Eurex Clearing Readiness Newsflash | T2-T2S Consolidation: Important information regarding the Production Migration Weekend

Dear Client,

With this newsflash, Eurex Clearing provides further information on the production migration weekend of the T2-T2S Consolidation project upon confirmation by the Market Infrastructure Board of the European Central Bank (ECB), the Governing Council of the ECB, for the go-live date of 20 March 2023. Prior to the launch of the project in the production environment, Eurex Clearing has ensured that the smooth readiness process for its Clearing Members is achieved. Within this context, identification, update and test of all concerned parties’ cash accounts have been performed and Clearing Members have declared their readiness. 

Please find the necessary information for Production Migration described below:

• Eurex Clearing will ensure that all payments on T2 cash accounts are processed and settled on Friday, 17 March 2023 (cut-off time 17:55 CET) before the start of the migration weekend activities. The migration weekend will start at 19:15 CET on Friday, 17 March 2023. End of day processing will continue as usual, and all reports will be generated, except for the Cash Reports (CD010, CD011, CD012, CD015, CD710, CD711, CD712, CD715). Night-time payments (NTP) processed via Bundesbank and Swiss National Bank will not be sent earlier than Monday, 20 March 2023. Payments processed via commercial banks will be sent on Saturday evening, 18 March 2023.

• ECB and Central Banks' activities on T2 side are expected to be completed per Migration Weekend Playbook by 13:30 CET on Saturday, 18 March 2023. T2 participants will receive confirmation to execute their activities. Upon receiving the green light from Deutsche Bundesbank, Eurex Clearing will start reconciliation and liquidity distribution and update cash account information of Clearing Members for all relevant transactions at its own internal system landscape. After the completion of these activities including the netting and instruction processing, Cash Reports (CD010, CD011, CD012, CD015, CD710, CD711, CD712, CD715) will be generated and distributed to the Common Report Engine (CRE) latest by Sunday morning, 19 March 2023.

• New cash accounts will be used with the go-live starting on Monday, 20 March 2023. In order to avoid any funding issues of newly established RTGS (Real Time Gross Settlement) Dedicated Cash Accounts (DCAs) of its Clearing Members, Eurex Clearing will instruct the pending night-time transactions from Friday starting from 03:00 CET until 07:00 CET, on Monday, 20 March 2023. Cut-off time to meet the obligation to fulfill these transactions remain unchanged at 08:00 CET. Within this time frame, Clearing Members are requested to fund their accounts to be able to fulfill the transactions. 

Eurex Clearing notes that in order to minimize the risk of roll-back, changes in Eurex Clearing application landscape will be introduced after the successful completion of migration at ECB and Central Banks' activities on T2. Eurex Clearing will proactively inform its Members during the migration weekend via Production Newsboard messages.

All documentation about the T2-T2S Consolidation is available on the Eurex Clearing website www.eurex.com/ec-en/ on our dedicated initiatives page and location:  

Support > Initiatives & Releases > Readiness for projects > T2-T2S Consolidation

If you have any questions or require further information, please contact your Key Account Manager or send an e-mail to CKAMTaskForce@eurex.com. 

Kind regards, 
Your Client Services Team
 

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