Post on 30-Jan-2016
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Change requestsChange requests
T2S Advisory GroupT2S Advisory GroupBucharest, 30 June 2011 – 1 July 2011
T2S Programme Office European Central Bank
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BackgroundBackground
The URM SG assessed whether each request for changes are needed for the start of T2S
The URM SG recommended the Advisory Group (AG) to
1. implement 13 requests that are needed for the start of T2S
2. consider remaining ones potentially in a later release of T2S
The AG is invited to consider the change requests and recommendations of the URM SG
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Change requestsChange requests
0276_URD Unmatched status pushed after first unsuccessful matching attempt 0299_URD Remove inconsistencies in chapter 13 to clarify that the unmatched
status will not be pushed after first unsuccessful matching attempt
Reason for CR:Ø Explicit notification of a first unsuccessful matching attempt after successful
validation of a settlement instruction
Consequence of not implementing the change request:Ø Some markets that still consider the implicit notification of the unmatched status
as insufficient in the new T2S context will have to bear some additional costs to
adjust their systems/market practice
URM-SG recommendation:Rejection 0276_URD and approval of 0299_URD
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Change requestsChange requests
0277_URD Securities CSD links for same day creation, not only as of future
date
0294_SYS Security CSD links maintenance in A2A
0295_SYS Maintenance of restriction type rules in A2A
Reason for CR:Ø Mainly for the set-up of short term commercial papers issued intra day
Consequence of not implementing the change request:Ø The set-up of these securities will not be possible. Use of GUI as alternative not
viable due to high volume
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0278_URD Limit utilisation report to be pushed by T2S
Reason for CR:Get an automatic report from T2S about the current limit utilisations
for a particular client of a payment bank
Consequence of not implementing the change
request:Payment bank will have to use queries to get the information
URM-SG recommendation:Rejection and Consider it potentially in a later release of T2S
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Change requestsChange requests
0279_URD Removal of allegement removal for a cancellation instruction
and allegement cancellation for a cancellation instruction
Reason for CR:Ø Deletion of notifications that will not be covered in T2S as no standard market
practices have been identified by SGMS
Consequence of not implementing the change request:Ø Cost impact due to the need to add new T2S specifications to cover those
notifications
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0282_URD Introduction of T2S securities account as an optional matching field
Reason for CR:Ø Further minimise the risk of cross matching in countries where currently matching is
based on CSD account numbers
Consequence of not implementing the change request:Ø Reopening of the discussion on matching fields to revert back to an option with no
impact to the URD and specifications
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0283_URD Disallow partial settlement of blocking instruction
Reason for CR:Ø Only allow blocking if the full amount of securities/cash are available (and
recycle the blocking instruction otherwise)
Consequence of not implementing the change
request:Ø CSDs will not be able to handle voluntary elections
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0284_URD T2S Central board function for Security Maintaining Entity
Reason for CR:Support the communication of information regarding securities reference
data between the investor CSDs and the Security Maintaining Entity CSD in
T2S
Consequence of not implementing the change request:A channel of communication might need to be established by CSDs outside
T2S
URM-SG recommendation:Rejection and Consider it potentially in a later release of T2S
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Change requestsChange requests
0285_URD New attribute at securities account level to identify account
allocation instructions
Reason for CR:Ø Recognise securities accounts attributed to account allocation operations,
for billing purposes (direct holding market’s “all-in model”)
Consequence of not implementing the change
request:Ø Reopening of the discussion on direct holding market’s all-in model to find
an option with no impact to the URD and specifications
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0288_URD Technical acknowledgements at infrastructure level
Reason for CR:Ø Move the responsibility for creating the technical acknowledgements
within the T2S Platform
Consequence of not implementing the change
request:Ø It would increase the number of messages created by the T2S
application
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0290_URD Mandatory bundling of messages into files during night-time
period
Reason for CR:Ø Align the reporting by bundling settlement related messages into files
during night-time period to be consistent with the settlement process,
which is carried out in sequences
Consequence of not implementing the change
request:Ø Increase of message traffic and costs attached to it
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0291_SYS Enhance cash side-reporting and new attribute in message
subscription service.
Reason for CR:Ø Enhancement end of day statement of accounts and debit/credit
notifications to better recognise cash related postings
Consequence of not implementing the change
request:Ø Complexity for reconciliation of cash movements resulting from settlement
instructions
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0292_SYS Link securities account to DCA via A2A
Reason for CR:Ø Provide A2A messages for linking a securities account to a dedicated
cash account in T2S
Consequence of not implementing the change
request:Ø Initial set-up and maintenance via U2A. Initial set-up (migration) will
entail high volume usage.
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0293_SYS Inclusion of the already matched flag criteria in the message
subscription
Reason for CR:Ø It will reduce the message traffic and costs attached to it
Consequence of not implementing the change request:Ø CCP, Stock Exchanges and Trading Platforms that will most likely send T2S an
already matched settlement instruction will have to adapt their systems to
receive two notifications instead of one from T2S for each instruction they send
T2S
URM-SG recommendation:Ø Approval
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Change requestsChange requests
0296_SYS Maintenance of roles and privileges in A2A.
0297_SYS Message subscription rule maintenance in A2A
Reason for CR:Provide A2A messages for maintaining roles & privileges and the message
subscription
Consequence of implementing the change request:The request would create more development costs for CSDs (to replicate the
T2S roles and privileges in their own systems, to build a U2A function in their
system for manual input of these roles and privileges and to feed T2S using the
A2A messages) and T2S (create new messages) without obvious efficiency gain
URM-SG recommendation:ØRejection and Consider them potentially in a later release of T2S
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Change requestsChange requests
0298_SYS Close links and eligible securities deletion in A2A.
Reason for CR:Provide A2A messages for close links and eligible securities deletion
Consequence of not implementing the change
request:Deletion of close links and eligible securities is to be performed via U2A in
T2S and also in the collateral management system. May be limited
operational risk
URM-SG recommendation:Rejection and Consider it potentially in a later release of T2S
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