T2S
Project status and way forward
IT NUG
Milan, 14th July 2015
1. Project status
2. T2S defects status
3. MT Community Testing status
London Stock Exchange Group 15 July 2015
Page 2
1. Project status
London Stock Exchange Group
Page 3
Report from T2S CSG - 2nd July
•
Approved plan for MT go-live on 31 August:
1) MIG2 restarted to operate with Live Timing on 06/07 and will continue until 14/08, after that will return to Synchronised
Standard day until end of testing period (21/08)
2) Migration weekend Dress reharsal is planned for 01 and 02 August, preceded by the usual preparation activities.
3) T2S regular software releases will continue until 24/07, after this date, only prod defects will be deployed or blocking
issues identified in the meantime as part of the Community or Business Day test.
4) Defined a list of defects (baseline) to be solved for MT go-live
•
Works of the ad-hoc task force still on-going to evaluate impacts on other waves
London Stock Exchange Group
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Plan for MT go-live on 31 August
London Stock Exchange Group
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Report from ABI/ASSOSIM meeting – 3rd July
•
MWEDR on 1-2 August:
1) Agreed participation of intermediaries (communication already sent)
2) No possibility to copy production data in the test environment (clarified by 4CB) but committment by alll actors involved
to re-create the same conditions of migration weekend
3) Analysis on-going with 4CB to simulate a business day on Monday (volumes to be considered
•
Descoping of functionalities
1) Confirmed descoping of CAoF standards management for OTC tx and cash forecasting
2) Organised a meeting on 7 July to define operational management of CAoF on pending tx
3) MT to send market notice to clarify descoping areas and that no detection will be executed for OTC tx from go-live to
date tbd (expected by end of week)
•
Portfolio transfer
1) Confirmed management of 3 decimals for Deal Price
2) MT to send list of ICP using RNI message switching (for the issue on using ‘/’ as separator)
3) Workaround proposed by participants (query to detect PORT with 5 decimals and report to ICPs) not feasible because
of operational burden
•
Hold/Release
1) Meeting with interested parties already planned (Wednesday, 15 July) to agree on the solution
•
Matching ICP/DCP
1) Confirmed adoption of workaround for go-live (DCP to set Party 2 either blank or with a unilateral BIC code assigned
to Client)
2) MT to verify DCPs static data set-up and contact bilaterally, if required
London Stock Exchange Group
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Report from PT-TUG Settlement Optimisation - 7 July
Agreed actions
Outcome
1
Il PBI risulta come hotfix con data risoluzione 24/7
Problema semt.027 (PBI156444): MT sta intraprendendo tutte le attività
necessarie per risolvere la criticità e riferirà nel corso del NUG-IT del 14 luglio
2
Predisposizione di una tabella riepilogativa di tutti i problemi attualmente
presenti sulla piattaforma e loro monitoraggio in funzione delle future release
CAoF OTC: L’unica attività amministrativa svolta da Monte Titoli per l’OTC è
la cancellazione delle istruzioni pending per le operazioni di Aumento di
Capitale a pagamento, Inoptati e per tutti gli eventi societari in cui il titolo
scade (es. redemption) in cui almeno una delle controparti è un ICP
Integrare tabella pag. 5, specificare campo “rif. Msg mittente” e proporre una
soluzione alternativa per il campo “nr. Oper. Spec”
si prevede di generare un messaggio 7B2 like per le CAoF on Exchange
generate con procedura amministrativa
Confermare e documentare la cancellazione automatica della underline
transaction alla maturity date
Confermare e documentare la procedura di riattivazione dello stesso ISIN per
diritti di opzione per l’asta dei diritti inoptati
Predisporre un prospetto riepilogativo dei processi (automatici /
amministrativi) che Monte Titoli utilizzerà per le varie tipologie di eventi
societari ed evidenziare eventuali differenze di gestione per i DCP e ICP. Sul
punto Monte Titoli riferisce dell’attività amministrativa di cancellazione delle
istruzioni pending alla maturity date, e che sarà predisposto l’elenco degli
eventi societari impattati
Predisporre degli esempi di messaggi generati automaticamente e in via
amministrativa a fronte della medesima istruzione CAoF, al fine di confrontare
nel dettaglio i campi utilizzati dai partecipanti.
