY ON STOCK - Cash Distribution
20
5
0
0
0
0
25
CUSTODY ON FLOW
3
11
6
2
1
0
25
COLLATERAL - MT management
11
2
3
9
0
0
25
COLLATERAL - T2S management
11
5
1
8
0
0
25
CASH INTEROPERABILITY
21
2
0
2
0
0
25
CASH AUTHORISATION - DCP only
10
0
0
10
0
5
25
CONTINGENCY SCENARIOS
6
5
1
4
5
4
25
Stato Attività
Definizione
G
Attività in linea con la pianificazione e la data di migrazione
Y
Attività in ritardo rispetto alla pianificazione ma senza impatti sulla migrazione
R
X
n/a
NO DATA
Attività in ritardo che (in assenza di misure correttive) può avere impatti sulla migrazione
Attività non ancora iniziata
Non applicabile (funzionalità non utilizzate)
Campo non valorizzato
London Stock Exchange Group 14 August 2015
Page 5
Test progress
(First 12 most critical Participants)
Last week overall test progress: from 79% to 86%
London Stock Exchange Group 14 August 2015
Page 6
Next key activities
•
Next MWEDR
1) Preparation as of 28.7: DCP still able to operate with T2S also on 28.7 (live timing) and 29.7 (synchronized timing)
2) MWEDR on 1-2.8
3) Simulation of Ordinary Business Activities on 3-4.8
•
•
Key Synch Point
1) Synchronisation Point [SP11.MOTI - Start Business Day Testing)]
3.8
2) Synchronisation Point [SP12.MOTI - End of User Testing Execution Phase]
21.8
3) Synchronisation Point [SP16.MOTI - Ready for T2S Migration ]
28.8
Exit User Testing
1) User Testing Stage Report to be delivered on 14.8
London Stock Exchange Group
Page 7
2.
Community and Business Day
planning for go-live on 31 Aug. ’15
London Stock Exchange Group 14 August 2015
Page 8
Community test
T2S Community and BD test planning update
1)
MIG2 will operate in in Synchronised standard day on 29/07 and 07/08 to facilitate MWDR clean-up and W2 MWDR
preparation.
2)
Migration weekend Dress reharsal is planned for 01 and 02 August, preceded by the usual preparation activities (T1
unavailable from 28/07, MIG2 purged on 29/07 @ 16:15)
3)
Last regular T2S software releases received 24/07. After this date, only prod defects or blocking issues identified in the
meantime as part of the Community or Business Day test can be received as fixes in MIG2
4)
On-exchange (B.I. markets) production volumes will be loaded, in parallel to production, in T1 after MWDR on calendar
day 03/08 and 04/08 (settlement on business day 05/08 and 06/08 NTS). MTS production feeds (09:00-13:00) will be
maintained for 03-04-05/08.
5)
Transition to Business Day confirmed. BD test stage will be from 03/08 to 21/08
6)
End of Authorization test for DCP: 31/08 (end of Community test) – grace period until 14/08. So far 4 authorisation forms
received.
7)
ICP to communicate the results of their test by means of the agreed module by 14/08 to the concerned email address
8)
All forms (7, 8) must be received in PDF, signed paper forms to be sent by year-end.
London Stock Exchange Group
Page 9
Update on key defects
PBI Id
PBI Status
Summary
PBI000000152490
Open
Settlement Restrictions linked “WITH” together did not settle
together
Medium - business case for linked "WITH" can cope with the delivery expected for this defect (Sept'15 in test)
PBI000000154860
Open
SI Corp linked AFTE not settledMIG2
CRITICAL - impacts payment and issuance of Government bonds. Will be released in test on Sept'15 together with
PBI152490
PBI000000155016
Under retest
Wrong values displayed in Party-revisions
Low -Revisions to parties - RN16 10/07
PBI000000156229
Under retest
(MT-1472) Incoherence into the ReturnLimit answer sent from
Medium - there can be a workaround as Limit utilisation can be checked via GUI. RN15 10/07. RN17 24/7
T2S
RN17 24/7
PBI000000156330
Under retest
Object Privileges (cross system entity) not shown in GUI
Low - T2S Operator can help to get the required data, in case (RN17 24/7)
RN17 24/7
PBI000000156345
Under client retest
[MIG2] Instructions not cancelled by revalidation process
High - If cancellations were correct, then revalidation process should remove. RN16 10/07
RN16 10/07
PBI000000156444
Under retest
Pending instruction not present in semt.027 response from
T2S MIG2
CRITICAL - impacts correct processing of corporate actions. Proposed delivery Sept/Oct '15. Escalated to ECB.
