The move to T+3 Phase 3. Post-Trade and Information Services
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- Rebecca Pitts
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1 The move to T+3 Phase 3 Post-Trade and Information Services
2 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 2
3 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 3
4 The aim of the T+3 project The primary aim of the T+3 project is to shorten the settlement cycle for equities from 5 to 3 days 4
5 The aim of the T+3 project Prior to the crisis, many markets had already settled on T3 since The JSE s settlement cycle is notably out of step with global precedent (including emerging markets) CCPs / Exchanges Settlement Cycle Tel Aviv Stock Exchange (TASE) Israel, Kuwait Stock Exchange, Saudi Stock Exchange Eurex Eurex Clearing, HKEx Hong Kong Stock Exchange, Bulgarian Stock Exchange, Ljubljana Stock Exchange (Slovenia) LCH LCH Clearnet, DTCC The Depository Trust & Clearing Corporation, ASX Australian Stock Exchange, TSX Toronto Stock Exchange, BM&F Bovespa Brazil Stock Exchange, Mexico, Oman Stock Market (MSM), Nasdaq T+0 T+2 T+3 (moving to T+2) JSE T+5 According to Thomas Murray, fail rates for most exchanges are between 2 and 8 percent 5 Source: Stock Exchange websites, Chevreux/Credit Agricole Markets Trading Guide 2012; Thomas Murray Sept 2006
6 Project Rationale The move to T+3 has been on the cards for many years and is now mandated by South Africa s Financial Services Board (FSB) Thomas Murray findings in 2006: South Africa should move to a T+3 settlement cycle even if it results in some failed trades. Global benchmarks would improve by moving to T+3 even if there are fails It is the only area where South Africa does not meet the FTSE requirements for an Advanced Emerging Market* FSB mandate November 2012 license renewal letter:...concerns were raised by the Licensing Committee regarding the continued delay in the implementation of the T+3 settlement cycle for equities as well as the perceived lack of prioritising the shortening of the settlement cycle. We request that the JSE do whatever is necessary to ensure the successful completion of this project. 6 Source: Extracted from Thomas Murray White Paper, October 2006; FSB license renewal letter Nov 2012
7 Project Rationale (cont.) Why is a shorter settlement cycle relevant? 1. Exposure: Client-side transactions between buy-side and brokers represent significant uncollateralised, unguaranteed exposure 2. Capital The amount of this market risk depends on time and volatility and thus increases with longer settlement cycles CSDPs are starting to hold capital for exposures. Longer cycles mean more capital 3. Systemic Risk Systemic risk increases when the magnitude of outstanding transactions increases (risk is based on number of outstanding transactions and the concentration) Source: BCG (Oct 2012) 7
8 Project Rationale (cont.) What are the benefits of reducing the JSE s settlement cycle? Align to global best practice comply with the FSB mandate Harmonisation across international markets Increased liquidity faster reinvestment of assets that are released from the settlement process quicker Margin will be called earlier in the cycle Reducing the number of outstanding unsettled trades will: reduce settlement exposure / credit risk reduce systemic risk improve efficiencies by causing participants to adapt and modify behaviours The FSB has mandated the JSE to move to T3 settlement cycle T3 is now a licensing requirement Source: BCG (Oct 2012) 8
9 Project Impacts Does a shorter settlement cycle mean more failed trades? According to Omgeo (global standard for PTS efficiency): The world-wide shift towards shorter settlement cycles will increase the number of failed trades, unless post-trade operational practices are adapted to reduce the period between trade execution and settlement. The most important change required is that market participants should affirm trades on the day the trade is executed, enabling both timely and accurate settlement. Custodian banks and their clients cite inaccurate settlement and account instruction (SI) data as the most significant reason for failure, followed by the deliberate failure to settle by counterparties and mismatches between cash and securities cycles. The shorter settlement cycle does introduce the potential for failed trades, as less time is available for the resolution of any operational issues that may occur Source: Omgeo (May 2012) 9