3
4
5
6
7
8
9
London Stock Exchange Group 14 July 2015
La lista dei defects (T2S) prioritari per il Go Live, che sarà sempre in progress, sarà
proposta nel NUG del 14/07
Si allega la tabella “Elenco processi amministrativi.xlsx” con l’elenco degli eventi
societari per i quali sono generate istruzioni CAoF Transformation ed è prevista la
cancellazione, indicando altresì le casisistiche per cui l’attività sarà eseguita
automaticamente o manualmente.
Si allega il documento “T2S incontro ABI 7lug15 upd 2015.07.09.pptx” con gli
aggiornamenti richiesti.
In allegato si fornisce il template “7B2 like.xlsx” del file Excel che sarà utilizzato per la
segnalazione delle CAoF generate con procedura amministrativa.
Cfr #4
Il processo è descritto negli use cases delle CAOF e nelle slides del PT-TUG
Cfr #3
Si allega il documento “Sample 20022 CAOF AMM VS ORIG 2.xlsx”
Page 7
Self assessment report summary
Area
OVERALL PROGRESS
DOMESTIC SETTLEMENT (OTC)
DOMESTIC SETTLEMENT (ONEX)
CrOSS BORDER SETTLEMENT - Cross-CSDs
CROSS BORDER SETTLEMENT - External
CUSTODY ON STOCK - Reorganisation
CUSTODY ON STOCK - Cash Distribution
CUSTODY ON FLOW
COLLATERAL - MT management
COLLATERAL - T2S management
CASH INTEROPERABILITY
CASH AUTHORISATION - DCP only
CONTINGENCY SCENARIOS
Stato Attività
G
Y
R
X
n/a
NO DATA
G
3
10
5
3
8
9
9
2
10
7
19
9
6
Y
14
12
11
4
4
8
14
8
3
10
4
2
5
R
2
3
3
3
4
1
0
9
2
2
0
0
1
n/a
0
0
6
11
7
3
0
3
9
5
1
8
6
X
0
0
0
2
1
3
1
2
0
0
0
0
4
NO DATA
6
0
0
2
1
1
1
1
1
1
1
6
3
Totale
25
25
25
25
25
25
25
25
25
25
25
25
25
Definizione
Attività in linea con la pianificazione e la data di migrazione
Attività in ritardo rispetto alla pianificazione ma senza impatti sulla migrazione
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 15 July 2015
Page 8
2.
T2S defects status
London Stock Exchange Group
Page 9
Status of “important” T2S defects
TICKET NUMBER
SUMMARY
SEVERITY
SUBMIT DATE
STATUS
FOLLOW UP
PBI000000152490
Settlement Restrictions linked “WITH” together did not settle
together
2-Urgent
01/12/2014
In Progress
Confirmed post go-live.
Workaround available in PROD.
INC000000165780
Error DSU1042 when removing a closed restriction from an ISIN.
24/06/2015
In Progress
Planned for the 24/7 release
INC000000166099
MIG2 - Same settled transaction is reported in two delta semt.017s
4-Low
30/06/2015
In Progress
INC000000166353
MIG2 - 4 missing sese.025s due to internal sequencing not
completed
2-Urgent
06/07/2015
In Progress
3-Medium
15/05/2015
Resolved
PBI000000155776
Outbound messages screen not reachable when clicking on
“Related Outbound Messages” button in the Settlement Instruction
Details screen
Customer Follow-Up Required
PBI000000155787
MIG2 - CSD user cannot transfer DCA to a different account holder
due to an unknown error
3-Medium
15/05/2015
Resolved
PBI000000156229
(MT-1472) Incoherence into the ReturnLimit answer sent from T2S
3-Medium
10/06/2015
Resolved
Customer Follow-Up Required
PBI000000156330
Object Privileges (cross system entity) not shown in GUI
3-Medium
15/06/2015
Pending
Future Enhancement
PBI000000156416
T2S Multilateral: Additional parties incorrectly displayed on T2S GUI
2-Urgent
18/06/2015
Pending
Pending Original Problem
PBI000000156444
Pending instruction not present in semt.027 response from
T2S MIG2
2-Urgent
19/06/2015
In Progress
Planned for the 24/7 release
PBI000000156532
MIG2 - GUI visualisation issue
4-Low
23/06/2015
Pending
Future Enhancement
PBI000000155843
semt.018 wrongly including SttlmSts and InstrPrcgSts
2-Urgent
18/05/2015
Pending
Waiting Internal Enhancement
Customer Follow-Up Required
INC000000166532
MT-2492 Missing T2S sese.024 for our instructions
3-Medium
08/07/2015
Assigned
INC000000166286
No remaining amount shown in statement of pending instructions Jira MT-2478 Intesa Sanpaolo.
