T2S Release 6.2 – Deployment activities - Update
Note: This announcement, originally published on 14 October 2022, has been updated because the implementation of the Corporate Actions Harmonisation and the T2-T2S Consolidation projects were postponed to spring 20231. Changes have been highlighted.
Following Announcement D22046, Clearstream Banking AG, Frankfurt2 informs customers about the TARGET2-Securities (T2S) Release 6.2 that will be deployed on
the weekend 19 and 20 November 2022
for business day Monday, 21 November 2022
this Announcement shows the intended timeline and modifications in the T2S Operational Day between Friday, 18, and Monday, 21 November 2022, for the deployment of T2S Release 6.2.
T2S Change Requests and T2S Problem Tickets
The lists of T2S Change Requests and T2S Problem Tickets (PBIs) attached to Announcement D22046 describe the scope of T2S Release 6.2.
Please note that only Problem Tickets are listed that might have impact on CBF customers acting in ICP and / or DCP mode. Nine PBIs, that can also affect CBF customers, have been authorised for implementation with T2S Release 6.2.
Impacts on the CBF Business Day for the T2S Release 6.2 Deployment Weekend
Due to the “T2S Release Weekend Schedule” the timeline of the operational day and respective reporting during the T2S deployment weekend will be changed.
With this Announcement, CBF customers receive the current schedule3 that highlights the processing during the deployment weekend. This attached timeline is based on the timeline announced in the latest version of the T2S Playbook for the deployment weekend.
In addition to the implementation activities of T2S and CBF, customers using the SWIFT network for instruction management must note that as of Saturday, 19 November 2022 at round 16:00 the changes induced by the SWIFT Release 2022 will be activated.
For the implementation weekend, SWIFT has announced the below-mentioned maintenance window3:
SWIFT Maintenance Schedule | ||||
Weekend | Start time | End time | Maintenance type | Disruption |
19 to 20 November 2022 | Saturday 05:00 | Saturday 16:00 | General Maintenance | No disruption |
Saturday 16:00 | Sunday 05:00 | Possible small disruption less than 10 minutes | ||
Based on the most recent information provided, the following assumptions can be made:
- Customers acting in ICP mode and using the CBF connectivity channels via SWIFT, MQ, File Transfer (FT) or ClearstreamXact need to consider that any instruction transmitted between Friday, 18 November 2022 at 20:00, and the finalisation of the Clearstream Banking implementation phase on Sunday, 20 November 2022 around 06:00, will be queued in the connectivity layer. All instructions received on Friday, 18 November 2022 by 19:45 that could not be processed, as well as queued instructions, will be processed after the deployment with the enhanced functionality. During the implementation weekend, only customers transmitting instructions via SWIFT to CBF will receive an acknowledgement upon receipt of the instruction based on their existing message subscription.
- The opening hours of the Clearstream Online functionalities will be modified. The CASCADE HOST / PC frontend and Xact Web Portal will be available until Friday, 18 November 2022 at 20:00. After this, customers are requested not to enter, modify or cancel instructions. In Over the course of Sunday, 20 November 2022, the systems will be re-opened between 06:30 to 11:00.
- Customers acting in ICP mode and using an automated connectivity channel (SWIFT, MQ or File Transfer (FT)) to receive the CBF settlement reporting are requested to check the modified reporting times, where applicable. CBF will provide the files according to the existing message subscription. Depending on the T2S Release 6.2 timeline, files might be empty and will be transmitted only if the related messages have been subscribed for. In addition, the customer’s technical infrastructure should accept and store the provided files. Otherwise, the information / data will be lost. CBF recommends accepting files at any time during the T2S Release Weekend.
- Customers acting in DCP mode must be prepared to use the updated XML scheme (XSD) once T2S Release 6.2 has been successfully implemented. Any instruction that will be transmitted to T2S:
- On Friday, 18 November 2022 before 20:00, and is accepted by T2S will be converted by T2S. Once the deployment activities are complete, the instruction is processed using the modified processes. The corresponding reporting is sent based on the new XSDs / formats.
- On Friday, 18 November 2022 after 20:00 the new XSD / format must be taken into account. If the latest definitions are not used, the instruction will be rejected when T2S reopens after the software deployment.
- On Friday, 18 November 2022 at 20:00, T2S will close the online functionality (T2S GUI, U2A) and the “Straight-Through Processing” channels (STP, A2A). On Sunday, 20 November 2022, between 11:00 and 21:00, the T2S maintenance window is scheduled. Incoming instructions that will reach T2S during the deployment phase or maintenance window are queued. After the reopening of T2S, once the A2A channel and the T2S GUI will be available, these instructions will be processed, either on Saturday, 19 November 2022, or on Sunday, 20 November 2022 from 21:00, in line with the T2S Operational Day
- Customers acting in DCP mode and using the “YCON” procedure to receive real-time settlement reporting via CBF need to consider that these messages will be transmitted on Sunday, 20 November 2022, after CBF has started to provide the settlement results in ICP mode.
- For the processing via KADI (CBF in its role as Issuer CSD) and Custody (OneClearstream markets), the following processing applies: Settlement instructions resulting from corporate actions processing will be created on Friday, 18 November 2022, in line with the regular business day and presented to T2S before the system will be closed for the deployment activities. On this processing day, customers will receive Corporate Actions messages (MT564, MT568) only from 23:00, deviating from the regular transmission time (that is, 19:30). Additionally, the transmission times of Corporate Action Confirmations (MT566) will be modified. The reporting, which is generated via Custody and KADI can be provided on Sunday, 20 November 2022, after 06:00 until the maintenance window will start (at around 11:00).