Hotix received bur retest failed. RN17 24/7
RN17 24/7
PBI000000156532
Under retest
MIG2 - GUI visualisation issue
Low - report received twice, (then billed twice to the client) RN17 24/07
RN17 24/7
PBI000000156416
Under retest
T2S Multilateral: Additional parties incorrectly displayed on
T2S GUI
High (priority reviewed) - impacts the portfolio transfer. RN17 24/7
RN17 24/7
PBI000000156823
Open
Missing NTS files with OutbCommunication Id 1015344051
CRITICAL - impacts regular sending of settlement confirmation. It requires fixing in an infrastructure component. The
defect is a technical one - release 07 Aug
Impact
Release #
RN16 10/07
HF 07/08
PBI000000156703
Under retest
Wrong usage of cash tolerance during matching
CRITICAL (priority reviewed) - impacts the matching process between intermediaries on OTC instructions
RN17 24/7
PBI000000156856
Open
Semt.027 - code LACK not expected
High - impacts completeness of query results on settlement inx. Release 07/08 (possibly hotfixed before)
HF 07/08
PBI000000156899
Open
Linked instructions are unsettled
London Stock Exchange Group
High - impacts correct execution of corporate actions for rights issue (FOP)
HF 07/08
Page 10
Update on key incidents
3-Medium
3-Medium
INC000000166870/867
INC000000166297
Under client
retest
Assigned to
client missing test
evidences
Cancellation not taken into account /
Incorrect sese.027 as result of COLO transaction
Medium - seem one-off incidents. Retest is proceeding.
Statement of Pending Transactions does not contain the data
available in the T2S GUI.While investigating an issue of
Credit/Debit Indicator and Securities Movement Type in
Statement of Pending Instructions(semt.018) for party
BCITITMMXXX, customer
High - potentially - issue of consistency between GUI and
message
In UDFS is stated that for the Security CSD Link the Issuance
Account is an optional field but current tests have highlighted
that sometimes the platform requires it to be defined.
3-Medium
INC000000166739
Under client
retest
3-Medium
INC000000166855
Open
Medium
Intraday restriction update not taken into account
2-Urgent
INC000000167035
Open
London Stock Exchange Group
Medium - if confirmed could impact the usage of intraday
restriction in case of need intraday.
Double debit/credit of quantity from the SI on two SACs
(deliverer and reciver)
CRITICAL - double credit and debit of the same quantity on each
of the accounts involved in an instruction.
Page 11
Community test: June 2015
SYNCHRONISED SD (07:00 – 19:00)
LIVE TIMING (07:00 – 22.30)
1
2
3
4
5
6
7
8
9
11
O
p
O
p
S
c
S
c
5
-
4
R
A
D
12
13
14
15
16
17
18
19
Wave 1A
backup
tests
MOTI restricted
for settlement
20
M
i
g
r
a
t
i
o
n
21
P
r
o
d
22
23
24
25
26
27
28
29
CSD Authorization test
Cross CSD Settlement
SI (e.g.: DVP – FOP – PCT/PCR –
HOLD/RELEASE)
Portfolio transfer
EXTERNAL CSD SETTLEMENT
CAoF (On-exchange)
Reorganization
t
o
Issuance Coupon stripping, Mark U/D
Cash distribution
CLIMP T3 OPEN FOR STATIC DATA CHANGES
London Stock Exchange Group
Page 12
30
Community: July 2015
SYNCHRONI
SED
STANDARD
DAY (07:00
– 19:00)
1
2
3
LIVE TIMING (07:00 – 22:30)
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30/31
CSD Authorization test
Cross CSD Settlement
SI (e.g.: DVP – FOP – PCT/PCR – HOLD/RELEASE)
Portfolio transfer
EXTERNAL CSD SETTLEMENT
CAoF (On-exchange)
M
W
D
R
P
Reorganization
Issuance Coupon stripping, Mark U/D
Cash distribution
P
/
R
CLIMP T3 OPEN FOR STATIC DATA CHANGES
UTSU report
London Stock Exchange Group
SP11: start BD test
Auth. test report
Page 13
Business Day: August 2015
SYNCHRONISED STANDARD
DAY (07:00 – 19:00)
LIVE TIMING (07:00 – 22:30)
1
2
3
4
5
6
7
8
9
10
11
12
13
t14 15
CSD Authorizationi test
16
17
18
19
20
21
22
23
24
25
26
27
Cross CSD Settlement
SI (e.g.: DVP – FOP – PCT/PCR – HOLD/RELEASE)
M
W
D
R
2 BD with
onEX feed
from prod
P
r
EXTERNAL CSD SETTLEMENT
o
t
d
i
u
m
CAoF (On-exchange)
c
i
Reorganization
t
n
i
g
Issuance Coupon stripping, Mark U/D
o
Cash distribution
n
Portfolio transfer
UTSU report
Stage transition report
Auth. Report (grace period)
ICP test report
London Stock Exchange Group
Preparation for
production
migration
28
29
M
i
g
r
a
t
i
o
n
30/31
P
r
o
d
t
o
SP 12
Exit User
Testing
SP 16
Ready for T2S
migration
Page 14
3.
