CBF Customer Simulation Period May and June 2021 - Guideline - Eurex
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
CBF Customer Simulation Period May and June 2021 Guideline
CBF Customer Simulation May and June 2021 Guideline April 2021 Document number: 7342 This document is the property of Clearstream Banking AG, Frankfurt (“Clearstream Banking” or “CBF”) and May only be changed with prior written consent obtained from Clearstream Banking. The information in this document is subject to change without notice and does not represent any obligation on the part of Clearstream Banking, a subsidiary or other affiliate of Clearstream International S.A. © Copyright Clearstream Banking AG, Frankfurt (2021). All rights reserved. Clearstream Banking AG, Frankfurt, is a Deutsche Börse Group company. Clearstream Banking Frankfurt April 2021 Customer Simulation Period May and June 2021 2
Content
1. Introduction ...................................................................................................................... 4
2. Scope of CBF Customer Simulation in May and June 2021 ............................................... 5
3. Preparation Guided Customer Simulation ........................................................................ 6
3.1 Getting ready for customer simulation ......................................................................................... 6
3.2 CASCADE Online functionality – Login procedure ........................................................................ 6
3.3 Connectivity requirements - End-to-end testing .......................................................................... 6
3.4 Testing in DCP mode on UTEST ..................................................................................................... 7
3.5 CBF Customer Simulation calendar .............................................................................................. 8
3.5.1 Test preparation period ............................................................................................................. 8
3.5.2 Test execution period................................................................................................................. 8
4. Preparation test execution ............................................................................................. 11
4.1 Creation of holdings ..................................................................................................................... 11
4.2 Processing of Stock Exchange transactions (CCP / non-CCP) .................................................. 12
4.3 Limitation for pending instructions ............................................................................................. 13
4.4 Cancellation of pending LION instructions ................................................................................. 13
4.5 Custody services environment settings ...................................................................................... 13
4.6 Decommissioning of the Liquidity Transfer service ................................................................... 15
4.7 Issue Declaration Form ................................................................................................................ 15
5. Execution of test cases ................................................................................................... 16
5.1 Cross-border settlement instructions testing in collaboration with ESES ............................... 16
5.1.1 Introduction .............................................................................................................................. 16
5.1.2 Test narrative ........................................................................................................................... 16
5.2 Instruction Management .............................................................................................................. 17
5.2.1 Additional Cancellation Reason Codes ................................................................................... 18
5.3 Corporate Action Processing (KADI) ........................................................................................... 19
5.3.1 Introduction .............................................................................................................................. 19
5.3.2 Test narrative for Corporate Actions ...................................................................................... 19
5.3.3 Bonus share distribution ......................................................................................................... 19
5.3.4 Flat bonds interest payment ................................................................................................... 20
5.3.5 Change of option CAOP in tender and repurchase offer notifications .................................. 21
5.3.6 Transformations in cash: Usage of hold / release status and modification flag and
Reversal of Transaction Price Claim ...................................................................................... 22
5.3.7 Implementation of SRDII indicator in custody reporting ....................................................... 24
5.3.8 Market claims for late OTC trades in case of interest payments .......................................... 25
5.3.9 Extend cancellation and repayment period for non-income events ..................................... 26
5.4 Maintenance Window ................................................................................................................... 27
5.5 Preparation for the common CBF and C7 SCS Test Period ....................................................... 27
6. Contact ............................................................................................................................ 28
Appendix A - CBF processing day in customer simulation .................................................... 29
Appendix B - T2S Deployment Schedule ............................................................................... 35
Appendix C - Setup of domestic OTC settlement instructions ............................................... 36
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 31. Introduction
Clearstream Banking Frankfurt (CBF) will offer a Customer Simulation period and test cases dedicated to the
enhancements developed by CBF for the existing CBF functionalities. The functional details about the
envisaged changes are available in the following Announcements:
• Information on the production launch in June 2021 – T2S Release 5.0 and CBF services; and
• Changes in CBF supporting migration of security clearing to the C7 SCS platform applying Trade
Date Netting (TDN).
The test case setup by CBF will support the simulation of business cases where specific environment
requirements are necessary for the implementation on 14 June 2021. These consider mainly the processing
between CBF and T2S when the functionality might impact CBF customers acting in ICP and / or DCP mode.
As the Customer Simulation environment (IMS23) is used simultaneously for other Clearstream testing
activities, customers must consider the test requirements, if applicable. In addition, customers can execute
test cases based on their own needs using the IMS23. Customers acting in DCP mode might require
additional testing for their procedures with T2S using the T2S Pre-Production Environment (UTEST).
The participation in the CBF Guided Simulation is optional and not a prerequisite for admission to production
for the launch date of the Releases on 14 June 2021.
In the period from 10 May to 9 June 2021 customers can execute test cases related to the modifications in
the CBF software. Customers who would like to execute dedicated test cases were already asked to register
by latest 23 April 2021. The related registration form is available on the Clearstream website.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 42. Scope of CBF Customer Simulation in May and June 2021
CBF will offer a guided Customer Simulation from 10 May 2021 to 9 June 2021 with the related software
updates to be introduced by CBF and effective in production on 14 June 2021.
In line with the functional descriptions in the Announcements:
• Information on the production launch in June 2021 – T2S Release 5.0 and CBF services; and
• Changes in CBF supporting migration of security clearing to the C7 SCS platform applying Trade
Date Netting (TDN).
Dedicated test cases will be supported. Additionally, customers can execute test cases based on their own
requirements.
CBF announced the decommissioning of CBF cash services. Therefore, neither the CBF Cash Forecast, nor
the related Liquidity Transfer towards the T2S Dedicated Cash Accounts (DCA) will be available any longer. In
preparation to the production launch, CBF Customer Simulation environment (IMS23) has been adapted
accordingly.
