Item 3.1 UDFS/UHB document change notice

Transcription

1 Item 3.1 UDFS/UHB document change notice PMG meeting Berlin, 7-8 May 2013 T2S Programme Office European Central Bank 1

2 Concerns raised about UHB and UDFS from the February PMG and PMG planning workshop outcomes UHB v 2.0 Some CSDs expressed concerns about a late delivery of the UHB as it is not as stable as the UDFS and they need a stable UHB in order to ensure their operational preparation and training UDFS v 2.0 Pilot CSDs were concerned about a late delivery of the UDFS as the planned date is close to the start of Pilot Testing CSD representatives expressed concerns as it is difficult to assess the number of changes, which would indicate how stable the documents are today CSDs also saw a need for getting further detail on the format/content of the quarterly change notices and the envisaged process for their delivery 2

3 3 Recap: Next deliveries of UHB and UDFS as proposed in the February PMG and PMG planning workshops UHB v 2.0 Task/Milestone Description Old Date New Date Validation of UHB v 2.0 by the Market (1 month) Delivery of User Hand Book v 2.0 UDFS v 2.0 None foreseen 17 Sept March May 2014 Task/Milestone Description Old Date New Date Validation of UDFS V2.0 by the Market (1 month) Delivery of User Detailed Functional Specification (UDFS) V2.0 None foreseen 19 Dec April June 2014

4 4 Why the proposal for later deliveries? Taking a step back Adjustment to new T2S governance structure Incorporate time for validation/review by the market for specifications before the official publication Include potential updates from testing phase Internal testing continues throughout 2013, (T2S Programme Plan) Testing could lead to potential updates which should be included into the UHB and UDFS. Examples: A field in a message with incorrectly documented value (UDFS) Screen may miss an important field for workflow to further screens (UHB) Official publications require significant effort on the Eurosystem and may shift focus from internal testing with little added value

5 A better solution for all involved More flexibility without compromising the CRM What is needed? More time in the plan to include review & validation by the CRG on next official versions of UHB and UDFS but is that enough? One official publication may not suffice - More regular information & interaction with CSDs/NCBs to agree on changes applicable for their own development and testing - No compromises on following the official CRM process for changes - including CRG involvement and formal approvals from T2S Steering Levels 5

6 User Handbook Regular interactions with CRG UHB v 1.0 is not yet fully stable and not a baseline version This is a normal situation for a GUI handbook. Changes could result from e.g. Market comments which will be accepted out of the current UHB v 1.0 consultation in the CRG Development activities on the T2S GUI and changes which will be incorporated from CRs previously approved by the CRG/Steering Bodies Changes resulting from testing (bug fixes) Providing certainty and transparency Slots for publication of quarterly UHB Document Change Notices (DCN) Added to the T2S Programme Plan Separate from the UDFS DCN (published 2 weeks later) Review periods (written procedure) lasting 2-3 weeks for each UHB DCN (CRG). Comments received will follow the same process and be applicable for updates to the next UHB DCN(s) Delivery of the first UHB DCN including the comments accepted from the current UHB 1.0 consultation when confirmed as being implemented Template/example of UHB DCN to be provided at the beginning of May (next PMG) 6

7 User Detailed Functional Specifications Regular interactions with CRG UDFS v has a stable status and changes are only implemented via the standard CRM procedure Some consistency improvements, clarifications might be needed, resulting from the testing process These changes need to follow the CRM process and regular, flexible interaction with the CSDs/NCBs is needed Providing certainty and transparency Slots for publication of quarterly UDFS Document Change Notices (DCN) Dates added to the T2S Programme Plan, starting end June If no change needed, no DCN publication Optimisation of the UDFS DCNs: Sorting by change request and by UDFS chapter/section If any change to a field value in a message, updated message zip file on ECB web site Concatenation/merge of the content of DCNs, i.e. the UDFS DCN will always contain all changes since the last official publication of the UDFS (CSDs/NCBs do not have to search many DCNs to find a change) Also on a quarterly basis (if needed), including an editorial CR on the UDFS, which addresses smaller clarification/typo/consistency type changes which have been identified by the Eurosystem or market participants. - Template/example of UDFS DCN is provided as background document 7

8 UHB-UDFS Change Notices Timeline Task/Milestone Description Start Date Finish Date Delivery of the first UDFS document change notice to the CSDs/CBs Delivery of the first UHB document DCN including the comments accepted from the current UHB 1.0 when confirmed as being implemented Review of the first UHB document change notice by the CSDs/CBs (2 weeks) Comments on first UHB document change notice delivered by the CSDs/CBs Delivery of the second UDFS document change notice to the CSDs/CBs Delivery of the second UHB document change notice to the CSDs/CBs including the comments accepted from the previous UHB document change notice Review of the second UHB document change notice by the CSDs/CBs (2 weeks) 28/06/ /07/ /07/ /07/ /07/ /09/ /10/ /10/ /10/2013 8

