T2S Migration Workshop

Transcription

1 T2S Migration Workshop February 3, 2016 INTERBOLSA. All Rights Reserved.

2 Agenda 1. T2S Project Status 2. Interbolsa Migration Plan Overview Pre-Migration Migration Weekend 3. Contingency Plan 4. Communication Plan and Support 5. Migration Weekend Dress Rehearsal 6. Other Topics 2

3 1. T2S Project Status

4 T2S Migration Waves (Re-Planning) Wave1 Wave 2 Wave 3 Wave 4 Final Wave 22 Jun Mar Sep Feb Sep-17 BOGS Interbolsa Euroclear ESES Clearstream Iberclear Depozitarul Central NBB-SSS VP Securities Lux CSD Euroclear Finland Malta Stock VP Lux KDD Baltic CSDs Exchange CDCP Monte Titoli KELER SIX SIS OeKB Under approval 4

5 2. Interbolsa Migration Plan

6 Overview

7 Migration Approach Wave Pre-Migration Migration Weekend Stabilisation 2 28 December March June September November February 2017 Final Wave 19 June September March March September September February February September September March April September October February March September September 2017 Pre-migration phase - Interbolsa will set up and maintain all T2S relevant static data that can be uploaded before the migration weekend (securities, participants, securities accounts, link between the securities accounts and DCAs, roles and privileges, messages and reports subscription) Migration weekend - Interbolsa disconnect the legacy settlement system and connect to the T2S platform. During the weekend Interbolsa completes the setup of static data and migrate to T2S platform the dynamic data (securities balances and pending instructions) Stabilisation period - starts immediately after the migration weekend and will continue for a maximum of up to 4 weeks. The main objective of this period is to monitoring the stabilisation of the T2S platform and any business or technical issues 7

8 Migration Weekend Timeline Migration Process Operational Day Interbolsa End of Day and migration procedures FOP positions FOP restrictions Pending instructions Interbolsa New instructions NTS Cycle 1 DCP/ICP New instructions NTS Cycle 2 RTS Change of business day Securities account positions Point of No Return (PoNR) Relevant dates: 24 March 2016 (Thursday) - last business day that settlement can take place on Interbolsa legacy settlement system (business day at Interbolsa will close at 17:00 CET) March 2016 (Thursday to Monday) - Migration Weekend 25 and 28 March 2016 (Friday and Monday) - Bank Holidays (T2S and T2 will be closed, except for the migration activities) 29 March 2016 (Tuesday) - first business day that settlement takes place in T2S 8

9 Specificities for the days before the migration weekend Non real time transfers (processed at the night settlement batch) will not be allowed on 24 th March Transfers of this type not confirmed by the counterpart on the previous day will be cancelled at the end of that day, 23 rd March Deposits and withdrawals will not be allowed on 24 th March All inputs to the system will be closed at 17:00 CET on 24 th March SWIFT MT5xx messages received after this cut-off will be processed later by the Interbolsa system already in T2S mode If the layout is not compliant with T2S mode they will be rejected Otherwise they will be sent to T2S, to be processed in the NTS cycle 2, on 25 th March around 23:30 CET STD will remain available only for queries until 18:00 CET on 24 th March 9

10 Migration - Main Dates Wave 2 Start Date End Date November December January February March April Ready to connect to Production 2015/11/16 Ready to upload static data 2016/01/04 Upload static data 2016/01/ /03/24 16/11/ /01/2016 Ready for T2S Go-live 2016/03/24 Migration Weekend 2016/03/ /03/28 Production 2016/03/29-24/03/ /03/

11 Pre-Migration

12 Pre-Migration Activities Responsible Activities Interbolsa - Upload and Maintain static data: Securities T2S parties (DCPs and ICPs) Interbolsa users / DCPs (users) roles and privileges T2S securities accounts Link between the T2S securities accounts and DCAs Message and report subscription Routing configuration (deadline for static data update: 18/03/2016) - Coordinate its DCPs activities Banco de Portugal and other CBs DCPs Interbolsa Participants - Upload and Maintain static data: Dedicated Cash Accounts (DCAs) Auto-collateralisation parameters - Activities to be performed: static data validation, definition of its users, users roles and privileges, message and report configuration ICPs - Interbolsa Participants - N/A 12