Additionally, T2S will introduce various enhancements of the T2S Cash Forecast. Customers using the T2S
Cash Forecast are recommended to create pending OTC instructions against payment with CBF and other
T2S In-CSDs in order to verify their operational procedures. CBF will execute income events supporting the
updated T2S reporting which differentiates between corporate actions and settlement.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 53. Preparation Guided Customer Simulation
3.1 Getting ready for customer simulation
According to the T2S Service and Transition Plan, T2S will deploy the scope elements for the T2S Release 5.0
on Friday, 9 April 2021. The UTEST phase for T2S Release 5.0 finishes on Wednesday, 26 May 2021. After this
date, however, customers can still execute test cases for the resolution of T2S Problem Tickets (PBI) 1, as the
software will remain unchanged until the next deployment date.
Before the customer simulation can be executed, a downtime from 1 April to 7 May 2021 is scheduled in CBF
Customer Simulation environment (IMS23). During this period, CBF will create additional security holdings
on customer accounts for dedicated test cases, if requested. The registration form is available on the
Clearstream website and must be returned by 23 April 2021.
From 10 May 2021, IMS23 will be available and participating customers can start to execute test cases and
assess possible impacts on their functional and organisational procedures. For this simulation period, the
latest static data for CBF accounts and related connectivity settings requested by customers or other
Clearstream test activities will be available.
For a successful participation in the customer simulation, account and connectivity settings must be
available in the Customer Simulation environment. The static data for CBF accounts and related connectivity
settings from the previous simulation period will be reused in IMS23.
Please contact the Connectivity Support team (connect@clearstream.com), if:
• The account and connectivity settings in IMS23 need to be verified.
• The customer has not registered for the previous customer simulation and requires a setup in IMS23.
• There are particular setup requirements related to the CBF Customer Simulation Period May and
June 2021. These queries will be routed to the experts of the Customer Readiness team.
3.2 CASCADE Online functionality – Login procedure
Due to increased security regulations, the behaviour of the IMS systems of Deutsche Börse AG was modified
when incorrect login data is entered. This means that after five unsuccessful login attempts due to, for
example, incorrect access data, the user will be blocked. As soon as a login attempt is successful, the
counter is reset and five attempts to log in can be made again.
If all five login attempts fail, the user is blocked and the error message “FY0021I” will be displayed.
To reactivate the user, the customer must contact the administrator at Deutsche Börse
(secuadmin@deutsche-boerse.com). The unblocking cannot be initiated by the Secu-Administrator
nominated in the customer’s institution.
The administrator of Deutsche Börse will inform the customer as soon as the user has been successfully
unlocked. This reactivation takes about 24 hours. After that, the customer can log in with the previous (“old”)
password.
3.3 Connectivity requirements - End-to-end testing
For the message exchange via the SWIFT network, SWIFT requires the use of test BICs as technical sender
and receiver address within its testing environment. The test BIC must be registered with the SWIFT network.
If customers wish to participate via a test BIC for the first time, they should allow some time for the
preparation of the technical setup by SWIFT, RMA key exchange and connectivity tests.
For the message exchange via File Transfer and MQ, the production sender / receiver addresses are to be
used, since only production addresses are allowed in the CBF connection to T2S.
1
For the list of T2S Problem Tickets, please refer to Announcement D21004.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 6Figure 1 - Message flow during the testing
Technically, CBF customers can send instructions to the CBF Customer Simulation environment (IMS23) by
using the production BIC DAKVDEFFXXX in the header or the CBF test BIC ZYDGDEF0DOM when they instruct
via File Transfer or MQSeries. Via SWIFT, BIC ZYDGDEF0DOM must always be used. If a customer wants to
send an instruction to a test system via File Transfer, the message has to be identified as not being for
production. This is done by a TNG trailer at the end of the instruction: ä5: äTNG: üü
The trailer is used for CBF replies to customers, too. This guarantees that CBF test messages can clearly be
identified, so that the customer can avoid injections into the customer’s production system.
The CBF customer SWIFT addresses used in their messages to CBF is applied by CBF to create the T2S actor
reference for DCP eligible instruction types. If the SWIFT address is a test BIC and linked to an account with
T2S Party BIC, this BIC is used when forwarding the messages to the T2S platform.
In order to set up the required connectivity channels, it is required as in production to request the settings in
advance. The required order forms are available via the Clearstream website.
3.4 Testing in DCP mode on UTEST
Customers acting in DCP mode must use the updated XSD schema defined in SWIFT MyStandards. The XSD
files modified for T2S Release 5.0 have been available for download since the end of January 2021.
According to the T2S description, changes in the XSD are triggered by the following Change Requests related
to security settlement with CBF:
T2S-0615-SYS Enrich values in “Transaction activity field” of the “Securities Transaction Posting Report
(semt.017)”, of the “Securities Transaction Pending Report (semt.018)” and in “Bank
Transaction Code” in the “End of Day Account Statement (camt.053)” with all ISO20022
codes;
T2S-0630-SYS Cash Forecast: Skip cash closing days and introduce breakdown per Hold / Released
status;
Customers have to consider that a Problem Ticket related to the implementation of this
change request has been opened. “PBI 213908 - On a closing business day for currencies
the “Following Day Cash Forecast” only contains the Settlement Instructions with
Intended Settlement Date (ISD) = following settlement day but not those that could not be
settled on this closing day. This issue is valid for all T2S connectivity media, that is U2A,
A2A, query and report”. T2S plans to resolve this PBI with the introduction of the T2S
Release 5.1 in September 2021.
T2S-0688-SYS Enhanced reporting of cancellation reason codes;
T2S-0690-SYS Unprune fields in settlement allegements.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 73.5 CBF Customer Simulation calendar
3.5.1 Test preparation period
In preparation for the transition of a release, CBF closes the Customer Simulation environment (IMS23) to
internally test the deployment activities, that will be performed during the Release Weekend, step by step.
This closing period is announced by CBF to customers on the website approximately nine months in advance.