10 Project Impacts (cont.) How will the JSE keep failed trades low? Plans to reduce fails: Further automation from trade execution to settlement this includes going to real-time trade confirmation on T part of the Phase 2 release Further automation across the market for Corporate Actions Removal of inefficiencies with regards to share removals between global and local markets this has been the cause of all of failed trades since the go-live of electronic settlement. This will be compounded when moving to T+3 as the local settlement cycle will mirror global markets Increase Securities Lending & Borrowing liquidity make more shares available for lending & borrowing to ensure settlement Preparing the market for the move to T+3 Behavioural change and efficient operations are vital to the process 10
11 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 11
12 Overview of the T+3 timeline Overall programme status Phase Status 1 Implemented successfully - 22 July Implemented successfully 20 October and 27 October Analysis in progress, commenced with development and iterative testing Phase 1 Regulatory and Automation Phase 2 ECS go-live on T+5 Settlement Cycle May to July 2016 ready for go-live Phase 3 Market on T3 settlement cycle 12
13 Functions per phase Releases Phase 1 (Regulatory and Automation) Split Brokers Prop and Controlled Client Pledge (electronic pledge to 3 rd parties) SLB Automation to CSDP s Corporate Actions Automation to CSDP s Phase 2 (ECS Go-live T+5) ECS (First Phase replacement of the equities clearing & settlement system) Deal Management Prime Broking Technology Roadmap Upgrade (ECS) Phase 3 (ECS T+3 Implementation) ECS (Second Phase functional migration to T+3) Change from T+5 to T+3 Settlement Fails Management Automation 13
14 4 CSDP s ready for integration Aug September 3 CSDP s ready for integration end October 1 CSDP ready for integration February T+3 Update Timeline review and overall progress update Phase 3 Timeline SEP OCT NOV DEC JAN FEB MAR APR MAY JUNE JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL SYT (7 iterations) Scheduled to start end Oct User Training Refresher Training Regression Cycle SIT Cycle 2 Internal SIT Cycle 4 External UAT Cycle 1 Scheduled to start beginning September SIT Cycle 1 Internal SIT Cycle 3 External SIT Cycle 5 External UAT Cycle 2 ECS Development Strate ready for testing on new code base September Ready for go-live May July
15 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 15
16 Overview of the Phase 3 scope Functions changing / impacted JSE CSDPs JSE Equity Members Strate Clients T+5 to T+3 settlement cycle (timeline changes) x x x x x Scrip Lending and Borrowing / Money Lending and Borrowing x x Terminating transactions BDA (Control clients and Brokers Prop) x x x x x Terminating transactions CSDP's x x x x x Failed Trade Management x x x x x Margining (SFA's) x x Rework SFA's for prime broking x x These changes affect a number of systems within the JSE 16
17 T+3 settlement cycle old view Reducing the timeframe in which to conduct the existing processes and activities will result in quicker settlement. 17
18 18 T+3 settlement cycle new view
19 On-market activities current versus future Action Current Timings T+5 Future Timings T+3 Settlement Orders noncontrolled clients T - Batch T - Real-time after allocations Client Affirmation to CSDP/Rejection to broker T+2 (12h00) T+1 (18h00) Deemed Affirmation Client T+2 (12h00) T+1 (18h00) Broker re-allocation T+2 (16h00) T+1 (18h00) Client affirmation of re-allocation T+2 (16h00) T+1 (18h00) Brokers nets T+2 (EOD) T+1 (EOD) 19
20 On-market activities current versus future (cont.) Action Current Timings T+5 Future Timings T+3 Non-controlled client breach T+3 (12h00) T+2 (12h00) Principal Assumption (reverse substitution) T+4 (12h00) T+2 (16h00) Margining T+3 (EOD) T+1 (EOD) Broker borrowing on Principal Assumption T+4 (12h00 to 14h00) T+2 (16h00 to 18h00) Settlement Authority SLB T+4 (14h00 to 16h00) T+3 (08h00 to 10h00) Failed Trade/Rolling Of Settlement T+4 (16h00 to 18h00) T+3 (10h00 to 12h00) Settlement T+5 T+3 20
21 Off-markets activities current versus future Type Depository Receipts Current Settlement Cycle Reporting Time Commit / BTB Time Future Settlement Cycle Reporting Time Commit / BTB Time Min T+1 15h00 (S-1) 17h00 (S-1) Min T+0 18h00 (S) 18h00 (S) Depository Receipts on RD Not permitted on RD Min T+0 09h00 (S) 10h00 (S) Off-markets T+5 12h30 (S-2) 17h00 (S-2) T+3 12h00 (S-1) 15h00 (S-1) Acct Transfers Min T+0 18h00 (S) 18h00 (S) Min T+0 18h00 (S) 18h00 (S) Acct Transfers on RD N/A where elective CA Min T+0 09h00 (S) 10h00 (S) 21