2-Urgent
03/07/2015
Pending
London Stock Exchange Group 14 July 2015
Client Action Required
Page 10
3.
MT Community Testing status
London Stock Exchange Group 15 July 2015
Page 11
Settlement
STATUS
OWNER Issue /comment
RESOLUTION DATE
ECB - Autocollateralization: process almost tested.
Solution identified for issue messages sequencing
received from the T2S platform
Release on 17/7
Counterparty Hold: Analysis performed and
solution identified. Terms presented to DB and the
other participants during last PT-TUG. Ad hoc
meeting to be organized in the next days.
TBD
MARKET opening/resending/closing
POST TRADE
PRE-SETTLEMENT/SETTLEMENT (not
guaranteed trades)
Party 2: workaround starting from 31/8 – MT
verification on bilateral basis static data where it
could be possible a mis-matching when Party 2
field is populated. Ongoing.
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
As per agreement in PT-TUG:
• character allows in all transmission channels (‘-’
instead of ‘/’): MT will send ABI list of
participants who used RNI Messages Switching.
• Decimals: value 3 bytes, percentage 5 bytes
confirmed. MT will send all participants the info
on the limitation
PCT/PCR
Note: PCR under testing (even if out of scope for
the lunch of the service)
Cash Forecast
Descoped.
Administrative solution presented during PT-TUG
(template and standard query)
Cross and External CSD Settlement
STATUS
OWNER Issue
RESOLUTION DATE
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
Incoming and outgoing messages for the whole
process work properly
MT -‘giri dump’ (Spain and USA)
Issues on outgoing messages have been fixed.
Analysis done on issue raised on incoming
messages
Dual listing: released and currently under testing
TBD
Corporate Actions on Flow (CAOF)
STATUS
OWNER Issue
RESOLUTION DATE
OTC descoped (management presented during PTTUG)
On Exchange:
Tested with positive result:
• Dividendi (in cash e in natura)
• Pagamento interessi
• Rimborso (totale)
Under testing:
• Reorganization (gratuite, a pagamento,
mandatory)
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.
TBD
Market claim rejected by X-TRM if Party2 not
present in X-TRM (DCP failed transactions)
MT
CR (ADDITIONAL MANAGMENT OF THIS
SPECIFICITIES)
Party 2: w/a starting from 31/8 – MT verification on
bilateral basis static data where it could be possible
a mis-matching when Party 2 field is populated.
Cfr. ‘Matching Criteria in T2S’
document
Market claim rejected by X-TRM-Securities
account of the counterparty missing
MT
CR (REMOVE OF CONTROL AND INSERT OF
THE BIC OF THE COUNTERPARTY IN X-TRM)
WORKAROUND SUGGESTED BY MT
Cfr. ‘Matching Criteria in T2S’
document
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
Cash Distribution - MT Investor
No major issues
Reorganization – MT Investor
Minor regression on reorganization with options will be fixed and relevant test
will be performed again next week
RESOLUTION DATE
Government Bond
-
Auction
No issues
PBI 154860 4-09-15
-
Cash Payment
Tests on Govies were successfully performed, both for interest and
redemption payments. There are still some issues related to “link after”..
Concerning the book-out of securities positions due to redemption, an issue
generated by the creation of balances caused a delay in the settlement of
relevant instructions.
PBI_154860 4-09-15
INC_164983
PBI_156215
INC_163852
-
Coupon Stripping
No issues
Thanks
for the attention!
London Stock Exchange Group
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