For the Customer Simulation period May / June 2021, the IMS23 will not be available for rollout activities
during the period from 1 April to 7 May 2021.
On 31 March 2021, with the end of day procedures, CBF will close the CASCADE Online functionality (HOST /
PC) as well as the automated connectivity channels (SWIFT, MQ and File Transfer (FT)). Customers using:
• The CASCADE Online functionality (HOST / PC) cannot access the IMS23.
• SWIFT will only receive the SWIFT acknowledgement. The messages are held in the SWIFT network
and will be not available in the CBF simulation environment. Once CBF opens IMS23, all messages
will be processed, and the feedback is sent based on the existing message configuration on
16 April 2021.
• MQ messages cannot be transferred to CBF after CBF has closed its gateway. The messages will
remain on the customer side, that is in their queues. If test activities are planned, customers are
requested to check their configuration and must ensure sufficient storage capacity by
16 April 2021.
For any message sent to the IMS23 while the gateway is closed, the system used to monitor the MQ
connection will send a warning that the CBF channels and queues are not available during
downtimes.
• FT need to consider that the transmitted files will not be processed – not even after the re-opening –
in IMS23 and hence no feedback is sent.
On 16 April 2021 after the re-opening of IMS23, SWIFT and MQ messages that are queued will be processed
using the updated software modules. Hence, the feedback can be different to the results currently presented
in production. The feedback might not be processed at customer side if their software is not compatible with
the scope items of the June Release 2021.
As of 12 April 2021, after the deployment of T2S Release 5.0 in UTEST, customers acting in DCP mode can
start testing. These customers need to consider the announced CBF downtime from 1 April to 7 May 2021
while executing test cases. During this period, T2S outbound messages to CBF will not be processed in
IMS23. Hence, if the T2S settlement processing requires a validation by CBF, for such messages the final
settlement cannot be achieved. However, the T2S reporting will be provided upon message subscription and
will contain the information according to the definition of T2S.
3.5.2 Test execution period
The following CBF Customer Simulation calendar covers the period from 10 May to 11 June 2021. The
schedule shows the:
• Availability of the CBF Customer Simulation environment (IMS23);
• CBF Focus Days of the dedicated test cases;
• “CCP batch days”;
• Execution days of an additional T2S Maintenance Window.
According to the T2S Service and Transition Plan, T2S deploys the scope elements for the release on Friday,
9 April 2021. The UTEST phase for T2S Release 5.0 finishes on 26 May 2021. After this date, however,
customers can still execute test cases for the resolution of T2S Problem Tickets (PBI) 2, as the software will
remain unchanged until the next deployment date.
2
For the list of T2S Problem Tickets, please refer to Announcement D21004
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 8The overall test schedule shown below indicates the downtimes already defined for IMS23 or UTEST. If one of
the environments is not available or the testing is limited because of particular measures ensuring a proper
test execution, there might be additional downtimes. CBF will inform customers about such downtimes in
due time by email to their contact nominated in the Customer Simulation Registration Form.
Customer Simulation calendar: CBF Release May and June 2021
Availability CCP Simulation
Test Day Dedicated test case Focus Day
of IMS23 Calendar
Monday 10 May 2021 Open CCP Batch Day LION Interface is opened
Focus Day Settlement Allegements
Tuesday 11 May 2021 Open CCP Batch Day
Announcement Day INTR/REDM
Focus Day T2S Maintenance Window
Wednesday 12 May 2021 Open Announcement and Focus Day related to
Cancellation of BONU
Thursday 13 May 2021 Closed Public Holiday
Friday 14 May 2021 Open Record Date INTR/REDM
Saturday 15 May 2021 Weekend
Sunday 16 May 2021 Weekend
Focus Day:
a) Cross-Border settlement instructions flagged
Monday 17 May 2021 Open CCP Batch Day as “already-matched”: CBF customer receives
b) INTR/REDM
Announcement Day TEND
Tuesday 18 May 2021 Open CCP Batch Day Focus Day Settlement Allegements
Wednesday 19 May 2021 Open CCP Batch Day Focus Day T2S Maintenance Window
Focus Day Cancellation Reason Codes
a) Cancelled by Agent (CSUB)
Thursday 20 May 2021 Open CCP Batch Day
b) End of recycling period (CXLR)
Announcement Day BONU and DVCA
Focus Day TEND (start of period)
Friday 21 May 2021 Open
Ex-Date BONU and DVCA
Saturday 22 May 2021 Weekend
Sunday 23 May 2021 Weekend
Monday 24 May 2021 Closed Public Holiday
Tuesday 25 May 2021 Open CCP Batch Day Record Day BONU and DVCA
Focus Day
a) T2S Maintenance Window
Wednesday 26 May 2021 Open CCP Batch Day
b) BONU
c) DVCA
Focus Day Cancellation Reason Codes:
a) Cancelled by Agent (CSUB)
Thursday 27 May 2021 Open CCP Batch Day
b) End of recycling period (CXLR)
Announcement Day INTR (flat and non-flat bond)
Friday 28 May 2021 Open CCP Batch Day
Saturday 29 May 2021 Weekend
Sunday 30 May 2021 Weekend
Focus Day:
a) Cross-Border settlement instructions flagged
as “already-matched”: CBF customer receives
Monday 31 May 2021 Open CCP Batch Day
b) TEND (end of period and payment)
Focus and Announcement Day REDM cancellation
Record Day INTR (flat and non-flat bond)
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 9Customer Simulation calendar: CBF Release May and June 2021
Availability CCP Simulation
Test Day Dedicated test case Focus Day
of IMS23 Calendar
Focus Day:
Tuesday 1 June 2021 Open CCP Batch Day a) Settlement Allegements
b) INTR (flat and non-flat bond)
Focus Day Cancellation Reason Codes:
Wednesday 2 June 2021 Open CCP Batch Day a) Cancelled by Agent (CSUB)
b) End of recycling period (CXLR)
Thursday 3 June 2021 Closed Public Holiday
Friday 4 June 2021 Open
Saturday 5 June 2021 Weekend
Sunday 6 June 2021 Weekend
Focus Day Cross-Border settlement instructions
Monday 7 June 2021 Open CCP Batch Day flagged as “already-matched”: CBF customer
receives
Tuesday 8 June 2021 Open CCP Batch Day
Wednesday 9 June 2021 Open CCP Batch Day LION Interface will be closed
No dedicated Focus Days; only for verification of
Thursday 10 June 2021 Open CCP Batch Day
test results
No dedicated Focus Days; only for verification of
Friday 11 June 2021 Open
test results
Table 1 - Customer Simulation calendar for May and June 2021
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 104. Preparation test execution
This chapter provides the detailed description of dedicated test cases for the customer simulation during the
period from 10 May to 9 June 2021. Each of the following sections provides a short summary of the
modifications. The detailed functional specifications are available in the following Announcements3:
• Information on the production launch in June 2021 – T2S Release 5.0 and CBF services; and
• Changes in CBF supporting migration of security clearing to the C7 SCS platform applying Trade
Date Netting (TDN).
