Re.: Systemic harmonisation with CSDR requirements Phase 1 (2017 spring implementation window)

Transcription

1 SCP /ZW/2/2017 CCP/ZW/53/2017 Warsaw, 20 January 2017 KDPW Participants KDPW_CCP Participants (organised trade & OTC) Re.: Systemic harmonisation with CSDR requirements Phase 1 (2017 spring implementation window) Dear Madam or Sir, Further to our prior letters of 30 September 2016 (ref. no. SCP/ZW/12/2016, CCP/ZW/609/2016) and 8 November 2016 (ref. no.: CCP/ZW/685/2016) concerning modifications to the KDPW and KDPW_CCP IT systems scheduled for 2017, please be advised that the kdpw_stream test environment (TST B) will be available to KDPW Participants and KDPW_CCP Participants as of 30 January The tests are scheduled to be completed on 14 April According to prior arrangements, the planned implementation of the modifications (in the spring implementation window) is scheduled on April Please be advised that the modifications will be implemented in the kdpw_stream TST A environment two weeks earlier (i.e., 8-9 April 2017). Please be reminded that we are planning to implement the following modifications in harmonisation with the CSDR requirements Phase 1 in the 2017 spring implementation window: alignment of repo and sell-buy-back transaction processing agreed in NMPG S&R; volume of debt instruments stated using face amount; change of the length of fields in kdpw_stream XML messages (modifications resulting from the requirement to state the volume using face amount); addition of the field Place of clearing to settlement instructions; changes in instruction matching; settlement instruction recycling; discontinuation of the NKK (client classification number) database operated by KDPW. Detailed information about the launch of the functionality has been communicated in our letters no. SCP/ZW/3/2016 of 9 May 2016 and SCP/ZW/7/2016 of 29 June 2016; the full documentation of the modifications (including the specifications of the new XML message versions) are available on our websites: Krajowy Depozyt Papierów Wartościowych Spółka Akcyjna z siedzibą w Warszawie (00-498) przy ulicy Książęcej 4, wpisana do rejestru przedsiębiorców prowadzonego przez Sąd Rejonowy dla m. st. Warszawy, XII Wydział Gospodarczy Krajowego Rejestru Sądowego, pod nr KRS , NIP , wysokość kapitału zakładowego i kapitału wpłaconego zł, T , F , E kdpw@kdpw.pl, KDPW_CCP Spółka Akcyjna z siedzibą w Warszawie (00-498) przy ul. Książęcej 4, lok. 6089A, wpisana do rejestru przedsiębiorców prowadzonego przez Sąd Rejonowy dla m. st. Warszawy, XII Wydział Gospodarczy Krajowego Rejestru Sądowego, pod nr KRS , NIP: , wysokość kapitału zakładowego i kapitału wpłaconego zł, T , F , E ccp@kdpw.pl,

2 1. KDPW - tab: kdpw_stream/system_kdpw_stream/planowane zmiany/zmiany związane z dostosowaniem KDPW do wymogów CSDR, 2. KDPW_CCP tab: Members/IT Tools organised trading/planned changes and Members/IT Tools otc trading/planned changes. Furthermore, please be informed that we have made modifications in the processing of standing orders (letter no. SCP/ZW/7/2016, point 2) relating to the transaction date specified in settlement instructions generated by KDPW on behalf of the party responsible for the delivery of securities. Instead of a transaction date equal to the settlement date, the transaction date will be equal to the date preceding the settlement date (in business days); the modification is required by the fact that instructions generated by KDPW are generated at the end of the day directly preceding the settlement date of the operation covered by the standing order. Detailed information about the tests in the kdpw_stream test environment TST B The following initial conditions will be prepared in the kdpw_stream test environment TST B at 30 January 2017: 1. Financial instruments, clearing and settlement accounts, and registration accounts will be migrated from the production system as at the end of business day preceding the start of the test (i.e., 27 January 2017) and the test financial instruments (and their balances), test institution identifiers, clearing and settlement accounts will be maintained in the test environment TST B. 2. All outstanding clearing and settlement instructions (neither cleared nor settled) which are not marked with test financial instrument identifiers will be deleted. Test financial instruments are understood as the instruments defined in this letter and test instruments used in testing of modifications to the processing of payments. I. Clearing in KDPW_CCP Transactions concluded on GPW, BondSpot and OTC trades will be cleared according to the test timetable: payment session (execution of payments) from 8:00 to 9:00; accepting transactions from the organised market for clearing from 8:30 to 16:30; accepting OTC transactions for clearing from 9:00 to 17:30; monitoring transaction/payment limits from 8:30 to 16:30; posting and releasing securities as collateral from 8:30 to 16:00; posting and releasing cash (PLN and EUR) as collateral from 8:30 to 17:00; generating post-clearing messages from 17:30 to 18:30. Should you have any further questions or doubts about clearing, please contact the KDPW_CCP Clearing Section by at irrm@kdpw.pl or by phone at (22) , (22) / 6