13 Securities not setup on T2S Which: Securities with maturity date before the migration date (debt Securities) Registration: Interbolsa s system ( static ) Transfers: By request (to Interbolsa) Reporting: STD file will be made available MT535 messages will no be sent ISIN Code CVM Code Description Maturity PTGEOEOP0003 GEOEOP GEOFINANCA/90-1 EMISSAO 22/05/1995 PTGEOAOP0007 GEOAOP GEOFINANCA/87 15/11/1995 PTGEOBOP0006 GEOBOP GEOFINANCA/87-2 EM.-SERIE A 02/01/1996 PTGEOCOP0005 GEOCOP GEOFINANCA/87-2 EM.-SERIE B 02/07/1996 PTGEODOP0004 GEODOP GEOFINANCA/87-2 EM.-SERIE C 02/01/1997 PTPAQAOE0001 PAQAOE PARQUE-FAB. DE MALHAS/94 15/12/1997 PTALDAOE0000 ALDAOE CS ALDEIMOR/94 30/12/1997 PTCOSAOE0008 COSAOE CS COSTA SOUSA/94 30/12/1997 PTAMVAOE0007 AMVAOE CS AMAVE/94 21/12/1998 PTFINAUE0000 FINAUE FINO`S/95-OB.PARTICIPANTES 21/04/1999 PTAVIAOE0003 AVIAOE CS ALMIVITA/94 21/12/1999 PTIPVAOE0006 IPVAOE CS IMPORVALVULA/95 06/03/2000 PTSOBAOE0009 SOBAOE CS SOBRINCA/95 31/07/2000 PTHLCAOE0004 HLCAOE HLC-ENG. GESTAO DE PROJECTOS/98 19/11/2003 PTECPBOE0002 ECPBOE ECOP/98 17/12/2003 PTSMC1OE0001 SMC1OE SOMEC/92 13/07/2009 PTSMCAOE0000 SMCAOE SOMEC/94 13/07/2009 PTBELHXE0000 BELHXE BESLEASING E FACTORING/2004- OB.CAIXA SUBORDINADAS 22/10/

14 Migration Weekend

15 Migration Weekend Activities Responsible Activities Interbolsa Internal system: - Convert securities account positions, for debt instruments, from UNIT to FAMT - Convert pending instructions, for debt instruments, from UNIT to FAMT - CA update, for debt instruments converted from UNIT to FAMT T2S: - Upload or maintain remaining static data - Switch over from Interbolsa legacy system(s) to the T2S platform - Create positions (via FOP instructions) - Create position restrictions (via settlement restrictions) - Upload pending instructions - Upload of new instructions and maintenance instructions (e.g., Corporate Actions) - PoNR - Point of No-Return Banco de Portugal and other CBs DCPs Interbolsa Participants ICPs - Interbolsa Participants - Upload or maintain remaining static data (collateral eligibility) - Upload liquidity transfers (inbound only) - Securities account positions reconciliation, pending instructions reconciliation - Upload of new instructions and maintenance instructions in T2S after PoNR if necessary - Securities account positions reconciliation, pending instructions reconciliation - Upload of new instructions and maintenance instructions in Interbolsa system after PoNR if necessary 15

16 Migration Weekend Part 1 16

17 Migration Weekend Part 2 17

18 Migration Schedule (1/4) MIGRATION PROCESS Calendar Date CET Time Accounting Date Activity Actors Milestone 17:00 Thursday - 24 March Input cut-off on the legacy system IBLS Thursday 24 Mar 18:00 18:55 Thursday - 24 March Close of STD for queries MSP0 T2S platform start of Migration Weekend Interbolsa sends an to all participants IBLS T2S MSP0 21:35 Tuesday - 29 March T2S platform - change of accounting date T2S 18

19 Migration Schedule (2/4) MIGRATION PROCESS Calendar Date CET Time 00:30 Accounting Date Tuesday - 29 March Activity Actors Milestone POSV-MIG and POSF-MIG files are released to the participants - with all the securities positions to be migrated to T2S (before debt conversion and corporate actions) ILQ-MIG and ILQF-MIG files are released to the participants - with the pending settlement instructions to be migrated to T2S to participants (before debt conversion and corporate actions) IBLS An will be sent to all participants Friday 25 Mar 00:47 04:00 to 06:00 Tuesday - 29 March Tuesday - 29 March Free of payment instructions will be sent to the T2S platform in order to create the balances Initial securities positions are settled and created on the T2S platform (via an exceptional settlement batch) IBLS T2S End of reconciliation process 07:43 Tuesday - 29 March POS-EOD file / MT535 messages are released to the participants - with the securities positions migrated to T2S VM-SOD file is released to the participants - with all securities available for the business day IBLS MSP9 An will be sent to all participants 19