- In general, the processing at Clearstream Banking S.A., Luxembourg (CBL) is not impacted by the T2S Release Weekend procedure. The procedures in CBL regarding the settlement of DvP instructions in foreign currencies, stock exchange trades in non-collective safe custody (NCSC) as well as for the markets included in the Local Market Partner (LMP) concept will continue to run in the existing business as usual mode. However, the securities settlement of instructions against a foreign currency will shift. The cash management at CBL will be conducted according to the CBL timeline and the cash settlement result will be presented to CBF. CBF will queue these results. The settlement of the securities leg will be possible once CBF transmits the release instruction for the “CoSD Hold” to T2S. Therefore, the reporting of the cash settlement and securities settlement will be provided at different times.
- CBF’s processing with the T2S Out-CSDs DTCC and SIX SIS will remain unchanged. Customer settlement instructions will be forwarded to these CSDs in accordance with the market deadlines. Settlement results and feedback for pending instructions from these CSDs will be transmitted to T2S once CBF releases the queued instructions for the T2S Real-time Settlement (RTS) cycle scheduled for Sunday, 20 November 2022.
CBF customer communication on the T2S Release 6.2 Deployment Weekend
Before and during the T2S deployment weekend, “Operational News” will be published on the Clearstream website, to which CBF customers can subscribe to be informed about the progress of the implementation activities. Customers can set up the subscription to "Alerts" for "Operational News" in the My Clearstream section under Subscriptions / Real-time alerts.
The following table provides an overview of the planned "Operational News" and respective "Alerts" for the T2S Release 6.2:
Envisaged customer communication
“T2S Release 6.2 Deployment Weekend“
Operational News | Milestone | Due date / time (CET) |
#1 | T2S Release Weekend Schedule | Monday, 14 November 20223 |
#2 | Completion of CBF End of Day Processing | Friday, 18 November 2022, 19:30 |
#3 | T2S - End of processing of incoming messages | Friday, 18 November 2022, 20:00 |
#4 | Green Light for T2S Software Deployment | Friday, 18 November 2022, 20:30 |
#5 | Start of Transmission (A2A) | Saturday, 19 November 2022, 15:45 |
#6 | Start of Transmission | Sunday, 20 November 2022, 08:00 |
#7 | Completion of T2S Real-Time Settlement (RTS) and Start of Maintenance Windows | Sunday, 20 November 2022, 11:15 |
Once an above-mentioned milestone has been achieved, an “Operational News will promptly be published with the updated status in English. An alert will inform subscribed users about the publication of the Operational News.
CBF Indicative Timeline for the T2S Release 6.2 Deployment Weekend
The attached timeline indicates the changes in the CBF operational schedule during the T2S Release Deployment Weekend.
The timeline created by CBF is based on the timeline announced in the latest version of the T2S Playbook for the deployment weekend provided end of September 2022. The plan covers the period from Friday, 18 November 2022, at 18:45 to Monday, 21 November 2022, at 06:00. Events and processes before and after this specific period can be considered as unchanged. To indicate the changes, a column “Revision” is available. It shows:
| Processing in line with daily operational schedule |
| Process / reporting will not be executed |
| Process ahead compared to daily operational schedule; see revised time |
| Process postponed compared to daily operational schedule; see revised time |
| Publication Operational News |
| Update: Changes are underlined |
Notes for the start in production
Based on CBF's implementation approach, the new T2S services will be supported and activated during the implementation weekend.
On 14 June 2021, CBF decommissioned the following CASCADE Online functionality (HOST / PC) transactions:
- “Cash Forecast – Übersicht „KUCF“;
- Liquiditätsmanagement – Erfassung „KNEE“;
- Liquiditätsmanagement – Änderung „KNEA“”.
However, customers can still retrieve details of historical cash using the transaction “Disposition und Abrechnung” (“KNGI” and related function “IG”). With the implementation of the CBF Release November 2022, this functionality will no longer be available.
Furthermore, with the release in November 2022, the content of KUSTA data base will be updated. The KUSTA Data Carrier and the associated services will not be impacted. However, customers using the KUSTA Data Carrier will notice updates in the field “Auslandsteilnehmer / Participant of CBF international (CBF-i)”. Based on the latest functional design, there is no need for the value “1 - No settlement via Creation (Kein CBF-AUSL-TLN)”. That is, if the customer maintains a CBF-i account, the value “2 - Settlement via Creation enabled (CBF-AUSL-TEILNEHM)” will be provided, otherwise the value “0 – Initial value” will be displayed. Due to this modification, all existing records showing the value “1” will be updated and in future presented with “0”. The change in the records will be provided with the regular CBF KUSTA reporting depending on customer’s report definitions.
Contact
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer. Particular questions related to this Announcement will be routed to the experts of the T2S Settlement Functionality team.
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1. See ECB’s announcement: Eurosystem reschedules start of renewed wholesale payment system (europa.eu)
2. 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.
3. All times in the Announcement are specified in Central European Time (CET), except in the SWIFT Maintenance Schedule where times are shown in Greenwich Mean Time (GMT).
3. The operational news will be published over the course of the day.