Eurex Clearing Readiness Newsflash | T2-T2S Consolidation: A. Simulation start and availability of documentation; B. Settlement Bank Account Group Information for Production

Dear Clearing Member,

With this Newsflash, Eurex Clearing informs its Members on the start of the simulation testing phase for T2-T2S Consolidation, publication of the Member Simulation Guide and further information for the inclusion in Eurex Clearing’s Settlement Bank Account Group for production.

Learn now more about T2-T2S Consolidation on our dedicated initiative page under the following link: Support > Initiatives & Releases > Project Readiness > T2-T2S Consolidation. System documentation, circulars, timeline and much more information are available there for you.

A. Simulation start and availability of documentation

As announced in Eurex Clearing Readiness Newsflash | T2-T2S Consolidation: Additional documentation available, testing between Eurex Clearing and its Members will commence on 1 June 2022 and will last until 30 September 2022.

Penny tests

The execution of penny tests (at minimum one credit and one debit AS transfer) will be carried out per each Clearing Member’s RTGS Dedicated Cash Accounts (DCAs) participating in Eurex Clearing’s Settlement Bank Account Group.

Testing of Eurex Clearing invoices and fees

The testing of Eurex Clearing invoices and fees initiated manually by Eurex Clearing will start approximately mid-August 2022. Testing between Eurex Clearing Members will be concluded until 30 September 2022.

• Clearing Members should ensure that sufficient funding of at least €20 is available on each RTGS DCA participating in Eurex Clearing’s Settlement Bank Account Group.

In reference to the simulation start of T2-T2s Consolidation at Eurex Clearing, the documents made available are:

• T2-T2S Consolidation Member Simulation Guide
• Sample messages of camt.054 generated by T2 in response to Eurex Clearing’s AS transfers

The T2-T2S Consolidation Member Simulation Guide is available on the dedicated Eurex Clearing Support page, "Supporting Documents", under the following link: 

Support > Initiatives & Releases > Project Readiness > T2-T2S Consolidation 

The sample messages of camt.054 have been made available in the Member Section of Deutsche Börse Group under the following path:

Member Section > Resources > Eurex Clearing > Documentation & Files > T2-T2S Consolidation

Eurex Clearing would like to point out that the four provided XML samples for camt.054 – known as the BankToCustomerDebitCreditNotification messages – are not produced by Eurex Clearing’s internal systems. These sample messages are for demonstration purposes only. 

• Members are advised to reconfirm and test the validity of the fields and the content of the notification messages during their internal testing.

B. Settlement Bank Account Group Information for Production

Following the ECB’s readiness approach, customers must provide their cash account structure in the TARGET Registration Form to their National Central Banks (NCBs) until end of June 2022 for the production environment (Deutsche Bundesbank deadline, timeline may vary, please get in touch with your own NCB).

In addition to the cash account structure and definition (i.e. RTGS DCAs), the TARGET Registration Form also contains information on Settlement Bank Account Groups. Participation of Clearing Members in Eurex Clearing’s Settlement Bank Account Group is essential for Eurex Clearing as Ancillary System (AS) to ensure smooth cash processing between Eurex Clearing and its customers.

Details to be filled in the TARGET Registration Form

The assignment to a particular Settlement Bank Account Group replaces the current direct debit mandate process. Therefore, in the relationship between Eurex Clearing and the customer, where the cash payments are currently processed as direct debit via TARGET2 accounts, customers have to provide in the Registration Form, sub-menu “5. Groups”, the sign-up information for Eurex Clearing’s Settlement Bank Account Group (Field 197 “Group Name”) for the test and production environments. Furthermore, the account numbers of RTGS DCA(s) to join the Settlement Bank Account Group must be filled in field 198 (“Cash Account”).

Therefore, Eurex Clearing’s customers making use of TARGET2 cash payments in EUR are obliged to include the following Settlement Bank Account Group name (32 characters) in the set-up information towards their own NCB:

DESEUXCDEFFASI-EUREX-CLEARING-AG

For Members who have their NCB outside of Germany, the form must be counter-signed by Eurex Clearing first and then submitted to the relevant NCB. 

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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