20 Migration Schedule (3/4) MIGRATION PROCESS Calendar Date Friday 25 Mar CET Time 09:28 12:29 15:10 16:40 20:35 20:45 Accounting Date Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March 20 Activity Actors Milestone Pending settlement instructions will be sent to the T2S platform IBLS End of reconciliation of pending settlement instructions IBLS MSP10 SLRT-PND file is released to the participants with the pending settlement instructions migrated to T2S An will be sent to all participants New settlement instructions related to corporate actions on stock (physical settlement) and on flow (market claims/transformations) will be sent to T2S platform Obs.: Cash of CA on stock only on 29 Mar, 09:30 CET IBLS IBLS End of reconciliation process related to new instructions IBLS MSP11.1 NTS Cycle 1 starts T2S End of reconciliation process related to NTS Cycle 1 IBLS MSP12 MSP13 Point of No Return (PoNR) STD messages and ISO messages are released to the participants: SLRT, MVI, GRT, ISSUANC, MT544/ /548 T2S releases ISO messages for DCPs Interbolsa sends an to all participants T2S MSP13 PoNR (Point of No Return)

21 Migration Schedule (4/4) MIGRATION PROCESS Calendar Date Friday 25 Mar CET Time Accounting Date Activity Actors Milestone 21:25 23:25 23:35 Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Start of the reserved time slot for IBLS participants (namely LCH.Clearnet) to send new instructions for NTS Cycle 2 The related settlement instructions status advice are sent to participants in real-time End of the reserved time slot for participants to send new instructions Start of NTS Cycle 2 processing IBLS participants IBLS participants Saturday 26 Mar 00:11 02:21 02:31 Tuesday - 29 March Tuesday - 29 March Tuesday - 29 March Reporting related to NTS Cycle 2 will be sent by Interbolsa and the T2S platform - POS-NTS file / MT535 / semt.002 Final confirmation of the Night -time settlement Interbolsa sends an to all participants Start of the real-time settlement windows IBLS and T2S T2S T2S MSP14 MSP15 Tuesday 29 Mar 18:00 Tuesday - 29 March Green-light for End of Day T2S MSP16 21

22 Conversion of the form of registration All dematerialized debt instruments and debt instruments represented by a global certificate will be registered in the securities accounts in nominal amount (FAMT) instead in quantities (UNIT) All materialized debt instruments that can be withdrawn from the vault are registered in the accounts in quantities (UNIT) The conversion from UNIT to FAMT will be done during the T2S migration weekend 22

23 Conversion of the form of registration Conversion of the form of registration from UNIT to FAMT: The method of conversion of account positions will be top-down: The financial intermediaries accounts are converted first at Interbolsa The financial intermediaries will then convert their clients positions The outstanding settlement instructions will have to be converted in order to indicate the correct settlement quantity The conversion method will be tested during the T2S migration weekend tests 23

24 Options for registration of debt instruments There will be two options for the registration of debt instruments at Interbolsa: Registration in units (T2S Settlement Type UNIT) Current practice Registration in nominal amounts (T2S Settlement Type FAMT) Registration similar to cash, i.e. major currency units (e.g. Euro) and minor currency units (e.g. Euro cent) Registration in nominal amount has two options: With pool factor: Throughout the life of the instrument the registration is done based on the initially issued nominal amount. The outstanding issue after one or more partial redemptions is tracked by the pool factor, which when applied to the registered positions gives the real outstanding value of the issue Without pool factor: The registered account positions reflect the real issued nominal amount during the life of the instrument Pool factor is used to identify the remaining outstanding nominal amount of a debt issue after one or more partial redemptions have taken place. Pool factor is not a T2S static data element, so T2S does not use it in any way 24

25 Conversion of the form of registration on Debt Instruments Both securities positions and settlement instructions, matched or not, that exist in the system at the moment of migration to T2S will have to be converted to the new settlement type before transferring the dynamic data to the T2S platform during the migration weekend: For securities that will use pool factor, it will be calculated dividing the current unitary nominal value by the originally issued value PF = UNV CURRENT / UNV INITIAL The conversion will use the following formula: Qty FAMT = Qty UNIT UNV INITIAL (UNV = Unitary Nominal Value) with pool factor: UNV CURRENT = UNV INITIAL * Pool Factor without pool factor: UNV CURRENT = UNV INITIAL 25

