Bank of Greece Securities Settlement System (BOGS)

Transcription

1 February 2015 Bank of Greece Securities System () T2S - Community and Business Day testing

2 1. INTRODUCTION This document intends to provide all participants with the necessary information required, in order to ensure a smooth and successful interaction with T2S during Community and Business Day test stages. and its community are going to join T2S with the first Migration Wave on 22 June Participants will be involved in end-to-end testing beforehand, i.e.: Community Testing Stage: 02/03/ /05/2015 Business Day Testing Stage: 18/05/ /06/ SUPPORT will support its participants via the channels used so far ( , telephone) during both Community and Business Day stages STATIC AND PENDING DATA FOR TESTING Static Data set-up: will set-up all required static data in T2S, in order to create the basic configuration for the tests to be executed. More specifically, all the existing today static data in will be uploaded in T2S environment, updated where required. For example, the new DCAs that will substitute the current RTGS. If additional static data from the current ones are required by a participant, i.e. more than one DCAs that should be linked with the existing securities accounts, he will have to inform accordingly. Further static data required by some test cases, as referenced in the respective scenarios will be provided at a later stage. Test Cases: Testers may communicate with for any additional clarifications/information (if needed), related to the test cases per se. Position set-up: will set-up all the securities positions from the current production environment to the T2S test environment for the community testing. This setup will be done at the beginning of the community testing (positions date to be confirmed). Matching & : Participants should coordinate themselves under their own responsibility, to achieve Matching and/or of their instructions, as required by the relevant scenarios. BICs: It is to be noted that the BICs that should be included in the ISO15022 messages for the identification of the parties (REAG/DEAG, BUYR/SELL and PSET) should be production BICs. Only the header of the relevant message will contain test BIC. 1

3 1.4. T2S ENVIRONMENT AVAILABILITY DURING TESTING The below table summarizes the T2S Operational Day Schedule during Community and Business Day (indicated time is CET): Start of Testing 07:00 Real time - Partial 1 12:30-12:45 - Partial 2 14:15-14:30 - DVP/ Cash SR cut-off 14:30 - Collateral reimbursement 14:50 - BATM / CBO cut-off 15:10 - Inbound LTO cut-off / Automatic cash sweep 15:15 - Securities SR / FOP cut-off 15:30 End-of-day/start-of-day - Change of business date 16:15 - Feeds from Collateral Management System (CMS) 16:30 Start of Night-time / cash injection 17:00 Night-time End of Testing 19: TESTING RESULTS participants will have to send to via their Project Managers, a report after the successful completion of at least the mandatory scenarios, as indicated below. Participants should mention in this report additional information about the scenarios that were executed, i.e. scenario ID, description of the scenario (where variations may apply) and reference of the relevant messages. DCPs authorization will be based on the successful execution of the mandatory for DCPs test scenarios, as indicated in the relevant column of each scenario. 2

4 2. TEST CASES FOR COMMUNITY STAGE will provide the test cases that must be successfully executed by all its participants during Community Testing Stage. Since the list that will be provided is not exhaustive, participants are free to execute additional test cases, if deemed necessary. The below table includes all the applicable test cases, providing a short description for each. Please note that: The test cases are either Mandatory (M), meaning that they should be successfully executed by the party types indicated in the relevant column or Optional (O), meaning that they should be executed only if the relevant party will use the respective functionality in T2S. In the latter case, they become mandatory for this party. All the scenarios indicated as Mandatory should be executed using as communication channel and should also be repeated using the for ICPs or the T2S for DCPs. ICPs of low volumes that intend to use in T2S the only, should indicate this in their test report and should successfully execute all the scenarios, indicated as mandatory using the with the required outcome described in the relevant scenario for. No specific scenarios for statements of Holdings, Transactions and Pending instructions are described below, since statements will be produced every day by for securities accounts having activity during the relevant day. 3

5 Detailed Test Cases: A: Simple s ID Description M/O Channel Required A001 A002 A003 A004 A005 a RF/DF (OC-21), indicating at least the mandatory fields a RVP/DVP (OC- 10), indicating at least the mandatory fields a DF (OC-22) Internal Transfer a RF/DF (OC-21), indicating at least the mandatory fields a RVP/DVP (OC- 10), indicating at least the mandatory fields M-ICPs M-DCPs M-ICPs M-DCPs. is matched. Participant ensures that there is available balance for.. is matched. Participant ensures that there is available balance in securities and cash for. and generates and sends to T2S the required dual instruction. M-ICPs M-DCPs M-ICPs M-DCPs /T2S /T2S. Only ICPs that intend to use the functionality offered by for the automatic generation of the second instruction should execute this scenario 4