22 Off-markets activities current versus future (cont.) Type Portfolio Moves Current Settlement Cycle Reporting Time Commit / BTB Time Future Settlement Cycle Reporting Time Commit / BTB Time Min T+0 18h00 (S) 18h00 (S) Min T+0 18h00 (S) 18h00 (S) Portfolio Moves on RD N/A where elective CA Min T+0 09h00 (S) 10h00 (S) Off-market SLB Min T+1 15h00 (S-1) 17h00 (S-1) Min T+0 13h00 (S) 15h00 (S) SLB BP Min T+1 15h00 (S-1) 17h00 (S-1) Min T+0 13h00 (S) 13h00 (S) SLB Rev Substitution Min T+1 10h00 (S-1) 12h00 (S-1) Min T+1 17h00 (S-1) 18h00 (S-1) SLB Returns (Off-market and BPs) Min T+0 (BPs) 09h00 (S) 10h00 (S) Min T+0 17h30 (S) 17h00 (S) 22
23 Off-markets activities current versus future (cont.) Type Off-market SLB on RD Current Settlement Cycle Reporting Time Commit / BTB Time Future Settlement Cycle Reporting Time Commit / BTB Time N/A Min T+0 09h00 (S) 10h00 (S) SLB BP on RD Min T+0 09h00 (S) 10h00 (S) Min T+0 09h00 (S) 10h00 (S) Same day SLB Returns (Offmarkets and BP on RD Min T+0 (BPs) 09h00 (S) 10h00 (S) Min T+0 09h00 (S) 10h00 (S) 23
24 24 Mandatory Events Corporate Actions
25 Mandatory Event Corporate Actions activities Action Current Timing - T+5 Future Timings - T+3 Declaration Date RD-15 RD-13 or earlier Finalization Date RD-10 RD-8 LDT RD-5 RD-3 First day to trade new entitlement RD-4 RD-2 RD RD RD Payment Date RD+1 RD+1 Settlements for new entitlements RD+1 RD+1 25
26 Mandatory Event Information The minimum required information on Declaration Date for Mandatory Events will be: Last Day to Trade (Cum), Ex Date, Record Date and Expected Pay Date Cash Rates and Share Ratios can be announced no later than Finalisation Date by 12h00 Exceptions to this will be dealt with on a case by case basis If applicable (Mandatory Security or Mandatory Cash and Security): Delisting Date/Termination Date, Suspension Date, Effective Date New ISIN Should not all information have been made available on Declaration Date then the cut off date for the Event Finalisation should be no later than 12h00 on Finalisation Date Exceptions to this will be dealt with on a case by case basis Record Date will always be a Friday. In the event of a Public Holiday, Record Date will be the previous business day 26
27 27 Elective Event Corporate Action cycle
28 Elective Event Corporate Actions activities Action Current Timing - T+5 Future Timings - T+3 Declaration Date RD-15 RD-13 or earlier Finalization Date RD-10 RD-8 LDT RD-5 RD-3 First day to trade new entitlement RD-4 RD-2 Election RD (13h00) RD (13h00) RD RD RD Payment Date RD+1 RD+1 Settlements for new entitlements RD+1 RD+1 28
29 Elective Event Information The minimum required information on Declaration Date for Elective Events will be: Last Day to Trade (Cum), Ex-Date, Record Date, Election Deadline Date and Expected Pay Date Cash Rates and Share Ratios can be announced no later than 12h00 on Finalisation Date Default Option and whether Part Elections and/or Restrictions are applicable Elections will be sent to Strate by the CSDPs at 13h00 with possible amendments being submitted up until 14h00. CSDPs and brokers will update their client mandates to ensure that they receive their clients elections timeously to align to these agreed timelines Amended elections will only be allowed in the event that the JSE s fail trade procedures affect elections Strate to forward Election Instructions to Transfer Secretary at 15h00 29
30 Fails Management by JSE Settlement Authority Primary Securities Lending and Borrowing Money Lending and Borrowing Then Rolling of Settlement: If circumstances are correct Then Failed Trade: Failed Trade procedures Retransactions Compensation For Failed Trade procedures we need to find opposite transactions 30
31 Back-to-Back Links MT MT Same settlement cycle Must include details of linked transactions: On-Market report only SLB Collateral Account Transfer Portfolio move SLB return Collateral return Off-markets Could be multiple links 31
32 Back-to-Back Links MT MT Future settlement cycle Must include details of linked transactions: On-Market report only SLB Collateral Account Transfer Portfolio move SLB return Collateral return Off-markets Could be multiple links 32
33 BDA terminating and non-terminating transactions ECS will request terminating and non-terminating transactions from BDA BDA will supply: Controlled Clients transactions; and Broker proprietary net amount 33
34 Equities Clearing System (ECS) Updates from Strate for links MT MT Failed Trade procedures Look for a terminating transaction: Equal and opposite; then Highest to lowest Look for a non-terminating transaction with least impact: Account transfers Portfolio move Collateral SLB return Off-market Then Equal and opposite; then Highest to lowest 34