26 Conversion of Debt Instruments - Special Cases Issues with interest capitalisation => Pool Factor > 1 ISIN Code Currency UNVinitial UNVcurrent Pool Factor PTBCPSOE0006 EUR 50 54, , PTBCLAOE0000 EUR 5 5, , PTBSMFOE0006 EUR 0,01 0, , Issue that have had a reverse split (FAMT without Pool Factor) ISIN Code Currency UNVinitial UNVcurrent Qtd initial Qtd current Amount PTMENPOE0006 USD 1 000, , ,00 Issue that have had an increase of 100%, by changing the UNV (FAMT without Pool Factor) ISIN Code Currency UNVinitial UNVcurrent Qtd initial Qtd current Amount PTBCSFOE0024 EUR , , ,00 The ISIN PTEDP42M0002 (EDP/2008-STRIPPED MAKE-WHOLE ENTITLEMENTS DUE 2018) will stay registered in UNIT 26

27 Debt conversion examples: ISIN Cod. CVM Name QTD type Part Initial Nom. Val. Current Nom. Val. MSU SUM Pool Factor PTCON1OE0008 CON1OE CONSOLIDADO/41 FAMT N 0, , ,01 0,01 PTADOCOM0005 ADOCOM ADP-AGUAS PORT./08-EUR200 M. FLOAT. RATE DB AG,SC.PT./13- PTDEULOM0002 DEULOM AUT.LINK.BASK.ST OCK PTPEPEOE0004 PEPEOE PARQUE EXPO+98/97-2 FAMT N , , , ,00 FAMT S 1 000, , , ,00 0, FAMT S 0, , ,01 0,01 0, PTFRSAOM0002 FRSAOM FREISING/07-EUR FAMT S , , , ,00 0, PTBCPSOE0006 BCPSOE BCP/2002.OB.PERP ETUAS Capitalização Automática FAMT N 50, , ,00 50,00 1, After migration 27

28 Securities with Pool Factor - Example ISIN PTXPTOOM0000 Pool Factor 0, UNV INITIAL 1.000,00 UNV CURRENT 957, PF = UNV CURRENT /UNV INITIAL = 957, / 1.000,00 IF Securities Account Balance (UNIT) Current Balance (FAMT) Initial Balance (FAMT) (Quant. * UNV CURRENT ) (Quant * UNV INITIAL ) A A , ,00 A A , ,00 B B , ,00 B B , ,00 C C , ,00 D D , ,00 E E , ,00 E E , ,00 F F , ,00 F F , , , ,00 28

29 Other Securities Special Cases Non migrating securities Securities that have reached the maturity will not migrate and will be registered in UNIT Securities considered as non clearable Non Euro denominated Bonds traded on Euronext Lisbon Bonds traded on Euronext Lisbon with partial redemption ( pool factor ) 29

30 Migration Special Procedures Non guaranteed trades from trade date 23 March Clearing will not be performed: Counterparties have to instruct the settlement system Interbolsa schedule for 24 March Closing time for inputs: 17:00 CET Closing time for queries: 18:00 CET 30

31 Migration of Pending Instructions Unmatched: Pending instructions that did not reach its recycling period will migrate to T2S, with code word MIRE SLrt Stock Exchange operations (guaranteed and nonguaranteed) Transfers Matched: Pending instructions will migrate with code word MIRE (to be matched in T2S with a Common Reference ) Cut-off: for registration: 17:00 for Settlement (DVP/FOP): 17:00 Pending settlement instructions are automatically cancelled at the end of last settlement day and reported back to LCH.CN and participants - LCH.CN will send the settlement instructions directly to T2S platform Non Real Time Transfers: Transfers not confirmed by the counterpart on the previous day will be cancelled at the end of the business day before the migration Interbolsa will not permit the registration of these transfers on 24 March 2016 Real Time Transfers: Intebolsa will allow the registration of these transfers until the end of the day that settlement takes place on its legacy system (24 March 2016) Cut-off on 24 March 2016: 17:00 Deposits and Withdrawals Interbolsa will not permit the registration of deposits and withdrawals on the business day before the migration: 24 March CET time

32 Migration of Pending Instructions Instructions details (1/2) Field Participant Reference Common Reference Corporate Action Event Id Instruction Type Participant Remarks Link Type: INFO Link Inst. Quantity Trade Date Rules of conversion - For instructions registered via STD and Market Claims: Number of the Operation (SLrt) + D / R (Delivery/Receive) - For participants that normally use a unique reference: the participant reference will be maintained - For instructions registered via SWIFT: SWIFT Reference sent by the participant (SEME) Number of the Operation (SLrt) MIRE (only visible for DCPs - A2A) DFP, RFP, DVP, RVP, DMC, RMC (can contain Participant Remarks or COAF in case of market claims) Operation Reference (Link Inst): - market claims or transformed instructions: number of the original operation - other cases: if the reference is specified by the participant, it will be informed via LINK INFO - Securities in UNIT: Original Quantity - Securities in FAMT: Original Quantity x Initial Unitary Nominal Value If Trade Date not filled, it will be filled with ISD 32