MT Community Test status
London Stock Exchange Group 14 August 2015
Page 15
Settlement
STATUS
OWNER Issue /comment
MARKET opening/resending/closing
POST TRADE
PRE-SETTLEMENT/SETTLEMENT (not
guaranteed trades)
Counterparty Hold: Analysis performed and
solution identified. Terms and clarification
presented to participants that required.
Release in T2 environment and test activities
starting from 27/7
Party 2: identified workaround starting from 31/8 –
Market Notice already published
POST TRADE
PRE-SETTLEMENT/SETTLEMENT
(guaranteed trades) – Bilateral netting (net
and gross margin model)
See above
ROUTING ICSD (Bilateral balance Creating
TLN) and original trade for EuroMOT
CCP flows
Portfolio Transfer
Market Notice to be published in relation to the
decimal of the ‘Deal Price’ field and for the special
character (‘/’) used in RNI message switching
channel as separator
PCT/PCR
Cash Forecast
Descoped.
Market Notice has been published
RESOLUTION DATE
Cross and External CSD Settlement
STATUS
OWNER Issue
CROSS CSD SETTLEMENT
Reporting/Input/Allegment/Cancellation/
Matching/Forwarding to Settlement System
Process/Reporting
EXTERNAL CSD SETTLEMENT
Reporting/Input/Allegment/Cancellation/
Matching/Forwarding to Settlement System
Process/Reporting
Partial Settlement on UK market
No major issues on whole process (cfr. slide
external settlement conference call ad hoc)
MT -‘giri dump’ (Spain and USA) tested with positive
results.
Dual listing: released and currently under testing (no
major issues identified)
RESOLUTION DATE
Corporate Actions on Flow (CAOF)
STATUS
OWNER Issue
RESOLUTION DATE
OTC descoped. Market Notice has been published
On Exchange:
Tested with positive result:
• Dividends (cash / securities)
• Interest Payment
• Total Redemption
• Stock split
• Reverse Stock Splt
• Rigth Distribution
Under testing:
• Warrant exercise
• Other complex cases
Missing semt.027 related to semt.026 sent
ECB: INC 165270 closed since it is linked to PBI
156444 that is the summary of the CAOF messages
incidents raised – Under testing
24/7 (released)
Market claim rejected by X-TRM if Party2 not
present in X-TRM (DCP failed transactions)
CR on Party 2 (additional management of
specificities) not in scope of Wave 1b go live,
identified workaround starting from 31/8 – Market
Notice ready to be published
Cfr. ‘Matching Criteria in T2S’
document
External Settlement –
conference call ad hoc
Points discussed and information shared:
 Available documentation: reminder about documents that describe the Cross
CSD, External Settlement processes and the corresponding messages already
shared (including updated Tablemats- where the following two items will be
added within the first week of August)
 Outstanding Issues as of July 17th: details have been given on the following
cases:
1. Account of Settlement Agent for German Market
2. FoP without matching Party 2 Beneficiary
 Participants further issues and concerns: shared information in relation to tickets
comments/feedback in place
 Support on line has been offered to clients when and if required.
No items are outstanding so far
Custody and Corporate Action
STATUS
OWNER Issue
Admission of Financial
Instruments
No issues
Issuance / Mark up
No issues
Mark Down
No issues
Cash Distribution - MT Issuer
No issues
Reorganization – MT Issuer
No major issues.