35 Message instruction MT Advising instrument with potential problems This could happen multiple times MT Settlement orders selected for Failed Trade procedures MT Problem resolved MT is sent to STRATE and the CSDP. Strate will lift the commit based on this message and break links where applicable. 35
36 Flows Fails Management Rolling of Settlement Non-Controlled Client Acct S Client A P 100 AAA R500 (4) 100 AAA R500 S 100 AAA (1) R1,000 ( ) Non-Controlled Client Acct Client B P 100 AAA R1,000 0 Compulsory Reverse Substitution Reverse Subs Acct S Broker C P 100 AAA R500( ) 100 AAA (3) R1,000 ( ) ROS suspense Acct S Broker D P 100 AAA (3) R1,000( ) 100 AAA (2) R1,000 ( ) 0 BDA to cancel original Contract Note R500 0 ECS will: 1. Generate cancellation to Strate for Client B to cancel purchase (MT and then MT ) 2. Generate Settlement Order for Broker D (purchase) to replace failing trade for Client B 3. Generate Settlement Orders to move purchase from Broker D ROS settlement account to Broker C s Reverse Sub account 4. Hold margin for original failing deal Client A Sale 36
37 Flows Fails Management Rolling of Settlement Non-Controlled Client Acct S Client A P 100 AAA R500 (2) 100 AAA R AAA R AAA Broker C to Do manual Allocation Reverse Subs Acct S Broker C P 100 AAA 100 AAA R500 R1, AAA (1) 100 AAA R1,000 ( ) R500 0 ROS suspense Acct S Broker D P 100 AAA 100 AAA (2) R1,000 R1,000 ( ) 100 AAA (1) 100 AAA (1) R1,000 ( ) R1,000 ( ) 0 S Non-Controlled Client Acct Client B P 100 AAA R1, AAA R1, AAA (1) R1,000 ( ) 100 AAA BDA to issue new Contract note for new Settlement date ECS will: 1. Generate Settlement Orders for future settlement date 2. Return Margin held for original failing deal (Client A sale) once settled 3. Generate message to BDA with defaulting and non-defaulting transaction details including future settlement date 37
38 Flows Fails Management Retransaction Non-Controlled Client Acct S Client A P 100 AAA R AAA R500 S Non-Controlled Client Acct Client B P 100 AAA (1) R1,000 ( ) 100 AAA R1,000 0 Compulsory Reverse Substitution S Reverse Subs Acct Broker C 100 AAA R500( ) P 100 AAA (3) R1,000 ( ) Failed Trade Suspense Acct S Broker D P 100 AAA (3) R1,000( ) 100 AAA (2) R1,000 ( ) 0 BDA to cancel original Contract Note R500 0 Settlement Authority will - 1. Generate cancellation to Strate for Client B to cancel purchase (MT and then MT ) 2. Generate Settlement Order for Broker D (purchase) to replace failing trade for client B 3. Generate Settlement Orders to move purchase from Broker D s Failed Trade suspense acct to Broker C s Rev Sub Acct 38
39 Flows Fails Management Retransaction Non-Controlled Client Acct S Client A P 100 AAA R500 (2) AAA R500 Reverse Subs Acct Broker C S P 100 AAA R AAA R1,000 R500 Non-Controlled Client Acct Client B S P 100 AAA R1,000 0 CLAIM LOSS/PROFIT 100 AAA R1, AAA (1) R1,000 ( ) Failed Trade Suspense Acct BDA to issue new Broker D Contract note for new S Settlement date 100 AAA 100 AAA R1,000 R1, AAA (1) 100 AAA Re-transaction R1,000 ( ) R1,500 R500 ECS will - 1. Generate Settlement Orders for future settlement when re-transacted to move re-booked purchase to Client B 2. When re-transaction done send update message to BDA with future settlement transactions 3. Return Margin held for original failing trade Client A Sale once settled 39
40 Flows Fails Management Compensation ECS will - 1. Generate cancellation to Strate for Client B to cancel purchase (MT and then MT ) 2. Generate Settlement Order for Broker D (purchase) to replace failing trade for client B 3. Generate settlement orders to move purchase from Broker D s ROS suspense acct to Broker C s Rev Sub Acct 4. Margin retained by ECS for original failing trade Client A Sale 40
41 41 1. Release margin to Broker A once compensations has settled
42 Margin under T+3 Under T+3 settlement the JSE will margin at EOD T+1 (collect on morning of T+2 respectively) 35 to 40% of trades will be margined figures depending on how market practice will adjust Margin will be retained in the case of Fails Management and returned on final settlement of the transaction: Rolling of Settlement Retransactions Compensation 42
43 Change in practice JSE has moved to real-time systems members may do allocations on a real-time basis on T and commits to flow on T Market practice will change Investors will send instructions and CSDPs will commit on T or T+1 Per JSE Rules and Directives brokers can claim margin from clients 43
