| Market: | All |
| Products: | Cash |
| Date: | 01 September 2008 |
ESES and LCH.Clearnet Flux Bourse
Launch rehearsal
Update 15 – ESES Issue Status Update
Following update 13, explaining issues encountered during the first ESES test, and update 14, reporting the resolution of one of these issues, LCH.Clearnet SA would like to inform Members that all the issues have now been thoroughly analysed by all the parties involved. The following solutions and processes will be put in place before the next launch rehearsal. Please refer to update 13 for the issue descriptions.
Issues:
Launch Rehearsal
Transfer of CMF Positions:
The solution to this issue is dependent on the complexity of the account structure used by the Member:
- For Members who do not segregate their positions per TMF the fails transfer will be processed automatically at CMF level per CSD;
- For Members who do segregate their positions at the TMF level, the fails transfer will be processed automatically or manually depending on the complexity of the account structure for the TMF;
- For Members who do not have a direct relationship between the TMF account pre- and post-ESES Members must provide LCH.Clearnet with the rule identifying the correct account.
In the absence of a suitable rule case 1 above will be applied.
The LCH.Clearnet Product Implementation team will arrange individual meetings to discuss requirements for Members falling into cases 2 & 3 above.
Transfer of TMF positions to CMF Delivery Account:
Please refer to the solution above which will also resolve this issue.
Late delivery of files:
LCH.Clearnet will further automate this process before the next launch rehearsal.
Members are reminded the ESES launch represents a heavy workload for each market entity. Whilst every effort is being made to respect the timetable provided for the ESES launch, technical problems may arise which delay this timetable. Members should be able to process delays during the next rehearsal and launch to accommodate this exceptional process.
Daily Processes
Nominative Accounts Belgium & Holland:
Approximately 100 Belgian and Dutch securities were wrongly defined as nominative securities in the reference data (used by FININFO, Euronext & LCH.Clearnet). It is planned that this issue will be resolved on the EUA (End User Acceptance) test platform on 3 September.
We will issue a further update when the EUA test platform has been updated.
Market of Reference different to the CSD of reference:
As reported in update 14, this issue has been fixed on the EUA.
Reference Data out of sync with Euroclear:
To mitigate this issue as far as possible during the next testing phase, tests should be restricted to the panel of securities selected for ESES, instead of the entire production list of securities. This restricted panel will be checked from trading to settlement by each entity. A common communication, between Euronext, LCH.Clearnet & Euroclear, will be sent to customers to this effect.
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
Product Implementation Director:
Catherine Mollard: +33 1 70 37 66 57, catherine.mollard@lchclearnet.com
or your local relationship manager
Customer Relationship Management LCH.Clearnet SA