If CBF requires information from the customer for a successful test execution, these prerequisites are
defined in the following.
4.1 Creation of holdings
Between 28 April and 6 May 2021, CBF will collect the existing holdings of predefined securities from
customer accounts and redistribute them via CBF account 4424 to the respective CBF main account
(xxxx 000).
Once the holdings are set up, customers acting in ICP mode can verify them via the CASCADE Online
functionality (HOST / PC) or MT535 Statement of Holding, if subscribed in CBF Customer Simulation
environment (IMS23). In the above-mentioned time frame, customers must not enter test cases nor transmit
instructions via an automated connectivity channel towards IMS23 or UTEST. In addition, the CASCADE Online
functionality (HOST / PC) must not be used. This will allow the CBF Customer Readiness team the
preparation of the Focus Days in time.
Customers who are connected to UTEST and receive (settlement) reporting might notice instruction flows
between CBF and T2S from setup activities.
The table below shows the ISINs that will be maintained by the CBF T2S Settlement Functionality team:
Nominal Tradeable via CCP
ISIN Name
available eligible4
DE0005104400 ATOSS SOFTWARE AG 10,000 XFRA neue Gattung VMS
DE0005420004 CEYONIQ AG 10,000 Not applicable No
DE0005790331 FROEHLICH BAU AG VZO I.A. 10,000 XFRA neue Gattung No
DE0006202005 SALZGITTER AG O.N. 20,0005 XETR, XFRA C7 SCS
DE000A0D6554 NORDEX SE O.N. 0 XFRA C7 SCS
DE000A0E5U85 0,59% DEPFA FDG III 05/UND. FLR 100,000 Not applicable No
DE000A0XYM45 ECOLUTIONS GMBH+CO.KGAA 10,000 Not applicable No
DE000A1E8ZB7 2,836% NECKARPRI GMBH 11/47 100,000 Not applicable No
DE000A1K0SM8 FMS WERTMGMT MTN 11/21 100,000 XFRA neue Gattung No
DE000DZ9VAR6 DZ BANK IS.C15 12/22 VAR 100,000 XFRA neue Gattung No
FR0000054082 SI PARTICIPAT. FID. 5408 10,000 Not applicable No
FR0000125486 VINCI S.A. INH. EO 2,50 10,000 Not applicable No
FR0010070110 REP. FSE OAT/STRIP04.2032 100,000 XETR, XFRA No
Table 2 - Dedicated ISINs for the Customer Simulation period May and June 2021
3
If there are updates, then customers are requested to use the latest version of the Announcements for their preparation
of test cases.
4
CCP will send instructions either from the current Securities CCP (VMS) or from the future C7 SCS platform.
5
No test cases must be entered for this ISIN until the BONU cancellation test will have been executed on 12 May 2021.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 114.2 Processing of Stock Exchange transactions (CCP / non-CCP)
Upon customer demand, Stock Exchange trades can be entered for settlement via LION or CASCADE. Trades
can be set up with a Market Identifier Code (MIC) in the trading system. If the flag:
• “XFRA” is used, they are forwarded as non-CCP trades towards the CBF system LION.
• “XETR” is used, they are processed via CCP and clearing results will be provided to CBF for further
processing in CASCADE.
In general, the simulation environment of Eurex Clearing AG (ECAG) for CCP activities will be connected to
the CBF Customer Simulation environment (IMS23). As ECAG will introduce a new clearing platform (C7 SCS)
in September 2021, CBF will offer a testing of Stock Exchange trades cleared by the current clearing
platform (Securities CCP, VMS) as well as of Stock Exchange trades cleared by the new clearing platform
(C7 SCS). For details, please check section 5.5.
For information on available instruments, please refer to the websites of the trading systems www.xetra.com
and www.eurexchange.com.
ECAG will forward test instructions to CBF in ICP mode. These instructions will be transmitted on the “CCP
Batch Days” only. The batch days defined by ECAG are shown in the “Table 1 - Customer Simulation calendar
for the period May and June 2021” in section 3.5.
Once Stock Exchange instructions arrive at CBF, they will be forwarded for settlement to UTEST. ECAG will
delete pending (unsettled) transactions according to their testing procedures enabled for the current
Securities CCP (VMS) and the future C7 SCS processing in simulation.
Stock Exchange transactions processed as LION instructions will be supported during the period from
10 May to 9 June 2021.
Figure 2 - Process chain Stock Exchange instruction
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 124.3 Limitation for pending instructions
During the test execution, each customer participating in the simulation is requested to consider that high
volumes of pending instructions in UTEST impacts the performance of all T2S test environments. Therefore,
the customer should actively monitor the number of pending instructions and ensure that no more than 500
pending instructions are active in the test system. To determine the number, all instructions must be
considered, independent from:
• The status, that is, matched, unmatched, hold or release;
• The business procedure, that is, domestic and cross-border instructions, Stock Exchange trades
(via LION or Securities CCP (VMS) / C7 SCS) and instructions resulting from corporate actions;
• The connectivity channel, that is, ICP or DCP mode;
• The test activity conducted with Clearstream Banking (for example One Clearstream) or Eurex
Clearing AG (ECAG).