44 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 Percentage Commits statistics Average Monthly Commits Non-controlled Clients % 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Date Percentage committed EOD T+1 Percentage committed EOD T+2 Percentage EOD T+3 44
45 New status intimations New MT Reasons for uncommits No securities No clients instructions Timings: EOD T; Real-time T+1; and Real-time T+2. 45
46 Fractions and spreadsheets Raised in 2009 Recently approved at CSDP Forum Investigating implementing before T+3 Phase III Preferred option as previously agreed VWAP on LDT+1 less 10% (for market movements) used for fraction payment; JSE to announce rate so everyone uses same rate; and Surplus shares sold by participant / broker to cover pay out. Spreadsheets will remain for IPO s; Excess Take Up; and Dual listed companies where home Exchanges regulations prevail. 46
47 Freezing of registers Dual Listed companies Freeze registers once currency conversion is booked aligned to JSEs Listing Requirements Securities can t move between registers creates settlement problems Change currency conversion on LDT-1 and announcement to the market 47
48 Migration W T F M T W T F M T T T+1 T+2 C T+3 T+4 T+5 T T+1 O T+2 T+3 T+4 T+5 T N T+1 T+2 T+3 T+4 T+5 V T T+1 T+2 T+3 CA E T T+1 T+2 T+3 CA R T T+1 T+2 T+3 S T T+1 T+2 T+3 I T T+1 T+2 O N LDT RD/RD PD/PD 48
49 Functionality provided in previous phases Recap of BDA T+3 phase 2 and other automation: Automation of Prime Broking Transactions Real Time Deal Management Real Time Contract Notes Same Day Allocations Upload Same Day Deals Upload CLMNT Upload Demat Holding Upload Corporate Actions Elective Events upload 49
50 Migration assumptions Limit amount of Corporate Actions (including IPO s/private placements) if possible Move to a RD-3 LDT date no LDT on Friday of conversion Jobbing across settlement days warn members about SLBs and funding for a period of time Resources will be available across the market for 2 weeks after go-live to manage issues Migration will not take place over a month-end Migration will not take place over a futures close-out 50
51 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 51
52 52 T+3 Update Timeline review and overall progress update
53 T+3 Update Testing market involvement Timing of phases: SIT Cycle 3 Scheduled to start end Oct 2015 SIT Cycle 4 Scheduled to start mid Nov 2015 SIT Cycle 5 Scheduled to start mid Jan 2016 UAT Cycle 1 Scheduled to start beginning Feb 2016 UAT Cycle 2 Scheduled to start end Mar 2016 CSDPs (Voluntary) CSDPs (Compulsory) CSDPs (Compulsory) / Members (Voluntary) CSDPs & Members (Compulsory) CSDPs & Members (Compulsory) Required participation per phase: Pre-SIT Activities Initial reference data set-up Test pack review Per test cycle: Reference data review and health check (two days prior to test execution) Test pack refinement Test execution Results audit (2 days post test execution) Environment refresh (2 days prior to the next test phase) 53
54 Go-live communication After a large portion of testing has been completed by affected parties a narrower period for go-live will be announced This is expected to be announced to the market in November after System Integration Testing (SIT) has started and good progress has been made on the scheduled testing The go-live dates will only be communicated after consultation with: T+3 Market Steering committee Clearing and Settlement Advisory Committee (CSAC) The exact go-live date will be announced after first cycle of User Acceptance Testing in
55 System Integration Testing Graphical Overview (Dynamic Testing) FUNCTIONAL / TECHNICAL EXECUTION May Apr Mar Feb Jan Dec Nov Oct Sept Aug Ref. Data Alignm ent / Backu p Aug Cycle 1 Internal (Incl. Migration) 31 Aug 22 Sep Cycle 2 Internal (Incl. Migration) 23 Sep 21 Oct System Performance Testing (SPT) 25 Aug 20 Oct Cycle 1 External (Incl. Migration) 22 Oct 18 Nov LIMITED TESTING (based on availability) 14 DEC 06 JAN Integrated Performance Testing (IPT) 25 Nov 02 Feb Final Benchmarking and reporting 03 Feb 15 April Cycle 2 External (Incl. Migration) 19 Nov 11 Dec Cycle 3 External (Excl. Migration) 11 Jan 03 Feb STRATE 23-Sep 55
56 56 System Integration Testing Graphical Task Overview
57 57 System Integration Testing Graphical Task Overview
58 58 System Integration Testing (cont.) Graphical Task Overview