9 UHB-UDFS Change Notices Timeline Task/Milestone Description Start Date Finish Date Comments on second UHB document change notice delivered by the CSDs/CBs Delivery of the third UDFS document change notice to the CSDs/CBs Delivery of the third UHB document change notice to the CSDs/CBs including the comments accepted from the previous UHB document change notice Review of the third UHB document change notice by the CSDs/CBs (2 weeks) Comments on third UHB document change notice delivered by the CSDs/CBs 31/10/ /01/ /01/ /01/ /01/ /01/2014 Validation of UHB v 2.0 by the Market (1 month) 05/03/ /04/2014 Validation of UDFS V2.0 by the Market (1 month) 04/04/ /05/2014 9

10 Mitigating the concerns on UHB/UDFS from the February PMG and PMG planning workshop outcomes UHB v 2.0 Some CSDs expressed concerns about a late delivery of the UHB as it is not as stable as the UDFS and they need a stable UHB in order to ensure their operational preparation and training Regular quarterly UHB Document Changes Notices including short review periods UHB DCN example to follow UDFS v 2.0 Pilot CSDs were concerned about a late delivery of the UDFS as the planned date is close to the start of Pilot Testing CSD representatives expressed concerns as it is difficult to assess the number of changes, which would indicate how stable the documents are today CSDs also saw a need for getting further detail on the format/content of the quarterly change notices and the envisaged process for their delivery Regular quarterly UDFS Document Changes Notices incorporate all approved changes UDFS is stable and all changes follow the standard CRM procedure UDFS DCN example provided 10

11 22 nd March 2013 DOCUMENT CHANGE NOTICE FOR CHANGE REQUESTS APPROVED BY THE CRG THAT WILL BE INCORPORATED INTO UDFS V2.0 AND GFS V Background The Change Review Group approved in its different meetings the following change requests that have not been implemented in the UDFS yet. These change requests that will be implemented in the next UDFS version 2.0 and GFS v5.0 as planned are: CRG meeting on December T2S_0348_SYS Allow instructions from CSDs with ISD on/after maturity date 2. T2S_0356_SYS Pagination for messages exceeding the maximum volume of 32 MB CRG meeting on MMYYYY 1. T2S_XXX_SYS name A 2. T2S_YYY_SYS name B This document aims at providing an overview of the impacts on the GFS and UDFS of these change requests.

12 2. Impacts per change request on the UDFS v1.2.1 and GFS v T2S_00348_SYS Allow instructions from CSDs with ISD on/after maturity date 4 Impact on UDFS Chapter Concept of Securities in T2S: Footnote number 40 redrafted Chapter Business Validation: Adaptations on ISIN Code Validation on page 252, starting on line 10. The change aims at allowing all types of CSDs to instruct settlement instructions in T2S on or after the maturity date of ISINs with ISD on or after the maturity date of an ISIN. Chapter 4.1 Index of Business Rules and Error Codes: BRs MVIC311, MVIC312, MVIC313 and MVIC314 redrafted in order to flag that when the instructing party is not an investor CSD, the technical Issuer CSD or the Issuer CSD specified in a settlement Instruction/Settlement Restriction: - the Intended Settlement Date of a Settlement Instruction/Settlement Restriction must be earlier than the Maturity Date of the Security - the current Business Date must be earlier than the Maturity Date of the ISIN code Impact on GFS No impact 2.2 T2S_0356_SYS Pagination for messages exceeding the maximum volume of 32 MB 9 Impact on UDFS Chapter Report generation process: updated list of reports subject to splitting. Chapter Real Time Communication (Query Responses): Clarification on the fact that in case a certain response exceeds the maximum size of 32 MB for a transfer via the file channel, this T2S outbound message may be split into several parts. Chapter Send Query - Inbound and outbound messages: Mention that the interactions between T2S Actors and T2S may differ from the described behaviour in case of queries which use reda.012 or reda.021 as query response messages. Chapter Outbound traffic exceeding given size limitations: The section is Page 2 of 8

