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| Market: | Bonds and Repos |
| Products: | Spanish government bonds |
| Date: | 19 October 2011 |
Bonds and Repos – Spanish government bonds: Update on the Roadmap
Executive summary
The Target solution is expected to go live on Friday 2 December 2011, subject to regulatory approval.
Action: Clients need to provide their operational contact for the launch.
Tests and go live preparation
Testing
End-to-end tests have been conducted successfully with the clearing members and a vast majority of the active clearing members on the Spanish market have completed their on-boarding.
The clearing platform remains available for testing; contact your product implementation manager for details.
Launch preparation
Important: Clients must provide their operational contact for the launch.
18 November: LCH.Clearnet will block the sending of any new settlement instructions with value date > 02/12;
The objective here is to freeze the stock of settlement instructions already sent to Iberclear.
19 November:
- LCH.Clearnet will extract and send to each client their list of settlement instructions with value date > 02/12;
- Clients will need to confirm via email that it authorises LCH.Clearnet to cancel the listed instructions;
LCH.Clearnet will forward the provided confirmation to Iberclear;
Between 19 and 23 November: Iberclear will cancel the instructions with value date > 02/12;
2 December:
- For same-day trade, i.e. value date = trade date = 02/12, settlement instructions are sent by LCH.Clearnet on a gross basis on behalf of Clients;
- For trades registered before the 02/12, i.e. trade date < 02/12 and value date = 02/12, settlement instructions are still sent by Clients (current flow);
Before 17:00 CET, LCH.Clearnet will send the first net settlement instructions to Iberclear with value date = 05/12.
Note that settlement instructions with value date = 05/12 that were previously cancelled, will be included into the first netting batch.
Next Step
On 19 November, LCH.Clearnet will send to each client the list of settlement instructions to be cancelled with value date > 02/12.
For further information, please contact:
Your LCH.Clearnet SA product implementation manager:
Mykael Lemosle: +33 (0) 1 70 37 65 27 – [email protected]Or your account manager
Michel Bokobza: +33 (0) 1 70 37 65 55 – [email protected]
Mireille Van den Neucker: +32 (0) 2 274 55 10 – [email protected]
Customer and Market Management LCH.Clearnet SA