59 Entry and Exit Criteria System Integration Testing Entry-Criteria Market documentation reviewed and signed off Agreed and signed off test packs Internal and external stakeholders Market Test Plan completed, reviewed and signed off Data aligned across applications and all relevant backups are completed Internal and external stakeholders Infrastructure verification tests complete (including configuration and connectivity) Applications and services are operational in the test environment across all applications Participants to manage internally No defects with severity of critical or high are open from previous phase Deviation could occur under the following circumstances The defect does not affect any key component within your application The Project team in conjunction with the affected market participant agree to continue with state of defect 59
60 60 Entry and Exit Criteria System Integration Testing Exit-Criteria All test procedures for a cycle is successfully executed by each market participant Test results recorded in the agreed test management tool Participants to manage internally Screen shots, printouts, actual result, etc. attached to the test case in the test management tool - Participants to manage internally Approval for all test cases that are not executed i.e. deferred or not applicable is quality assured by the Test Manager All defects with severity of critical and high is fixed and retested during the cycle Cycle will be extended, if required, to meet the above Will be agreed by the market Agreed resolution of all medium and low severity defects Pass rate is greater than equal to a specified percentage Pass rate is measured across all applications involved in the cycle
61 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 61
62 T+3 Update Proposed training plan - brokers The following is the proposed plan for training details will be confirmed in conjunction with the T3 Marketing and Education Committee Timing - 2 training phases are envisioned: 1 st phase in Jan / Feb 2016 for UAT participants and general market participants Structure: Entire programme lasts 6 hours - split into 2 modules (3 hours each) 2 x 3 hour sessions to be run each day (sessions will be alternated to give attendees flexibility) 5 total sessions to be run in the week - presentation style (auditorium) Planned training agenda: 1. Intro and T3 overview 2. T5 to T3 process changes 3. BDA changes demo 4. ECS changes demo 5. Elective Events (Corporate Actions) 6. Fails Management 7. Migration week - Process 62
63 T+3 Update User Readiness - Planned comms events (cont.) Educational Materials: Description: User guides / brochures / manuals explaining the move to T3 and additional concepts contained therein Frequency: Multiple drops July to November Purpose: To enhance the knowledge of participants impacted by T3, to enable them to transition to the shorter settlement cycle Planned content: 1. T+3 Guide JSE (Aug) 2. T+3 FAQs JSE (Aug) 3. T+5 to T+3 process timelines JSE (Aug) 4. Fails Management Process (to include roles and responsibilities of SASLA & CSDPs) (Sep) 5. SLB Document SASLA (Sep) 6. Corporate Actions Document Strate (Sep) 7. Removal Process (Transfer Secs) JSE (Sep) 8. SLB Tax Document SASLA (Oct) 9. SLB Corporate Actions Document SASLA (Oct) 10. Settlement Obligations Document JSE (Oct) 11. Migration Document JSE (OCT) 12. JSE & Strate Rules & Directives JSE & Strate (Nov) 63
64 T+3 Update User Readiness - Planned comms events (cont.) Roadshows / Conferences: Description: External presentations to stakeholders (local and foreign) regarding the T3 project Frequency: Multiple sessions Purpose: To allow impacted stakeholders not based in JHB to attend T3-focussed presentations and engage with project staff Planned schedule: July Namibian Stock Exchange visit August Buy-side Roadshow (CT) November Buy-side Visit (CT) / NEMA Africa (LDN) / JSE Roadshow event (LDN) February / March 2016 potential UK/USA roadshow (TBC) March / April 2016 CT visit 64
65 Current T+3 Committees T+3 Market and Educational Committee Purpose: to agree the approach and plan for all market-facing User Readiness activities Current focus: Review educational paraphernalia to be circulated to the market Assist with setting up roadshows and meetings T+3 Market Steering Committee Purpose: to review market readiness and updates and agree any future steps Project Managers Purpose : to review milestones and updates Test Managers Purpose: agree and manage testing requirements 65
66 Agenda Overview of the move to T+3 Structure of the JSE s T+3 project Detailed walkthrough of the Phase 3 scope Explaining the sub-phases in Phase 3 Training & User Readiness Risks / Issues / Questions 66