6 ID Description M/O Channel Required A006 a DF (OC-22) Internal Transfer A007 A008 A009 A010 a PFOD (DVP or RVP with zero face amount), indicating at least the mandatory fields a PFOD (DVP or RVP with zero face amount), indicating at least the mandatory fields a DF (OC-21) CCBM mobilization with BNGRGRAACCB (9103) a RF (OC-21) CCBM demobilization with BNGRGRAACCB (9103) (using the balance mobilized in the previous scenario) /T2S. is matched and there is available cash balance for. and generates and sends to T2S the required dual instruction There should be enough balance for the of the instructions. and generates and sends to T2S the required dual instruction. There should be enough balance for the of the instructions. 5

7 ID Description M/O Channel Required A011 a DF (OC-21) /T2S CCBM mobilization with BNGRGRAACCB (9103) A012 a RF (OC-21) CCBM demobilization with BNGRGRAACCB (9103) /T2S 6

8 B: External CSD ID Description M/O Channel Required B001 B002 B003 B004 a RF (OC-21) Ext-CSD with DAKVDEFFMIG (9304) a DF (OC-21) Ext-CSD, using the balance of the previous scenario with DAKVDEFFMIG (9304) a RF (OC-21) Ext-CSD with DAKVDEFFMIG (9304) a DF (OC-21) Ext-CSD with DAKVDEFFMIG (9304) /T2S /T2S and generates all the required instructions until is achieved and generates all the required instructions until is achieved. ISIN EU000A1G0AM1 Please note that the template that should be used depends on the, i.e. if the is a direct party of CBF or under CBL/EB or SIX- SIS. ISIN EU000A1G0AM1 Please note that the relevant template that should be used depends on the, i.e. if the is a direct party of CBF or under CBL/EB or SIX-SIS. ISIN EU000A1G0AM1 ISIN EU000A1G0AM1 7

9 C: Cross CSD ID Description M/O Channel Required C001 C002 C003 C004 a RF/DF (OC-21) Cross-CSD with MOTIITMMXXX (9306) a RVP/DVP (OC- 10) Cross-CSD with MOTIITMMXXX (9306) a RF/DF (OC-21) Cross-CSD with MOTIITMMXXX (9306) a RVP/DVP (OC- 10) Cross-CSD with MOTIITMMXXX (9306) /T2S /T2S. is matched and settled.. is matched and settled. 8

10 D: Complex Operations ID Description M/O Channel Required D001 D002 D003 D004 a DVP (OC-10) to deliver securities from a Blocked or Reserved position. a RVP (OC-10) to receive securities to Earmarked position. a DVP (OC-10) to deliver securities from a Blocked or Reserved position. a RVP (OC-10) to receive securities to Earmarked position. /T2S /T2S. is matched. Participant ensures that there is available balance for.. is matched. Participant ensures that there is available balance for.. is matched. Participant ensures that there is available balance for.. is matched. Participant ensures that there is available balance for. BLK1/ RES1: This scenario requires the set-up of Blocked/Reserved positions to take place, before the DVP. Please refer to the scenario E001 for the setup. Please also ensure that the DVP indicates the Restriction Reference. EAR1 BLK1/ RES1: This scenario requires the set-up of Blocked/Reserved positions to take place, before the DVP. Please refer to the scenario E001 for the setup. Please also ensure that the DVP indicates the Restriction Reference. EAR1 9

11 ID Description M/O Channel Required D005 a DVP (OC-10)., filling is the partial matched but not enough indicator with balance PART. available. The instruction is partially settled. D006 D007 D008 a RVP (OC-10) a DVP/RVP (OC- 10), filling the partial indicator with PART. a DF (OC-21) Stripping with BNGRGRA1STB (9777) /T2S. is matched but not enough cash balance available. Autocollateralisation is activated and the instruction is settled.. and generates all the required instructions until is achieved. There should be enough balance in the securities account used. Own portfolio securities account need to be used for auto collateralization to be activated. This scenario is mandatory for the participants that are eligible for autocollateralisation on stock. For this scenario there should be adequate balance in the EEUR sub position of the own portfolio account. This position can be setup using a restriction, please refer to scenario E004 ISIN GRxxxxxx 10