13 updated to clarify for which outbound traffic a splitting of messages at business level may occur in order to avoid exceeding the size limitation of 32MB (i.e. reda.009, reda.012, reda.021 and reda.035) Chapter Security Activity Advice V01 (reda ): Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter Security Report V01 (reda ): Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter Securities Account Report V01 (reda ): Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter Securities Account Activity Advice V01 (reda ): Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter 4.1 Index of Business Rules and Error Codes: Additional business rule for high data volume Impact on GFS No impact 2.3 T2S_XXX_SYS Name A Link to ECB site Impact on UDFS Chapter Send Query - Inbound and outbound messages: short description of the modifications. Chapter X title of the section: short description of the modifications Impact on GFS Chapter 1.2.X title of the section: short description of the modifications 2.4 T2S_YYY_SYS Name B Link to ECB site Impact on UDFS Chapter 2.12.X.X title of the section: short description of the modifications. Chapter Security Report V01 (reda ): short description of the modifications Impact on GFS Chapter 1.5.X title of the section: short description of the modifications Page 3 of 8

14 3. Impacts per section of the UDFS v1.2.1 Chapter Concept of Securities in T2S CR348 Footnote number 40 redrafted Chapter Business Validation CR348 Adaptations on ISIN Code Validation on page 252, starting on line 10. The change aims at allowing all types of CSDs to instruct settlement instructions in T2S on or after the maturity date of ISINs with ISD on or after the maturity date of an ISIN. Chapter Report generation process CR356 Updated list of reports subject to splitting Chapter Real Time Communication (Query Responses) CR356 Clarification on the fact that in case a certain response exceeds the maximum size of 32 MB for a transfer via the file channel, this T2S outbound message may be split into several parts. Chapter 2.12.X.X title of the section CRYYY short description of the modifications Chapter Send Query - Inbound and outbound messages CR356 CRXXX Mention that the interactions between T2S Actors and T2S may differ from the described behaviour in case of queries which use reda.012 or reda.021 as query response messages. short description of the modifications Chapter Outbound traffic exceeding given size limitations CR356 The section is updated to clarify for which outbound traffic a splitting of messages at business level may occur in order to avoid exceeding the size limitation of 32MB (i.e. reda.009, reda.012, reda.021 and reda.035) Chapter X title of the section CRXXX short description of the modifications Chapter Security Activity Advice V01 (reda ) CR356 Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter Security Report V01 (reda ) Page 4 of 8

15 CR356 CRYYY Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB short description of the modifications Chapter Securities Account Report V01 (reda ) CR356 Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter Securities Account Activity Advice V01 (reda ) CR356 Clarification that this message is subject to a splitting at business level to avoid exceeding the size limitation of 32MB Chapter 4.1 Index of Business Rules and Error Codes CR348 CR356 BRs MVIC311, MVIC312, MVIC313 and MVIC314 redrafted in order to flag that when the instructing party is not an investor CSD, the technical Issuer CSD or the Issuer CSD specified in a settlement Instruction/Settlement Restriction: - the Intended Settlement Date of a Settlement Instruction/Settlement Restriction must be earlier than the Maturity Date of the Security - the current Business Date must be earlier than the Maturity Date of the ISIN code Additional business rule for high data volume 4. Impacts per section of the GFS v4.0 Chapter 1.2.X title of the section CRXXX short description of the modifications Chapter 1.5.X title of the section CRXXX short description of the modifications Page 5 of 8

16 5. Detailed of the updated Business Rules Source Short name Description Incoming Message Reply Message Code Utilisation Reason Code Error Text When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code The Maturity Date of the Security is later CR348 MVIC311 specified in a Settlement Instruction, the Intended sese.023 sese.024 <Rjctd> DDAT or equal than the Intended Settlement Settlement Date of a Settlement Instruction must be earlier Date of the Settlement Instruction. than the Maturity Date of the Security. When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code The Maturity Date of the Security is later CR348 MVIC311 specified in a Settlement Instruction, the Intended sese.023 sese.024 <Canc> CANS or equal than the Intended Settlement Settlement Date of a Settlement Instruction must be earlier Date of the Settlement Instruction. than the Maturity Date of the Security. CR348 MVIC312 When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code specified in a Settlement Restriction, the Intended Settlement Date of a Settlement Restriction on Securities must be earlier than the Maturity Date of the Security. semt.013 semt.014 <Rjctd> DDAT The Maturity Date of the Security is earlier or equal than the Intended Settlement Date of the Settlement Restriction. CR348 MVIC312 When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code semt.013 semt.014 <Canc> CANS The Maturity Date of the Security is earlier or equal than the Intended

