| Market: | All |
| Products: | Cash |
| Date: | 20 August 2008 |
ESES and LCH.Clearnet Flux Bourse
Launch rehearsal
Update 13 – Second status report after the migration Weekend
LCH.Clearnet SA would like to provide Members with an updated status report after the migration to ESES Stream 3.
Issues
Launch Rehearsal
Transfer of CMF Positions
During the switchover test, we performed certain processes manually. Amongst these, we used a default rule for securities where the CSD of reference was changed. According to this rule, fails positions for the securities concerned were transferred to the DA linked to the local CSD corresponding to the market of reference (clearing segment).
Transfer of TMF positions to CMF Delivery Account
Members have noted that when transactions for their TMFs are processed following a change of market or CSD of reference all the transactions are placed in the default delivery account of the CMF as defined in their account structure.
Late delivery of files
Some Members have commented that the files were delivered very late when compared to the standard times. Members should note that a special timetable for file transfers was implemented for the launch rehearsal and whilst LCH.Clearnet accepts that there was a delay in transferring the files the delay was closer to 6 hours rather than the 34 hours reported.
Daily Processes
Registered Belgian & Dutch Securities
A problem has been identified with registered securities where the CSD is Belgium or Holland; the transactions are sent to Euroclear with the booking on NDC 010, which is invalid for these CSDs.
Market of Reference different to the CSD of reference
In some cases, positions where the market of reference is France and the CSD is NOT France are reported as fails. We are working with Euroclear to resolve this issue.
Reference Data out of sync with Euroclear
Some instructions keyed by traders and cleared by LCH.Clearnet are rejected at the settlement level. This is because the common reference data between Euroclear and LCH.Clearnet is sometimes out of sync. Euroclear and LCH.Clearnet are in permanent contact to reduce the number of cases.
We will keep you informed of the status of the issues that we are investigating and examining potential solutions.
Due to the issues described above LCH.Clearnet would like to recommend that Members do not pursue tests on these specific cases until we have confirmed their correction.
LCH.Clearnet SA Product Implementation Team remains available to help members resolve any issues they encounter.
For further information, please contact:
your LCH.Clearnet SA product implementation manager:
Joelle.Devars: +33 1 70 37 65 85, joelle.devars@lchclearnet.com
Tom Badman: ++33 1 70 37 67 69 , tom.badman@lchclearnet.com
Christophe Robert: +33 1 70 37 67 08, christophe.robert@lchclearnet.com
or your local relationship manager
Customer Relationship Management LCH.Clearnet SA