12 ID Description M/O Channel Required D009 a DF (OC-21) and Stripping with generates all the required BNGRGRA1ST1 instructions (9888) until is achieved. There should be enough balance in the securities account used. D010 D011 D012 D013 a DF (OC-21) Reattachment of the ISIN stripped in the previous scenario BNGRGRA1STB(9 777) a DF (OC-21) Reattachment of the ISIN stripped in the previous scenario BNGRGRA1STA(9 888) a DF (OC-21) Stripping with BNGRGRA1STB (9777) a DF (OC-21) Stripping with BNGRGRA1ST1 (9888) /T2S /T2S and generates all the required instructions until is achieved. and generates all the required instructions until is achieved.. generates the relevant instructions. and generates the relevant instructions ISIN GRxxxxxx ISIN GRxxxxxx ISIN GRxxxxxx ISIN GRxxxxxx ISIN GRxxxxxx 11

13 ID Description M/O Channel Required D014 a DF (OC-21) /T2S and Reattachment of generates the the ISIN stripped relevant in the previous instructions. scenario BNGRGRA1STB(9 777 D015 D016 D017 D018 a DF (OC-21) Reattachment of the ISIN stripped in the previous scenario BNGRGRA1STA (9888) a DF (OC-21) ISIN Exchange with BNGRGRA1APR (9998) a DF (OC-21) ISIN Exchange with BNGRGRA1APR (9998) a RVP (OC-81) Issuance of an ISIN with 9000 (BIC to be confirmed) /T2S /T2S and generates all the relevant instructions. and generates all the required instructions until is achieved and generates the relevant instructions and generates all the required instructions until is achieved. Parti - cipant should make sure that there is available cash balance. ISIN GRxxxxxx ISIN GRxxxxxx ISIN GRxxxxxx ISIN GRxxxxxx ISIN GRxxxxxx 12

14 ID Description M/O Channel Required D019 a RVP (OC-81) /T2S and Issuance of an generates all ISIN with the required instructions 9000 (BIC to be until confirmed) is achieved. Participant should make sure that there is available cash balance. D020 D021 D022 a DF (OC-51) to both T2S (via or directly) and BoG, to pledge a balance with BNGRGRAA072 (9100). a RF (OC-59) to both T2S (via or directly) and BoG, to release the previous pledged balance with BNGRGRAA072 (9100) a DF (OC-51) to both T2S (via or directly) and BoG, to pledge a balance with BNGRGRAA072 (9100)., BoG generates the required instruction. Matching and is achieved, BoG generates the required instruction. Matching and is achieved /T2S ISIN GRxxxxxx This scenario is mandatory for participants that are eligible counterparties for collateral operations with the Bank of Greece. This scenario is mandatory for participants that are eligible counterparties for collateral operations with the Bank of Greece. This scenario is mandatory for participants that are eligible counterparties for collateral operations with the Bank of Greece. 13

15 ID Description M/O Channel Required D023 a RF (OC-59) /T2S. to both T2S (via or directly) and BoG, to release the previous pledged balance with BNGRGRAA072 (9100) D024 D025 two DVP/RVP instructions (OC- 70 and OC-71) for testing the Repo functionality. The second leg (OC- 71) instruction should be linked with the first one (OC-70) using AFTE and should have a future date. two DVP/RVP instructions (OC- 78 and OC-79) for testing the Sell- Buy Back functionality. The second leg (OC- 79) instruction should be linked with the first one (OC-78) using AFTE and should have a future date. s. s are matched and there is available balance for of the first leg (OC-70). The second leg (OC- 71) is also settled on the intended date. s. s are matched and there is available balance for of the first leg (OC-78). The second leg (OC- 79) is also settled on the intended date. This scenario is mandatory for participants that are eligible counterparties for collateral operations with the Bank of Greece. 14

16 ID Description M/O Channel Required D026 two DVP/RVP /T2S instructions (OC- s. 70 and OC-71) for testing the Repo functionality. The second leg (OC- 71) instruction should be linked with the first one (OC-70) using AFTE and should have a future date. 15

17 E: Restrictions ID Description M/O Channel Required E001 E002 E003 E004 E005 E006 E007 E008 a Restriction to Block/Reserve (setup) securities a Restriction to increase Blocked/Reserve d position a Restriction to decrease Blocked/Reserve d position a Restriction to Earmark securities a Restriction to decrease Earmarked position a Restriction to Block/Reserve securities a Restriction to increase Blocked/Reserve d position a Restriction to decrease Blocked/Reserve d position M-ICPs /T2S /T2S /T2S Restriction and proceeds with Restriction and proceeds with Restriction and proceeds with Restriction and proceeds with Restriction and proceeds with Restriction and proceeds with Restriction and proceeds with Restriction and proceeds with BLK1/ RES1 EAR1 EEUR (if applicable, please refer to scenario D006) 16