3 II. Settlement in KDPW 1. Settlement will follow the settlement day timetable in test environment TST B as shown below: Settlement session number Session opening time Types of operations processed at the settlement session R 9:00 Morning technical session 1 10:00 Regular session all operations 2 12:30 Regular session all operations 3 16:00 Regular session all operations W 16:15 Evening technical session 2. Settlement in the real-time settlement system takes place from 9:00 to 16: Transactions are settled on the assumption of full cash coverage, without connecting with the clearing bank. III. Debt instruments registered in kdpw_stream in face amount and in units To test the processing of debt instruments, we will define the following ISIN codes for bonds registered in units, in face amount, and indexed bonds. Bonds registered in face amount: PLTSTNM00057 Treasury bonds; PLTSTNM00065 corporate bonds. Bonds registered in units: PLTSTSZ00017 Treasury bonds; PLTSTSZ00025 corporate bonds. Furthermore, we will use the following assumptions for indexed bonds: PLTSTIN00014 Treasury bonds registered in units; PLTSTIN00022 corporate bonds registered in face amount. Other debt instruments not listed above will be registered in units in the kdpw_stream TST B test environment. Please be further informed that direct members accounts maintained for their basic activity (participation status type attribute 01) in which securities are or were booked will be credited with 10,000 of such securities. Transactions in the UTP test environment can be concluded in such bonds. To contact us about the settlement tests, please write at di_serwis@kdpw.pl or doro@kdpw.pl with the subject heading: CSDR test. 3 / 6

4 IV. Discontinuation of the NKK database operated by KDPW In connection with the discontinuation of the NKK database operated by KDPW, please be informed that all entity accounts of members in the test environment TST B have been attributed a Client Type and a Client Feature previously defined in the NKK of the account. Furthermore, we recommend that the settlement account management test covers scenarios of the opening and closing of entity accounts as well as a scenario including a change of the value of the partial settlement flag values NPAR / PART. V. Timetable of testing of member reports received and checked by KDPW S.A. Surveillance Department A. Checking daily reports (prepared and sent by members in messages semt.rc ) Key information: 1. The test will be performed once a week on Wednesday in the period from to and daily in the last week of March. The report dates and the report check dates are presented under Details in the tables below. 2. The control day timetable is presented under Details below. 3. The persons responsible for the tests, who can provide support on every test report check day from 12:00 to 16:00, are as follows: - Mr Jerzy Gontek, telephone , - Ms Małgorzata Tychmanowicz, telephone Details: Check dates (test dates) No. Check date (test date) Daily report date (balance date) for the check date / 6

5 Check day timetable (test date) Time Comments by 12:00 Accepting messages semt.rc :00 Substantive check of messages 12:00-14:00 Verification of messages following the substantive check. 14:00 Sending messages following the substantive check semt.rc B. Monthly reporting of Treasury securities to the Ministry of Finance and the National Bank of Poland (acceptance and processing of messages semt.tr ) Key information: 1. The test will be performed in two rounds, for a different reporting period each, as follows: - round 1 from 06 to 10 February 2017 reporting period January 2017; - round 2 from 06 to 24 March 2017 reporting period February The timetable of test rounds 1 and 2 is presented in the details. 3. The person responsible for the tests, who can provide support on every test report day from 14:00 to 16:00, is as follows: - Mr Adam Dąbrowski, telephone Details: Reporting phases round 1: Reporting period: January T-bond data aggregation. If reports are sent in that period, the message can be subject to a formal check. If the check is successful, the message will be awaiting a substantive check until KDPW approves the aggregation. 2. Sending reports for verification (semt.tr ). Receipt of feedback messages (semt.tr ) or (admi.err ). 3. Receipt of reminders for outstanding and/or incorrect reports (semt.tr ) to from to at 16: Closing of the reporting period generating reports to the Ministry of Finance and NBP / 6

6 Reporting phases round 2: Reporting period: February T-bond data aggregation. If reports are sent in that period, the message can be subject to a formal check. If the check is successful, the message will be awaiting a substantive check until KDPW approves the aggregation. 2. Sending reports for verification (semt.tr ) to from Receipt of feedback messages (semt.tr ) or (admi.err ) 3. Receipt of reminders for outstanding and/or incorrect reports (semt.tr ). to at 16: Closing of the reporting period generating reports to the Ministry of Finance and NBP Please be reminded that the terms of use of the kdpw_stream test environment are published on the KDPW_CCP website (tab: Members/kdpw_stream test environment). Yours sincerely, Sławomir Panasiuk Vice President of KDPW S.A. and KDPW_CCP S.A. 6 / 6