This limitation applies to all accounts (and sub-accounts) of a customer that are set up in CBF Customer
Simulation environment (IMS23) for testing.
T2S aims to reduce the number of pending trades prior to the deployment of a major or minor release in
order to minimise the capacity and resources needed for the deployment. Therefore, T2S changes the
recycling period in the week before the installation. It was set to one T2S Settlement Day for matched and
unmatched instructions. The standard values (five T2S Settlement Days for unmatched instructions and 60
days for matched instructions) are restored after the successful deployment in UTEST. The T2S Release Day
for the T2S Release 5.0 is scheduled on Friday, 9 April 2021, that is, that the recycling period will be changed
starting from Monday, 6 April 2021.
4.4 Cancellation of pending LION instructions
Pending Stock Exchange trades (LION instructions) are requested to be settled in UTEST. The customer
needs to ensure that the necessary position is available in CBF Customer Simulation environment (IMS23).
If the necessary holding is missing, the CBF Customer Readiness team can be contacted via the Connectivity
Support team to check whether a position transfer is possible.
Customers and counterparties need to consider the successful settlement or cancellation while preparing
the test cases.
Any pending LION instruction must be cancelled on Friday, 11 June 2021 by the customer and, if necessary,
also by its counterparty.
4.5 Custody services environment settings
The general framework for corporate actions processing in CBF defines that events will be executed via CBF
KADI (Kapitaldienste) or the OneClearstream service. The processing of events in the Customer Simulation
environment (IMS23) will only be executed for KADI. The events (Focus Days) scheduled in IMS23 are limited
to the scope defined in this document. CBF asks customers participating in the test to ensure that their
internal test system for securities master data will support these ISINs.
The table below lists the event-driven activities and the related processing during the Customer Simulation
period May and June 2021.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 13Event-related activity General information related to the KADI processing
Cancellation period for During the customer simulation, pending market claims and transformations
pending market claims are cancelled after ten business days. A reminder is sent after five business
and transformations days.
Cash proceeds During the customer simulation, all income events distributed in Euro, for
securities where CBF acts in the role as the Issuer-CSD, will be transferred to
the existing Custody Default T2S DCA, if not differently defined in the static data
for the main / sub account.
For securities that are not covered by the CBF Corporate Action Cash Payment
model, the liquidity transfer will be initiated in the CBF DD1 cycle using the T2
ASI procedure 3.
The cash movements for income events are reported via MT942 “Interim
Transaction Report” and MT950 “Statement Message”.
Corporate action Customers will be informed via MT564, if they have requested the related KADI
announcement settings in the account master and subscribed for the connectivity settings.
The MT564 will be send out to the customers in real-time if the event was
subject to a change on a record date or to a cancellation / repayment.
The notification will be provided as shown in the event details or highlighted in
“Table 1 - Customer simulation calendar for the period May and June 2021”.
Corporate action For income events distributed in Euro and for securities where CBF acts in the
confirmation role of Issuer-CSD, the confirmation will be provided once the T2S settlement
confirmation was received.
For securities that are not covered by the CBF Corporate Action Cash Payment
model, the confirmation will be provided once the payment authorisation has
been provided by the paying agent.
Customers will be informed via MT566, if they have requested the related KADI
settings in account master and subscribed for the connectivity settings.
The corporate action confirmation will be provided on payment date as shown
in the event details or in “Table 1 - Customer simulation calendar for the period
May and June 2021”.
Corporate Action Provisioning timings of the Corporate Action reporting can be found in
Reporting Appendix A.
Creation of market The related free of payment (FoP) instructions or payment free of delivery
claims (PFoD) instructions are generated and forwarded to T2S depending on the
successful settlement of the underlying transaction.
Creation of reverse The related free of payment (FoP) instructions as well as payment free of
claims delivery (PFoD) instructions are generated and forwarded to T2S.
DCP reporting (UTEST) Customers acting as “Securities DCP” will receive sese.023, sese.024 and
sese.025, if enabled by the customers.
Customers acting as “Cash DCP” can subscribe for the related cash messages
(camt), if agreed with the responsible National Central Bank.
Detection period for During the customer simulation, the market claims and transformation period
market claims and is five business days.
transformations Customer acting in DCP mode have to consider that the Transformation
Detection Period (TDP) at T2S is defined as 20 business days. Even if customers
can set up instructions during the entire T2S Transformation Detection Period
of 20 business days, only instructions set up in the first five business days will
be transformed by CBF.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 14Event-related activity General information related to the KADI processing
Instruction Customers can enter settlement instructions on their demand, if they want to
management test market claims, reverse claims, or transformations. Based on the
compensation rules, instructions require the final settlement; therefore,
customers need to agree with their counterparties on the respective instruction
details.
Customers who wish to settle free of payment (FoP) instructions can set up
such instructions against the account “CBF W/KUNDENSIMU CRC (PASSIV),
account number 1117 000 / BIC11: DAKVDEFFT77”, if no other counterparty is
available.
“Table 7 – OTC instruction flow” provides the required information to enter OTC
settlement instructions.
Securities proceeds All securities proceeds will be settled on UTEST. Securities movements and
balances will be reported via the automated connectivity channels
(SWIFT, MQ and File Transfer) as well as via the CASCADE Online
Functionalities (HOST / PC).
Security positions Please refer to section “4.1. Creation of holdings” for an overview of the
holdings provided for each registered account as defined in “Table 2 -
Dedicated ISINs for Customer Simulation Period May and June 2021”.