33 Migration of Pending Instructions Instructions details (2/2) Field Rules of conversion By default: TRAD ISO Transaction Code For COLMS operations with BdP: - Participants: COLO or REPU - BdP: COLI or RVPO DMC/RMC Instruction Type (Delivery/Receive Market Claim): CLAI Place of Trading Debit/Credit Change of Beneficial Ownership Partial Settlement Indicator Filled with Blanks If currency filled: - DVP/RMC operations: filled with C (Credit) - RVP/DMC operations: filled with D (Debit) - S -> Y - N -> N - D -> It will be filled with NPAR (No Partial Settlement) 33

34 3. Contingency Plan

35 Contingency Plan 24 March 25 March 20:30 CET Legacy System A B PoNR can slide at least until 26 March, 11:00 CET 20:00 CET New NTS1 00:45 CET (25/3) C T2S Platform PoNR Contingency? Contingency? Contingency? A B Return to Legacy System (old layouts, debt in units) C Mitigation Measures B Additional recover procedures due to cash movements in DCAs 35

36 4. Communication Plan and Support

37 Communication Plan Interbolsa s participants confirms its readiness to the migration weekend MSP0 Green-light to start migration weekend Interbolsa sends an to all participants MSP1 Start migration activities MSP2 MSP3 Confirmation of securities reference data upload Migration of static data load/ validation of cross-csd links Interbolsa sends an with status update MSP8 FOP instructions, settlement restrictions are loaded into T2S MSP9 MSP10 Securities Positions, restriction of securities positions checked Final confirmation of pending transactions loaded 37 Interbolsa releases: POS-EOD file / MT535 messages VM-SOD file Interbolsa releases: SLRT-PND file Interbolsa s participants reconcile the securities positions and pending instructions

38 Communication Plan MSP11 New transactions loaded. Immediate liquidity transfers are submitted to T2S Interbolsa sends an with status update MSP12 MSP13 MSP14 MSP15 MSP16 MSP17 1 st night-time settlement confirmation Point of no return (PoNR) Final confirmation of night-time settlement Green-light for real-time settlement Green-light for end of day Close of settlement day Interbolsa releases STD messages / ISO messages T2S releases ISO messages to DCPs Interbolsa informs the reserved time slot to send new instructions Interbolsa s participants send new settlement instructions, if necessary Interbolsa releases POS- NTS file / MT535 T2S releases semt.002 Interbolsa s participants reconcile the 2nd cycle of the night-time settlement 38 Interbolsa sends an with status update

39 Support By internet: Interbolsa Service Desk JIRA (main communication mean - 24 x7) By t2s-test-support@interbolsa.pt By telephone: Conference Call (if needed during the Migration Weekend, by invitation): 39

40 5. Migration Weekend Dress Rehearsal (MWDR) Plan

41 Wave 2 - Migration Testing with Community Migration Weekend Dress Rehearsal (I) 2015/10/ /10/18 Pre-Migration Dress Rehearsal 2015/06/ /10/16 Migration Weekend Dress Rehearsal (II) 2016/01/ /01/16 GO LIVE 2016/03/28 Pre-Migration Dress Rehearsal 2015/11/ /02/12 Migration Weekend Dress Rehearsal (III) 2016/02/ /02/14 Ongoing Migration Testing: Multilateral Migration with Community: - Pre-Migration Dress Rehearsals - Migration Weekend Dress Rehearsals - Before Community Testing and Business Day Testing 41

42 MWDR February 2016 (1/4) MIGRATION PROCESS Calendar Date Friday 12 Feb CET Time 17:10 19:35 22:30 Accounting Date Monday 15 February Monday 15 February Activity Actors Milestone MSP0 T2S platform start of Migration Weekend Interbolsa sends an to all participants T2S platform - change of accounting date POSV-MIG and POSF-MIG files are released to the participants - with all the securities Positions to be migrated to T2S (before debt conversion and corporate actions) ILQ-MIG and ILQF-MIG files are released to the participants - with the pending settlement instructions to be migrated to T2S to participants (before corporate actions) T2S T2S IBLS MSP0 22:45 Monday 15 February An will be sent to all participants Free of payment instructions will be sent to the T2S platform in order to create your balances IBLS 42