18 ID Description M/O Channel Required E009 a /T2S Restriction to Restriction and Earmark proceeds with securities E010 a Restriction to decrease Earmarked position /T2S Restriction and proceeds with 17

19 F: Requests ID Description M/O Channel Required F001 F002 F003 F004 F005 F006 F007 Request for a RF Request for a RVP Request for a DF Request for a DVP Request for a Restriction Request for a RF/DF/RVP/DVP Request for a Restriction M-ICPs M- DCPs M-ICPs M- DCPs M-ICPs M- DCPs M-ICPs M- DCPs M-ICPs M- DCPs /T2S /T2S 18

20 G: Hold/Release s ID Description M/O Channel Required G001 G002 G003 G004 G005 G006 Hold Request for a an instruction that should be put On Hold immediately by T2S, using PREA for ICPs or Hold indicator for DCPs Release Request for a previously sent Hold Request for a an instruction that should be put On Hold immediately by T2S, using PREA for ICPs or Hold indicator for DCPs Release Request for a previously sent M-ICPs /T2S /T2S /T2S Hold Request the instruction and puts it On Hold. Release Request Hold Request the instruction and puts it On Hold. the Release Request 19

21 H: Amendment s ID Description M/O Channel Required H001 H002 H003 H004 H005 H006 H007 Amendment for Partial Indicator on a Amendment for Linkages on a Amendment for Linkages on a Restriction Amendment for Priority on a Amendment for Priority on a Restriction Amendment for Partial Indicator on a Amendment for Linkages on a /T2S /T2S Amendment Amendment Amendment Amendment Amendment Amendment Amendment 20

22 ID Description M/O Channel Required H008 Amendment for /T2S Linkages on a Amendment Restriction H009 H010 Amendment for Priority on a Amendment for Priority on a Restriction /T2S /T2S Amendment Amendment 21

23 I: Corporate Actions on stock ID Description M/O Channel Required I001 Participant ensures that he has enough balances in his securities accounts for the ISIN(s) for which a corporate action will be executed. M-ICPs M-DCPs Participant receives MT564 messages for his securities positions 2 days prior to the record date for both coupon payment and redemption (Field 23G://NEWM). MT564 will also be sent to the participant at the end of the record date (Field 23G://REPE). Participants can also generate additional balances in different securities accounts or remove all the balance of a security account to simulate the receipt of additional MT564 messages that are created only in such cases after the first generation and before the record date (Field 23G://REPL). MT566 messages are received on the payment date, upon the of the relevant payments. ISINs that can be used for the redemption and the coupon payment, as well as relevant dates will be provided at a later stage. 22

24 J: Corporate Actions on flow ID Description M/O Channel Required J001 J002 Participant ensures that there are pending matched instructions on the ISINs for which a coupon payment will be executed with date prior to the payment date. Unmatched instructions will also be taken under consideration for 20 days after the execution of the corporate event. Participant ensures that there are pending matched instructions on the ISINs for which a corporate action will be executed with date prior to the payment date. Unmatched instructions will also be taken under consideration for 20 days after the execution of the corporate event. Participant receives MT564 messages at the end of the record date (Field 23G://NEWM). On the payment date, PFOD instructions are generated, debiting the seller and crediting the buyer for the pending instructions. MT566 messages are sent upon the of these PFOD instructions. Note: MT564/MT566 messages are produced only for market claims, (i.e. coupon payments) On the payment date, the following instructions for each pending transaction are generated: For pending FoPs, PFOD to debit the seller and credit the buyer with the nominal amount. For pending DVPs, PFOD to debit the seller and credit the buyer with the nominal amount and PFOD to debit the buyer and credit the seller with the amount. ISINs that can be used for the redemption and the coupon payment, as well as relevant dates will be provided at a later stage. ISINs that can be used for the redemption and the coupon payment, as well as relevant dates will be provided at a later stage. 23

25 3. TEST CASES FOR BUSINESS DAY STAGE Participants are responsible to coordinate themselves and arrange the test scenarios to be executed during the Business Day Stage. 4. CONSIDERATIONS During the tests, may setup additional static data (e.g. a new ISIN may be created), for the execution of its own test scenarios (in case of need). Participants will be informed in advance, to avoid using these data, but may see instructions being in T2S on their behalf. 24