Customers must ensure that they have sufficient holdings in the respective
ISIN on the registered accounts to successfully participate in the customer
simulation.
Usage of OPT-OUT flag Market and reverse claims as well as transformations will be processed
and Ex / Cum flag according to the compensation rules. Customers can still overrule the general
record date criteria to generate claims by using the respective flags (opt-out
flag / cum flag / ex flag) within their OTC instructions. For more details, please
refer to the CBF Compensation Handbook.
Table 3 – IMS23 system parameters for corporate actions processing (KADI)
4.6 Decommissioning of the Liquidity Transfer service
On 29 March 2021, CBF Customer Readiness Team will cancel all (standing) orders for liquidity transfers in
CBF Customer Simulation environment (IMS23) as the T2S Cash Forecast is not transmitted to CBF any
longer. In future, there will be no cash provisioning on T2S Dedicated Cash Account (DCA) via CBF. Hence, for
upcoming simulation activities customers need to fund the DCA on their demand. For more details, please
refer to the Information on the production launch in June 2021 – T2S Release 5.0 and CBF services.
4.7 Issue Declaration Form
The Issue Declaration Form is a fillable form for the written submission of any issue encountered during the
customer simulation phase for the various CBF enhancements and the T2S Release 5.0. The form is
requested to be sent if a test issue raised by a customer cannot be resolved immediately by the respective
support team. The completed declaration form will initiate an investigation of the issue. This procedure aims
to avoid misunderstandings and to accelerate the solution process.
If the test issue relates to a test case as described in section 5, please mention it in the description.
Completed Issue Declaration Forms can be sent to connect@clearstream.com.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 155. Execution of test cases
In the CBF Customer Simulation Registration Form, dedicated test cases are included. This chapter provides
the detailed test data and steps for a successful test execution. Based on this framework, customers can
define further requirements and can create settlement instructions on their demand, if applicable.
5.1 Cross-border settlement instructions testing in collaboration with ESES
5.1.1 Introduction
The T2S services enhancements related to already-matched cross-border instructions and to additional
information in cross-border settlement allegements can be tested against T2S Parties or Security Accounts
(SAC) with other T2S In-CSDs connected. CBF will support these test cases in the CBF Guided Customer
Simulation.
In close collaboration with Euroclear France (ESES) an end-to-end-test will be offered using a “CBF Mock
Account” created for simulation activities in the ESES Homologation (simulation) environment.
5.1.2 Test narrative
On Focus Days defined for this testing (see table 1 in section 3.5), CBF will create testing instructions at ESES
which will enable customers to simulate the processing of the new cross-border services.
Customers who would like to participate in these Focus Days must register the required CBF account master
to receive these instructions.
5.1.3 Already-matched instructions
The simulation of already-matched (“ALM”) cross-border instructions against a Euroclear participant
account requires a specific account setup with CBF as well as at ESES. The setup is done during the
preparation of the customer simulation period by CBF based on the customer registration. Registration
forms received late may result in a late setup. Customers concerned will be informed if the setup will be
enabled after the preparation period by email. Please note, that CBF grants the CBF accounts masters
registered for ALM cross-border deliveries all possible privileges, such as
• Cancellations;
• Modifications (partial settlement flag or priority);
• Instruction linkage; and
• Hold / Release functionality.
The privileges to be set up for ALM cross-border deliveries will be provided in the simulation environments
only. Customer that would like to use the service in production are requested to contact their Relationship
Officer.
In simulation only ISO transaction code “TRAD” will be offered. This is different to production where a set of
ISO transaction codes is admitted for ALM cross-border instructions.
Whereas CBF will set up in ESES Homologation environment only ALM cross-border deliveries against CBF
account masters, customers can instruct deliveries against CBF Mock account themselves.
ALM cross-border deliveries against CBF Mock account set up by customers anytime during the simulation
need to respect the following necessities.
• Customer acting in ICP mode can use the CBF Counterparty CSD account “4702” or ESES France BIC
“SICVFRPPXXX” whereas customers acting in DCP mode must use the before mentioned BIC;
• Free of Payment (FoP);
• ISIN FR0000054082 “SI PARTICIPAT. FID. 5408”;
• ISO Transaction Code “TRAD”;
• Already-matched flag must be set;
• Counterparty account 6607 respectively BIC DAKVDEFFFR2; and
• Any further instruction details can be entered on customers’ demand.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 16The ALM cross-border deliveries coming from Euroclear France CBF Mock Account 6607 (related BIC
DAKVDEFFFR2) in favour of registered CBF account masters will contain the following instruction details:
• Test is executed exclusively on the Focus days and shows:
o Intended settlement date 17 May 2021, 31 May 2021, or 7 June 2021; and
o Trade date 12 May 2021, 27 May 2021 or 2 June 2021;
• Free of Payment (FoP);
• ISIN FR0010070110 “REP. FSE OAT/STRIP04.2032”;
• ISO Transaction Code “TRAD”;
• Party Hold Status is “released”;
• Instruction narrative: Customer Simulation Test Case XBDR ALM.
5.1.4 Settlement Allegements
CBF will set up cross-border instructions coming from Euroclear France (ESES) that will create Settlement
Allegements (MT578) and Statements of Settlement Allegement (MT586) with the field Place of Clearing
(:94H::CLEA//) filled with the BIC of the clearing house Eurex Clearing AG (EUXCDEFFXXX) on registered
customer main accounts.
During the customer simulation, the cross-border instructions against CBF account masters will be set up in
the ESES Homologation (simulation) environment. They will bear counterparty account 6607 respectively BIC
DAKVDEFFFR2 and will contain the following instruction details:
• Test is executed exclusively on the Focus days and shows:
o Intended settlement date 11 May 2021, 18 May 2021, or 1 June 2021; and
o Trade date 10 May 2021, 14 May 2021 or 28 May 2021;
• Free of Payment (FoP);
• ISIN FR0000125486 “VINCI S.A. INH. EO 2,50”;
• ISO Transaction Code “TRAD”;
• Party Hold Status is “released”;
• Instruction narrative: Customer Simulation Test Case XBDR Allegements.