17 specified in a Settlement Restriction, the Intended Settlement Date of a Settlement Restriction on Securities Settlement Date of the Settlement Restriction. must be earlier than the Maturity Date of the Security. When the Instructing Party is not an investor CSD, the sese.023 sese.024 <Rjctd> DDAT The Maturity Date of the Settlement technical Issuer CSD or the Issuer CSD of the ISIN Code Instruction is earlier or equal than the CR348 MVIC313 specified in a Settlement Instruction, the Current Business Current Business Date. Date must be earlier than the Maturity Date of the ISIN code. When the Instructing Party is not an investor CSD, the sese.023 sese.024 <Canc> CANS The Maturity Date of the Settlement technical Issuer CSD or the Issuer CSD of the ISIN Code Instruction is earlier or equal than the CR348 MVIC313 specified in a Settlement Instruction, the Current Business Current Business Date. Date must be earlier than the Maturity Date of the ISIN code. When the Instructing Party is not an investor CSD, the semt.013 semt.014 <Rjctd> DDAT The Maturity Date of the Settlement technical Issuer CSD or the Issuer CSD of the ISIN Code Restriction is earlier or equal than the CR348 MVIC314 specified in a Settlement Restriction on Securities, the Current Business Date. Current Business Date must be earlier than the Maturity Date of the ISIN code. When the Instructing Party is not an investor CSD, the semt.013 semt.014 <Canc> CANS The Maturity Date of the Settlement technical Issuer CSD or the Issuer CSD of the ISIN Code Restriction is earlier or equal than the CR348 MVIC314 specified in a Settlement Restriction on Securities, the Current Business Date. Current Business Date must be earlier than the Maturity Date of the ISIN code. Page 7 of 8

18 CR356 TO BE FURTHER PROVIDED Page 8 of 8

19 DCN Version: 10/2013 TARGET2 Securities Document Change Notice for changes that will implemented into the User Handbook V2.0 DCN Version: 10/2013 1

20 Versioning No. Date Comments Status /07/2013 First Document Change Notice Final /10/2013 Second Document Change Notice Final Content 1 INTRODUCTION IMPACT ON THE UHB LIST OF CHANGE REQUESTS DCN Version: 10/2013 2

21 1 Introduction This Document Change Notice (DCN) aims at providing an overview of all changes affecting the UHB after the published version 1.0 in December 2012 and to be published in UHB V2.0. Changes of the UHB can be amendments of any kinds such as newly added, corrected or deleted entries in the UHB V1.0. They can stem from one of the following three categories and are listed in this DCN. 1) Change Requests (which have been approved by the governing bodies and which have already been implemented a list of Change Requests is included in section 3 of this document) 2) Market Comments (which have been agreed to be taken on board) 3) Functional Alignments The changes are listed under Section 2 Impact on the UHB in table format. This table is structured along the chapters of the UHB. This aims at facilitating the orientation and allowing the reader to quickly identify the parts of the UHB that are subject to change. All entries in the DCN will remain in future versions. The table listing the changes consists on the following columns: DCN-Entry ID The DCN-Entry ID is a unique ID which allows the users of this document to easily identify a specific entry. The DCN-Entry ID is built up as follows: xx/xxxx-xxxx (07/ ) At the beginning of the DCN-Entry ID the month/year is mentioned when the issue was added to the DCN. The last 4 digits will start for each DCN version by 0001 (e. g. 06/ ). For the second version the first new entry will look as follows: 10/ The DCN-Entry ID will remain the same for one entry in order to ensure an unambiguous identification of each issue. The DCN-Entry ID will be used when collecting market comments on the DCN to easily identify each DCN entry. 3 DCN Version: 10/2013

22 Due to the fact that entries are sorted in ascending order according to the chapter, the DCN- Entry IDs might not be in ascending order as of DCN version 2.0. Chapter This column provides information about the chapter of the UHB V1.0 that will be updated in the next UHB version. Page This column provides information about the page of the UHB V1.0 that will be updated in the next UHB version. Explanation of the change This column provides detailed information about the changes that will be put in place for UHB V2.0. The category of the change (as described at the beginning of the introduction) is mentioned in this column. Moreover this column explicitly specifies what item is changed, why an item is changed and how the change will be implemented in the UHB V2.0. For easier orientation text changes are in bold and italic. Section 3 of this document lists all approved Change Requests and indicates whether they have an impact on the UHB. DCN Version: 10/2013 4