43 MWDR February 2016 (2/4) MIGRATION PROCESS Calendar Date CET Time 00:10 Accounting Date Monday 15 February Activity Actors Milestone Initial securities positions are settled and created on the T2S platform (via an exceptional settlement batch) T2S End of reconciliation process 05:41 Monday 15 February POS-EOD file / MT535 messages are released to the participants with the securities positions migrated to T2S to participants VM-SOD file is released to the participants - with all securities available for the business day IBLS MSP9 Saturday 13 Feb 07:26 10:27 Monday 15 February Monday 15 February Monday 15 February An will be sent to all participants Pending settlement instructions will be sent to the T2S platform IBLS End of reconciliation of pending settlement instructions IBLS MSP10 SLRT-PND file is released to the participants with the pending settlement instructions migrated to T2S An e- mail will be sent to all participants IBLS Monday 15 February New settlement instructions related to corporate actions on stock (physical settlement) and on flow (market claims/transformations) will be sent to T2S platform IBLS Obs.: Cash of CA on stock only on 15 Feb, 09:30 CET 43

44 MWDR February 2016 (3/4) MIGRATION PROCESS Calendar Date CET Time 13:08 14:38 18:33 Accounting Date Monday 15 February Monday 15 February Monday 15 February Activity Actors Milestone End of reconciliation process related to new instructions IBLS MSP11.1 NTS Cycle 1 starts T2S End of reconciliation process related to NTS Cycle 1 IBLS MSP12 MSP13 Point of No Return (PoNR) Saturday 13 Feb 18:43 Monday 15 February STD messages and ISO messages are released to the participants: SLRT, MVI, GRT, ISSUANC, MT544/ /548 T2S releases ISO messages for DCPs T2S MSP13 - PoNR (Point of No Return) 19:23 Monday 15 February Interbolsa sends an to all participants Start of the reserved time slot for IBLS participants (namely LCH.Clearnet) to send new instructions for NTS Cycle 2 The related settlement instructions status advice are sent to IBLS clients in real-time IBLS participants 44

45 MWDR February 2016 (4/4) Calendar Date MIGRATION PROCESS CET Time Accounting Date Activity Actors Milestone 21:23 Monday 15 February End of the reserved time slot for participants to send new instructions IBLS participants Saturday 13 Feb 21:33 22:09 Monday 15 February Monday 15 February Start of NTS Cycle 2 processing Reporting related to NTS Cycle 2 will be sent by Interbolsa and the T2S platform - POS-NTS file / MT535 / semt.002 IBLS and T2S Sunday 14 Feb 00:19 Monday 15 February 00:29 Monday 15 February Final confirmation of the Night -time settlement Interbolsa sends an to all participants Start of the real-time settlement windows T2S T2S MSP14 MSP15 Monday 15 Feb 18:00 Monday 15 February Green-light for End of Day T2S MSP16 45

46 6. Other Topics

47 STD 4eyes and user profiles configurations With the adaptation to T2S several STD input mnemonics are replaced The setup in the current Production system can t be automatically copied to the new system The eligible mnemonics for 4eyes are: SLRTmsg/file, EXCHmsg/file, TRFmsg/file, GRTmsg/file, ISImsg/file, VCImsg/file Upon request to activate the 4eyes functionality, users with the STD base profile will get 4eyes functionality for all above mnemonics The STD UACCESS facility shall be used to segregate user profiles Base profile -> userid nnnxxx; other profile -> userid nnn#ixxx (i=1,,9) Old profiles nnna1xxx will be included in the base profile 47

48 STD 4eyes and user profiles configurations Production userids (nnnxxx and nnn#ixxx) are allowed in the test environment in addition to the specific testing nnntstii userids Profiles defined in the test environment until 24 th March will be migrated to the production environment on the migration weekend, namely: Userid profiles Each user setup: STD general options and settings at window level 48

49 Harmonisation of Corporate Actions Delayed Activities - Plan Service Target Date Comments Securities lending system (SGE) Q4, 2016 Not used by the market Order routing for subscription / redemption of fund shares (SFI) Q4, 2016 Not used by the market Spin-off or demerger of companies complex operations - September, 2016 These operations have not occurred in the Portuguese Market in the last 9 years Buyer protection key dates in corporate action notification May,

50 Questions? (More information available on: 50

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