T2S Release 3.0 – Information on the production launch
Note: In preparation for the T2S release weekend starting on 7 June 2019, CBF has created an up-to-date list of T2S Problem Tickets (PBIs). The attached version 4.0 replaces the lists published on 23 January 2019, 2 April 2019 and 8 May 2019.
Clearstream Banking AG, Frankfurt1 informs customers about the upcoming TARGET2-Securities (T2S) Release 3.0. According to the T2S Release Concept, the production launch is scheduled on
Monday, 10 June 2019
T2S Release 3.0 – Scope
With the T2S Release 3.0, twelve T2S Change Requests (CRs) will be introduced in production. These are already approved at T2S Steering Level. In addition, the resolution for various T2S Problem Tickets (PBIs) will be delivered. In case of urgency and if priority is given, further functional updates might be authorised by the Operational Managers Group (OMG). If such changes are announced by T2S, CBF will inform customers in due time.
With this Announcement, CBF provides two lists with the scope elements for T2S Release 3.0. These lists show the latest descriptions about the related T2S CRs and PBIs that might have impact on CBF customers acting in ICP and / or DCP mode:
- T2S Release 3.0 Overview CRs Version 1.0
This list covers all approved CRs. Customers acting in DCP mode will find an indication whether a T2S CR requires an update of the XSD files (please refer to column “XSD Change for DCP”). More details on these requirements can be found in the related ECB documentation2. In addition, the XSD files modified for T2S Release 3.0 are available for download via MyStandards (SWIFT) since 17 January 2019. - T2S Release 3.0 PBIs Version 1.0
This list only shows PBIs that, according to CBF's analysis, may have an impact on customers acting in ICP and / or DCP mode. Therefore, twelve PBIs3 are shown.
Customers are recommended to validate these scope elements and check whether operational and / or functional modifications in their procedures are required.
More information about the CBF implementation approach will be provided once T2S has published the latest update for the scope defining documents.
T2S Release 3.0 – Transition plan
The installation of T2S Release 3.0 into production is foreseen on the second weekend in June 2019. This date is at the same time as the Whitsun weekend. Due to the size of the T2S Release, the deployment will be executed via the “Release Weekend Schedule”. In line with the deployment approach of the previous major T2S Release 2.0, the schedule for the T2S Operational Day will be adjusted due to the implementation activities. The deployment will start after the end of day procedure (“T2S End of Day“) for Friday, 7 June 2019 has been completed. At a later date, CBF will provide an indicative timeline for changes in the operational day during the release weekend.
The below table provides an overview of the important T2S milestones within the upcoming months:
T2S Service Transition Plan - Activity for T2S Release 3.0 | Date |
Publication date for draft Scope defining set of documents | Thursday, 17 January 2019 |
Latest publication date for updated Scope defining set of documents | Friday, 22 February 2019 |
Service Transition Stage Report for R3.0 in Pre-Production (UTEST) | Tuesday, 5 March 2019 |
OMG Go / No-Go decision to deploy R3.0 to Pre-Production (UTEST) | Tuesday, 12 March 2019 |
Ultimate R3.0 Release defects deployment Pre-Production (UTEST) | Friday, 22 March 2019 |
End of testing of R3.0 scope elements in Pre-Production (UTEST) | Wednesday, 22 May 2019 |
Market Infrastructure Board (MIB) approves the R3.0 deployment to Production | Tuesday, 28 May 2019 |
Deployment of R3.0 to Production environment | Friday, 7 June 2019, |
T2S Release 3.0 Timeline
CBF services – Enhancements for T2S Release 3.0
CBF aims to absorb the impact on customers acting in ICP mode as much as possible. Functional enhancements provided by T2S will be integrated into CBF's service offering and the use of these changes is optional for customers. Therefore, CBF will extend the CASCADE Online functionality (HOST / PC) and provide new layouts of the screen without requiring customers to enter additional data. In addition, the extended services can be used via the automated connectivity channels (SWIFT, MQ or File Transfer). The new fields are intended to be offered as an option so that customers can implement the updates on their demand.