23 2 Impact on the UHB DCN-Entry ID Chapter Page Explanation of the change 07/ Settlement Instruction New Screen Functional alignment Update of the references for error messages by adding IIMP126 to the Payment Type Code and Dedicated Cash Account Number field. 07/ Settlement Instruction - New Screen 212 Functional alignment Update of the values of the Partial Settlement Indicator field by adding the value Empty, which acts as the default value Available Report - Details Screen 371 Functional alignment Update of the button name from Show Report to Details button. 07/ / Security CSD Link - New/Edit Screen 691 CR #372 Issuance accounts in the name of entities other than CSD Update of the reference for error messages by adding DSC4050 to the Submit button. DCN Version: 10/2013 5

24 DCN-Entry ID Chapter Page Explanation of the change Securities Account - New/Edit Screen 732 CR #372 Issuance accounts in the name of entities other than CSD Update of the reference for error messages by adding DAC1034 to the Type field External RTGS Account - Details Screen 768 Market comment #143 Correction of the typing error to Restriction Type. 07/ / / Securities Account - New/Edit Screen (Annex) CR #372 Issuance accounts in the name of entities other than CSD Update of the list of references for error messages by adding DAC1034 with the respective information. Reference for error message: DAC1034 Field or Button: Type field Error Text: tbd Description: When performing a Security Account create request, the Party it is linked to must be equal to CSD or CSD Participant if the account type is issuance account. DCN Version: 10/2013 6

25 DCN-Entry ID Chapter Page Explanation of the change Update of the description of the reference for error messages DAC1031. When performing a Security Account create request, the Party it is linked to must be equal to CSD, if the account type is mirror account or issuance account or inter-csd account or T2S technical offset account. 07/ Security CSD Link - New/Edit Screen (Annex) 1839 CR #372 Issuance accounts in the name of entities other than CSD Update of the list of references for error messages by adding DSC4050 with the respective information. Reference for error message: DSC4050 Field or Button: Submit button Error Text: tbd Description: When performing a Security CSD Link create request, if at least one Issuance Account belonging to the Issuer CSD is specified, then one and only one Issuance Account of the Issuer CSD must be specified as Primary. No Issuance Account belonging to a CSD Participant can be specified as Primary. DCN Version: 10/2013 7

26 DCN-Entry ID Chapter Page Explanation of the change Update of the description of the reference for error messages DSC4046. When performing a Security CSD Link create request, the Issuance Account must be an existing, active and open account belonging to the Issuer CSD or to a CSD Participant of the Issuer CSD, with account type equal to Issuance Account. 10/ Settlement In CR #348 - "Allow instructions from CSDs with ISD on/after maturity date" 0002 struction - New Screen (Annex) 1876 Update of the description of the reference for error messages MVIC311. When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code specified in a Settlement Instruction, the Intended Settlement Date of a Settlement Instruction must be earlier than the Maturity Date of the Security. Update of the description of the reference for error messages MVIC312. When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code specified in a Settlement Restriction, the Intended Settlement Date of a Settlement Restriction on Securities must be earlier than the Maturity Date of the Security. DCN Version: 10/2013 8

27 DCN-Entry ID Chapter Page Explanation of the change Update of the description of the reference for error messages MVIC313. When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code specified in a Settlement Instruction, the Current Business Date must be earlier than the Maturity Date of the ISIN code. Update of the description of the reference for error messages MVIC314. When the Instructing Party is not an investor CSD, the technical Issuer CSD or the Issuer CSD of the ISIN Code specified in a Settlement Restriction on Securities, the Current Business Date must be earlier than the Maturity Date of the ISIN code. 07/ Settlement Instruction - New Screen (Annex) 1875 Functional alignment Update of the list of references for error messages by adding IIMP126 with the respective information. Reference for error message: IIMP126 Field or Button: Payment Type Code field, Dedicated Cash Account Number field Error Text: Instruction against payment crediting cash with the creditor cash account informed and the T2S Dedicated Cash Account not informed. Description: In instructions against payment that credit cash, if the cash account of the DCN Version: 10/2013 9

28 DCN-Entry ID Chapter Page Explanation of the change Creditor is informed, then T2S Dedicated Cash Account of the Quantity and Account details must also be informed. 10/ Applies to the whole document Market comment #14 Harmonization of the standard wording for creating objects by deleting the expression new in the old terminology create a new [name of the business object]. The new standard wording is: create a [name of the business object]. DCN Version: 10/

29 3 List of Change Requests included in the versions of the DCN. DCN Ref CR Number CR Description 07/2013 CR372 Issuance accounts in the name of entities other than CSD 07/2013 CR356 Pagination for messages exceeding the maximum volume of 32 MB 10/2013 CR348 Allow instructions from CSDs with ISD on/after maturity date Impact on UHB yes/no Yes No Yes DCN Version: 10/