A new no critical incident has been opened for «Aumento di Capitale gratuito»
(Classe 12) and is still under T2S Operator analysis
Cash Distribution - MT Investor
No issues
Reorganization – MT Investor
No issues, fix on reorganization with options has been released and
successfully tested
RESOLUTION DATE
PBI_156899
INC_167040
Government Bond
-
Auction
No issues
-
Cash Payment
Community tests on Govies were successfully performed, both for interest
and redemption payments.
The main problem raised to ECB for link after management is still open but
the administrative workaround has been successfully tested and is going to
be applied starting from the 31st of August 2015, up to the successful ending
of (internal and community) testing of the fix.
-
Coupon Stripping
No issues
PBI 154860 4-09-15
PBI_154860 4-09-15
4.
Regulatory matters
London Stock Exchange Group 14 August 2015
Page 21
AGENDA
1. Il «Collective Arrangement»
2. Il regime transitorio in tema di finalità
London Stock Exchange Group 14 August 2015
Page 22
Finalità dei sistemi di regolamento titoli e contante: regime
attuale
Allo stato attuale i sistemi di regolamento titoli e contante non hanno gli stessi momenti di
finalità:
 regolamento titoli: SF1 (validazione), SF2 (riscontro), SF3 (regolato) come
concordato tra i CSD partecipanti a T2S
 regolamento contante: SF1=SF2=SF3 (al regolato) come disciplinato nelle linee
guida ECB (articolo 16 (2)):
“For the purposes of the first sentence of Article 3(1) and Article 5 of Directive 98/26/EC and
[insert national law provision implementing these Articles of Directive 98/26/EC] and for all
transactions settling on DCAs and which are subject to matching of two separate
transfer orders, such transfer orders are deemed entered into TARGET2-[Insert
CB/country reference] and are irrevocable at the moment that the relevant DCA holder’s
DCA is debited.”
London Stock Exchange Group 14 August 2015
Page 23
Finalità dei sistemi di regolamento titoli e contante: lavori di
allineamento per T2S
 con l’obiettivo di aumentare la certezza legale del regolamento delle operazioni in T2S, i
CSD e le Banche Centrali hanno avviato il processo di allineamento dei momenti di
finalità dei sistema di regolamento titoli e del sistema di regolamento contante;
 a tal fine è stato negoziato il cd. Collective Arrangement in forza del quale le Banche
Centrali fanno proprie le regole definitività e irrevocabilità stabilite dai CSD per gli ordini
di trasferimento titoli, così allineando tali momenti per tutti gli ordini di trasferimento
processati in T2S indipendentemente dal fatto che riguardino i titoli o il contante.
London Stock Exchange Group 14 August 2015
Page 24
Finalità dei sistemi di regolamento titoli e contante: lavori di
allineamento per T2S
 Le linee guida ECB sono state aggiornate inserendo il richiamo al c.d. «Collective
arrangement» (articolo 16 (3)):
“The rules provided for in paragraph 2 shall be replaced by the rules below two weeks after
the Governing Council of the ECB has determined that an agreement has been signed
between the Eurosystem CBs and the Connected NCBs, on the one hand, and all CSDs
participating in T2S at the date of such agreement, on the other hand, on the provision of
information and liability.
(a) For all transactions settling on DCAs and which are subject to matching of two
separate transfer orders, such transfer orders are deemed entered into TARGET2[Insert CB/country reference] at the moment at which they have been declared
compliant with the technical rules of T2S by the T2S Platform and irrevocable
at the moment the transaction has been given the status “matched” on the T2S
Platform; (…)”
London Stock Exchange Group 14 August 2015
Page 25
Finalità dei sistemi di regolamento titoli e contante: lavori di
allineamento per T2S
L’entrata in vigore del Collective Arrangement è subordinata alle seguenti condizioni:
•
assenso delle autorità di vigilanza nazionali sinora non direttamente coinvolte nei
negoziati (sul punto è stato richiesto l’intervento dell’ESMA per facilitare il processo)
•
armonizzazione delle procedure per la gestione dell’insolvenza del DCA holder
(qualora diverso dal Partecipante al CSD).
•
o
le soluzioni proposte dall’ECB, sulla base delle attuali funzionalità della
piattaforma non consentivano una gestione granulare delle operazioni facenti
capo all’insolvente e avrebbero richiesto interventi amministrativi massivi da
parte dei CSD con conseguenti rischi operativi e impatti sull’operatività dei
partecipanti.
o
si è quindi optato per la definizione di una CR, le cui caratteristiche verranno
presentate a fine luglio.
nelle more dell’entrata in vigore del Collective Arrangement è necessario quindi
prevedere un regime transitorio che tenga conto dei diversi momenti di finalità
previsti per gli ordini di trasferimento titoli e contante.