Based on the CBF’s implementation approach, the following T2S Change Requests will be introduced to customers:
- T2S-0520-SYS “Add new fields to T2S messages sese.020, sese.024 and sese.025 needed for CA processing”.
The T2S Change Request defines that the “Market Infrastructure Transaction Identification (MITI)” of the underlying instruction will be provided for instructions resulting from transformations as well as for market and reverse claims. In addition, the “Corporate Action Event Identification (CorpActEvtId)” will be transmitted as additional information. Furthermore, a new cancellation code (CAND/CANT; instruction cancelled due to transformation) is introduced for this business segment.
Already today, CBF provides the details for the identification of corporate actions in its settlement reporting to customers. In future, customers acting in ICP mode will receive via MT548 (“Settlement Status and Processing Advice“) the information about a cancellation of a transformation by using the field :24B: (“Reason Code“) with the values “CAND//CANT”.
If T2S transmits the “Corporate Action Event Identification (CorpActEvtId)” for securities that are not covered in the scope of the OneClearstream custody project, CBF will pass this detail to customers. The information is provided via MT548 in field :20C: (“Reference”) using the qualifier “CORP”. - T2S-0600-SYS “T2S reporting functionality must be enhanced to allow the retrieval of the settlement instructions and their related SF1 (accepted) / SF2 (matched) timestamps via A2A / U2A in an efficient and standard way”.
CBF will enhance its settlement reporting to show the two new timestamps related to the processing steps for the “Settlement Finality”. These time stamps will be provided via the message-based reporting as well as via CASCADE Online screens and print reports.
Customers using the CBF outbound messages will be informed via MT536 (“Statement of Transactions“), MT537 (“OTC Statement of Pending Transactions“) and MT548 (“Settlement Status and Processing Advice“). The related timestamp will be delivered in field :70E: (“Settlement Instruction Processing Narrative“) using the ISO15022 compliant format “YYYYMMDDHHMMSS”.
The latest CBF implementation approach defines the following values in the reporting:- MT548 will be enhanced to report in
:70E::SPRO///
ACTM when the instruction is accepted and
MTTM once the instruction is matched - MT536 and MT537 batch reporting will be enhanced to report in
:70E::TRDE///
ACTM when the instruction is accepted and
MTTM once the instruction is matched
- MT548 will be enhanced to report in
- T2S-0607-SYS “T2S must be able to identify, store, and report settlement information related to buy-in transactions consistently across T2S messages”.
With the implementation of T2S Release 3.0, CBF will provide the "Buy-In Indicator" in the CASCADE instruction management. The ISO 15022 standard defines the value "BYIY" for this business case. This value differs from the value "BIYI" provided in the ISO 20022 standard. With a future release, SWIFT will harmonise these values. Long-term, only the value "BYIY" is supported.
The "Buy-In Indicator" is provided in the automated connectivity channels offered by CBF. Customers can provide the new value in the MT54x messages using :22F::SETR/COEX/BYIY. The CBF reporting will include the indicator as additional information in field :70E:.
Within the CASCADE Online functionality (HOST / PC), the new value "BYIY" will be supported for the instruction types AA01 and AA02 using the field “ISO TRANSACTION CODE”.
CBF will ensure the required mapping towards T2S to allow a proper processing of the value "BIYI" used by T2S. If T2S transmits the value "BIYI" to CBF, it will be converted to the value "BYIY", that is used in the ISO 15022 standard.
A detailed description of the CBF service offering will be provided once T2S has published the latest update for the scope defining documents.
Customer simulation
In the period from 23 April to 10 May 2019, simulation activities will be supported by CBF. A “guided simulation” will be offered to customers. The proposed test cases with the corresponding simulation calendar are planned to be published end of March 2019.
Contact
Please contact our Client Services teams for questions regarding the functionality. Questions related to the technical connection can be addressed to our Connectivity Support teams. Particular questions related to the T2S Release 3.0 will be routed to the experts of the T2S Settlement Functionality team.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.
2. Details about the scope elements of T2S Release 3.0 are published on the ECB’s website.
3. Based on the T2S Status Reporting mid of January 2019.
4. CEST = Central European Summer Time