67 External risks and Issues Risk Risk Description Mitigation Risk Factor External External unforeseen (black swan events) Unanticipated regulatory demand Perception that the global precedent is moving Unforeseen major events the length of the program, geo political, economic or JSE industry factors could change the landscape and affect T+3 viability and delivery Any unknown legislative or regulatory changes might dilute focus and compromise market commitment Global markets are moving to T+2, while South Africa is currently only implementing a T+3 cycle Monitor the external environment for changes Incorporate outcomes from stress testing and group economics analysis Accept residual risk in the event that a black swan happens. We may be forced to focus senior resources on the resolution of the black swan event instead of T+3 Continuous monitoring of legislative and regulatory developments and assessing impacts as and when they arise Deferring changes where possible if they impact the T+3 project Continue to reinforce the reason why agreement was reached on a target of T+3 with both the FSB and the market Ensure delivery to target timeline to avoid delays (and circumventing further pressure to move directly to T+2) 67
68 External risks and Issues Risk Risk Description Mitigation Risk Factor Market Competing industry initiatives dilute focus and compromise market commitment Market readiness / behavioral changes Offshore market readiness 68 The JSE s T+3 project is one of many concurrent industry initiatives. While the market has agreed to rank T+3 as the top priority industry initiative, they have warned that a delay in timelines will cause them to re-evaluate priorities and shift delivery focus to other projects. There is a concern that the market and participants may not be ready for T+3 (i.e. brokers and fund managers have current processes based on T+5 and may not be prepared for T+3 processes) which will compromise go-live. International investors that arbitrage trade in dual listed stocks on a T+2 cycle in the UK (and a T+5 cycle in SA) might not move shares between registers within the allocated time to meet the new settlement cycle requirements. Ongoing engagement with market participants to ensure commitment. High confidence planning to ensure on-time delivery User readiness activities include road shows, communication and educational documentation to be distributed to market participants. Meetings are frequently being held with various stakeholders from the market to confirm progress on their systems and readiness in line with their planned schedules. Extensive communication is underway to the market explaining the benefits of the move to T+3. Early and regular engagement with clients during the course of the project. Upfront consideration given to the technical impacts on clients. Extensive communication and education about the move to T+3. Work with transfer secretaries to identify and introduce more efficient processes for the removal of shares between markets. Increase liquidity for securities lending and borrowing.
69 Questions?
70 Broker Workgroup - Post Trade STP (Equities) Background Workgroup comprises Institutional Broker Members Initiated this 2015Q2, initially to tackle challenges faced by Brokers with 3 rd Party vendors offering electronic confirmation /matching platforms to BuySide clients. Identified the need to review the evolving Equities Post Trade landscape in SA. Formalised monthly meetings, with adhoc/as needed sub project teams to tackle certain initiatives/challenges. Objectives To establish best practice, guidelines and education of broker members, fund managers, vendors, JSE as regards current practice, challenges, current process of post trade confirmation between all market participants and critical success factors for T+3 To engage with 3 rd party Vendors, JSE, Investment Administrators, FundManager groups as a group with common purpose, to drive towards an efficient and cost effective post trade landscape within SA market for all participants Current Actions Assessing the current challenges faced by the broker members, with the view to socialise with Fund Managers, Investment Administrators and JSE to solution these existing challenges Regular engagement with 3 rd Party Vendors (Omgeo, Bloomberg and Iriss) Next Actions Engage with Fund Managers/Representatives in understanding their current challenges in the post trade environment Socialise amongst all market participants T+3 critical success factors. 70
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