5.2 Instruction Management
Customers acting in ICP can use CBF Customer Simulation environment (IMS23) to create regression tests of
the current CBF settlement functionalities on their demand. If, for instance, a customer intends to receive
“CBF Settlement Status and Processing Advise (MT548)” messages indicating the instruction status “Failing”
in real-time after the T2S Cut-off times (see “T2S-0692-SYS: Send status update message upon transition to
‘Failing’”), related unmatched instructions can be created.
Customers acting in DCP mode might use the T2S Pre-Production environment (UTEST) to enter the
instructions in A2A or U2A mode. Based on the subscription with T2S, the reporting will be transmitted. If the
“YCON” flag is used, CBF will send the settlement reporting based on the latest connectivity settings.
Customers that would like to test a scenario for Passive Matching can instruct via the account “CBF
W/KUNDENSIMU CRC (PASSIV), account number 1117 000 / BIC11: DAKVDEFFT77”. Positions transferred
into this mock account will not be returned to the delivering party.
LION trades can be submitted during the whole Customer Simulation period (10 May to 9 June 2021).
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 175.2.1 Additional Cancellation Reason Codes
During the CBF Guided Customer Simulation, Focus Days will be offered to test “Cancellation Reason Codes”
that will be introduced with the Release in June 2021. The following reason codes will be added to the CBF
service offering. As customers cannot create the following cancellation reason codes without support of CBF,
customers are requested to register on their demand.
Reason code Description Usage in CBF
CORP Cancelled due to Corporate Action This value will be added to CBF’s
service offering and passed on to
customers if transmitted by T2S.
CSUB Cancelled by Agent CBF will use this value if CBF
Operations cancels an
instruction in the CASCADE
instruction management
(“Storno”)
CXLR End of Life, that is an instruction a) CBF sets up a correction /
exceeds the recycling period additional booking (AA99);
b) In future, CBF will use the
value “EXPI” if Vaults
instructions (AA16 / AA18)
are pending for more than
90 [5] business days and are
cancelled by the CASCADE
system.
Table 4 – Cancellation Reason Codes for Focus Days
CBF recommends customers to check the complete list of additional “Cancellation Reason Codes” in the
Information on the production launch in June 2021 – T2S Release 5.0 and CBF services, section “CBF –
Enhancements for T2S Release 5.0” and enter further test cases if required.
• Cancellation Reason Code “CORP”
Instructions to be cancelled need to be instructed before the Focus Day for the redemption payment
on 17 May 2021 with ISIN DE000A1E8ZB7 “2,836% NECKARPRI GMBH 11/47”. On 31 May 2021, this
redemption will be reversed so that pending instructions on payment day will be cancelled. More
details of the test case can be found in section 5.3.6. The customer’s main account has to be
registered for the “redemption and reason code” test case.
• Cancellation Reason Codes “CSUB”
Pending Free of Payment (FoP) instructions have to be created before Focus Days 20 May 2021,
27 May 2021 and 2 June 2021 with ISIN DE000A0E5U85 “0,59% DEPFA FDG III 05/UND. FLR” against
CBF account 4424 000.
• Cancellation Reason Codes “CXLR” related to AA99
Pending Free of Payment (FoP) instructions have to be created before Focus Days 20 May 2021,
27 May 2021 and 2 June 2021 with ISIN DE000A0E5U85 “0,59% DEPFA FDG III 05/UND. FLR” against
CBF account 4424 000.
• Cancellation Reason Codes “CXLR” related to Vaults Processing
The cancellation period for “Vaults” instructions will be shortened during the customer simulation
period May / June 2021 to five business days instead of 90 business days in production. Therefore,
“Vaults” instructions to be cancelled can be instructed with ISIN DE000A0XYM45 “ECOLUTIONS
GMBH+CO.KGAA” anytime during the Customer Simulation period on a customer’s main account
registered for this test case. They will be cancelled automatically.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 185.3 Corporate Action Processing (KADI)
5.3.1 Introduction
In order to allow customers a testing of the modifications in claims management and custody reporting, CBF
will set up several event types, that is a distribution of bonus shares, a dividend and two interest payments as
well as a redemption. Additionally, a tender offer will be offered to test the new option “CAOP” in CBF’s
corporate action message flow.
5.3.2 Test narrative for Corporate Actions
CBF will prepare non-income and income events for testing related to corporate action instructions, claims
management and custody reporting. The participation in the test cases will be enabled if the related
Registration Form is provided by 23 April 2021. All customers who registered for the interest payment Focus
Days will participate in the test case “Flat bonds interest payment” (section 5.3.4) as well.
All Focus Days will be executed based on the conditions outlined in “Table 3 - IMS23 system parameters for
corporate actions processing (KADI)”. On the following pages, event-driven details are defined for the event
type tender offer, bonus share, dividend payment, interest payment and redemption.
All corporate events offered for testing will bear the “COAF” so that customers can test a processing of this
new corporate event reference type.
5.3.3 Bonus share distribution
Focus Day Bonus share (CBF in its role as Issuer CSD)
Event type TA 211 – Mandatory event
SWIFT event ID BONU
ISIN DE0005790331
Security description FROEHLICH BAU AG VZO I.A.
Instrument type Equity
Notification date 20 May 2021
Issuance details Ratio 1:2
Ex-date 21 May 2021
Record date 25 May 2021
Value / payment date 26 May 2021
Event-specific details The security distribution will be initiated on record date and forwarded to
the T2S on the end of business day.