London Stock Exchange Group 14 August 2015
Page 26
Regime transitorio MT
Nel Regolamento del Servizio di Liquidazione s’introduce il regime transitorio che si
applicherà dalla data della migrazione sino all’entrata in vigore del collective arrangement.
In particolare, si intende dare trasparenza ai partecipanti al Servizio di Liquidazione di
quanto segue:

le disposizioni in tema di definitività dell’ordine di trasferimento (SF1) e di irrevocabilità
dello stesso (SF2) previste dall’articolo 22 del Regolamento del Servizio di Liquidazione
saranno applicabili limitatamente agli ordini di trasferimento titoli;

con riferimento agli ordini di trasferimento contante, trovano applicazione le disposizioni
previste nelle Linee Guida della Banca Centrale Europea; pertanto sino alla firma del
“Collective Arrangement”, i momenti di definitività e irrevocabilità saranno all’addebito del
contante;

le procedure di gestione dell’insolvenza di un partecipante al Servizio di Liquidazione
terranno conto del coordinamento tra i differenti “momenti di finalità” degli ordini di
trasferimento titoli e contante.
London Stock Exchange Group 14 August 2015
Page 27
Regime Transitorio MT
Regolamento Servizio di Liquidazione (art. 22)
Articolo 22 - Definitività e irrevocabilità delle Istruzioni di regolamento
Le disposizioni di cui ai commi 1 e 2 si applicano agli ordini di trasferimento titoli.
La definitività e irrevocabilità degli ordini di trasferimento contante sono regolate dalle
disposizioni del Sistema TARGET2, come previste nella Guideline della ECB del 2 Aprile 2015.
Monte Titoli dà informazione di quanto sopra nelle Comunicazioni di Servizio di cui all’articolo 16.
Le procedure di insolvenza di cui al comma 5 tengono conto del coordinamento dei momenti di
definitività e irrevocabilità degli ordini di trasferimento titoli e contante.
1.
Le Istruzioni di regolamento sono definitive dal momento in cui termina il processo di validazione in T2S (SF1).
2.
Le Istruzioni di regolamento non possono essere revocate da un Partecipante né da un terzo dal momento del riscontro in T2S (SF2),
fermo restando quanto previsto dall’articolo 20 comma 2 per la cancellazione bilaterale delle Istruzioni di regolamento.
3.
I trasferimenti titoli e contante sono definitivi dal momento dell’addebito del contante ovvero dei titoli laddove il regolamento del
contante non sia previsto. (SF3).
4.
In caso di manifesto errore tecnico, su richiesta e sotto la responsabilità delle Società di Gestione dei Mercati e/o delle Controparti
Centrali, Monte Titoli esegue le Istruzioni di regolamento trasmesse nell’ambito di procedure di gestione degli errori nel rispetto di
quanto previsto dal d.lgs. 210/2001.
5.
In caso di apertura di una procedura di insolvenza a carico di un Partecipante o di un Partecipante Indiretto, notificata dall’autorità
competente, alle Istruzioni di regolamento irrevocabili e/o definitive, secondo quanto indicato ai commi precedenti, si applica quanto
previsto nelle Istruzioni.
London Stock Exchange Group 14 August 2015
Page 28
Regime Transitorio MT
Per quanto riguarda le procedure di gestione dell’insolvenza contenute nelle
Istruzioni di Monte Titoli non si ravvisano impatti da un punto di vista operativo
in quanto:
 Le operazioni FOP continueranno ad essere processate regolarmente
ricadendo interamente nell’ambito di applicazione delle regole di
irrevocabilità e definitività definite dal CSD
 Le operazioni DVP continueranno ad essere processate regolarmente con la
precisazione che essendo i corrispondenti ordini RVP non definitivi ad ISD
verranno respinti dal sistema dei pagamenti. Le operazioni DVP verranno
cancellate dopo aver tentato il regolamento.
London Stock Exchange Group 14 August 2015
Page 29
Thanks
for the attention!
London Stock Exchange Group
Page
Disclaimer
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complete and is meant for information and discussion purposes only. Borsa Italiana S.p.A. accepts no liability, arising, without limitation to the
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Page 31