The test case will support the market and reverse claim procedure.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 195.3.4 Flat bonds interest payment
Focus Day Interest payment
Event type TA 110 – Mandatory event
SWIFT event ID INTR
ISIN DE000DZ9VAR6
Security description DZ BANK IS.C15 12/22 VAR
Instrument type Bond
Notification date 27 May 2021
Payment details Interest rate: 3%;
Payment will be executed in Euro upon receipt of funds.
Record date 31 May 2021
Value / payment date 1 June 2021
Event-specific details All customers who registered for the interest payment Focus Days will
participate in this test case as well.
The cash distribution will be initiated on record date and forwarded to T2S
approximately at 09:30 on payment date. CBF will create a PFoD
instruction (sese.023) to credit the Dedicated Cash Account with T2S.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 205.3.5 Change of option CAOP in tender and repurchase offer notifications
Focus Day Tender offer
Event type TA 280 – Voluntary event
SWIFT event ID TEND
ISINs DE0005420004
Security descriptions CEYONIQ AG
Instrument type Equity
Notification date 17 May 2021
Event details Ratios: 1 interim share for 1 share tendered and 1€ for 1 interim share
Interim ISIN: DE000A0D6554 “NORDEX SE O.N.”
Instruction Period 21 – 31 May 2021
Deadline 31 May 2021, 10:00
Payment date for interim 31 May 2021
shares
Value / payment date for 31 May 2021
cash
Event-specific details Registered customers will receive a Corporate Action Notification (MT564)
for the tender offer.
In order to test the new option “SECU”, they need to accept the offer by
sending a Corporate Action Instruction (MT565) with “:13A::CAON//001”
and “:22F::CAOP//SECU” by 31 May 2021, 10:00. Additionally, CBF advises
customers to use “CORP” and “COAF”.
The subsequent receipt of the interim shares and their exchange into cash
will be processed as a regression test.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 215.3.6 Transformations in cash:
Usage of hold / release status and modification flag and
Reversal of Transaction Price Claim
Focus Day Interest payment (private bond)
Event type TA 110 – Mandatory event
SWIFT event ID INTR
ISIN DE000A1E8ZB7
Security description 2,836% NECKARPRI GMBH 11/47 17.01.G
Instrument type Bond
Notification date 11 May 2021
Payment details Interest rate: 3%;
Payment will be executed in Euro upon receipt of funds.
Record date 14 May 2021
Value / payment date 17 May 2021
Event-specific details The cash distribution will be initiated on record date and forwarded to T2S
approximately at 09:30 on payment date. CBF will create a PFoD
instruction (sese.023) to credit the Dedicated Cash Account with T2S.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 22Focus Day Final redemption (private payment)
Event type TA 130 – Mandatory event
SWIFT event ID REDM
ISIN DE000A1E8ZB7
Security description 2,836% NECKARPRI GMBH 11/47 17.01.G
Instrument type Bond
Notification date 11 May 2021
Payment details Redemption amount 100%;
Payment will be executed in Euro upon receipt of funds.
Maturity date 14 May 2021
Value / payment date 17 May 2021
Reversal date 31 May 2021
Event-specific details Customers, who registered for the test case with the enhanced hold /
release status procedure for transformations, need to have pending
instructions in Party Status “hold” on the payment date of the event. The
instruction transformed will be set up with the status “on hold” based on
the underlying instruction. Consequently, customers will have the
possibility to test the release functionality for transformations.
CBF will reverse the redemption on 31 May 2021 so that registered
customers can test the processing of the updated reversal of the
Transaction Price Claim. For this test case, pending instructions have to be
in place on the original payment date of the event as well. If customers
intend to re-use the transformations set up for the hold / release testing,
they need to release the transformations one business day before the
reversal.
On reversal day 31 May 2021, pending instructions on payment day will be
cancelled with the new cancellation reason code “CORP”. For more
details, see section 5.2.1.
The cash distribution will be initiated on last trading date and forwarded to
T2S approximately at 09:30 on payment date. CBF will create a PFoD
instruction (sese.023) to credit the Dedicated Cash Account with T2S.
The security withdrawal will be initiated after successful cash distribution.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 235.3.7 Implementation of SRDII indicator in custody reporting
Focus Day Dividend payment
Event type TA 120 – Mandatory event
SWIFT event ID DVCA
ISIN DE0005104400
Security description ATOSS SOFTWARE AG
Instrument type Equity
Notification date 20 May 2021
Payment details Distribution amount: EUR 1,00;
payment will be executed in Euro upon receipt of funds.
Ex-date 21 May 2021
Record date 25 May 2021
Value / payment date 26 May 2021
Event-specific details The dividend payment will be set up for a security subject to SRDII. Like
this, customer can simulate the processing of the new field
“:17B::SRDC//Y” in the related Corporate Action Notification (MT564).
The cash distribution will be initiated on record date and forwarded to T2S
approximately at 09:30 on payment date. Customers will receive the cash
by a PFoD instruction (sese.023).
The test case will support the market and reverse claim procedure and
will be subject to German withholding tax.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 245.3.8 Market claims for late OTC trades in case of interest payments
Focus Day Interest payment (private bond)
Event type TA 110 – Mandatory event
SWIFT event ID INTR
ISIN DE000A1K0SM8
Security description FMS WERTMGMT MTN 11/21
Instrument type Bond
Notification date 27 May 2021
Payment details Interest rate: 3%;
payment will be executed in Euro upon receipt of funds.
Record date 31 May 2021
Value / payment date 1 June 2021
Event-specific details Customers registered for this test case need to set up OTC instructions –
and if required for regression testing Stock Exchange trades via T7 –
pending on payment date with a requested settlement date before
payment date. Only this scenario enables customers to test the market
claims generated for late settled instructions.
The cash distribution will be initiated on record date and forwarded to T2S
approximately at 09:30 on payment date. Customers will receive the cash
by a PFoD instruction (sese.023).
The test case will support the market claim procedure for late settled OTC
and LION instructions.
Clearstream Banking Frankfurt April 2021
Customer Simulation Period May and June 2021 25You can also read
