Transcript De Nederlandsche Bank

TARGET2 presentation
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London, 3 January 2008
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Bernard de Groes
Bas Dekker
Agenda
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TARGET2 update
Migration issues
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Bernard de Groes
Bas Dekker
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TARGET2 update
Bernard de Groes
Public project plan
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GFS, UDFS
T2 user guide
Testing
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2007
Internal tests
(3CB)
2008
Acceptance
(CBs)
User testing activities
(group 1)
User testing activities
(group 2)
User testing activities
(group 3)
Group 2 testing
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01/02
09/11
05/10
17/09
19/06
ESCB planning
User testing activities
Connectivity tests
Interoperability tests
(certification)
Country testing
Business day testing
Free testing
at institution level
at country level
at European level
Group 2 testing
documentation
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USER TESTING GUIDE FOR MIGRATION
•Connectivity and interoperability test scenarios
•Test tool (T2TRIS)
•Operating hours test environment
•Responsibilities Credit Institutions and NCB
•Country and business day test scenarios:
•Migration weekend test
•Contingency procedures
•Connection with TARGET1
•Ancillary system schedules
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Group 2 testing
documentation and registration
Other Testing related documents:
•ICM User Handbook
•T2TRIS user guide
•Nat. Migration Profiles
•Ancillary System Profiles
Registration TEST:
•SSP registration forms
•e-mssf SWIFT registration
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Group 2 testing
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User testing activities
con
nect
Interoper
tests
(certification
)
Free testing
at institution
level
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test
Country testing
at country level
Business day testing
at European level
01/02
07/02 GO/NO GO
18/02 T2 LIVE
01/01 static data
Entry in PROD
09/11
05/10
01/09-28/09 NL test
scenarios
17/09
15/08 interoper.
test finished
19/06
06/07 connectivity
test finished
15/05 static data
entry
DNB planning
Group 2 Migration to PROD
Registration:
•15/10/07
legal documents finalized
e-mssf SWIFT registration submitted
SSP registration forms PROD submitted
(no copy of data from TEST)
•01/01/08
Migration:
•07/02/08
•15/02/08
•16/02/08
•17/02/08
•18/02/08
07:00
GO / NO-GO
18:00 TOP close of day, no night-settlement
migration of dynamic data
verification of data in SSP
opening TARGET2
NO FALL-BACK!
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Planning
• 19 Nov 2007
• 18 Febr 2008
• 19 May 2008
Group 1 live
Group 2 live
Group 3 live, start T2 pricing
Public project plan
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GFS, UDFS
T2 user guide
Other Documentation
• SSP specifications
– ICM User Handbook
– GFS
– UDFS
• Operational procedures
– T2 user guide
– T2 user guide for migration
– T2 Guideline
version 2.3
version 2.1
version 2.4
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Questions?
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Migration issues
Bas Dekker
Migration
• TARGET2 is one of the most demanding changes in
the European financial sector
=> A lot of projects must be synchronised
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Individual migration
National migration
SSP
ESCB wide migration
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CB, CI, AS
CB
3CB
ESCB+3CB
Migration scenario
No European wide Big Bang …
Not all participating countries and their banking
communities should change together in one single
day!
Conclusion:
• Interlinking for migration purposes only
• Pilot group
• Country windows
Migration scenario
… but a Country Big Bang
Not feasible to connect one country with two RTGS
components
One major possible exception to Country Big Bang:
• Settlement of ancillary systems might be transferred
to the SSP at a later stage
• This implies the use of the local system (home
accounting) for this transition period
TARGET2 Migration
• Smooth transition from the current TARGET
to the new TARGET2 system for all involved
players (CBs, CIs, ASs)
• Co-ordination of all implementation activities
after the development of the system, meaning
testing plus changeover until all participating
CBs have moved to the SSP
• Steering and monitoring the implementation
process
TARGET2 migration
• To ensure a smooth migration from TARGET1 to
TARGET2 for all involved players
How
• Migration strategy following a phased approach
• Central banks migrating together with their banking
community
• Four migration groups (one reserved for contingency)
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19 November 2007
18 February 2008
19 May 2008
15 September 2008
Migration group allocation
Group composition aimed at minimising project risk, reducing effect on
level playing field and limiting the costs for central banks and users
Group 1
Austria
Cyprus
Germany
Latvia
Lithuania
Luxembourg
Malta
Slovenia
Group 2
Belgium
Finland
France
Ireland
Netherlands
Portugal
Spain
Group 3
Denmark
Estonia
ECB
Greece
Italy
Poland
Group 4
Reserved
for
contingency
National Migration Profile
• Objectives:
– Information to users
– Basis to monitor and steer the migration
• Content
– Country migration model
• National Big Bang
• No compulsion, no prohibition
– Usage of optional modules selected by a CB
– Migration group
National Migration Profile
 Available for all countries.
 Contact information and general
presentation of the Central Bank’s
project.
 Settlement modes for ancillary
systems.
 Requirements for settling specific
operations (reserve holding, standing
facilities, cash operations…).
 National specificities.
Migration Strategy
• Final Migration strategy will be developed
following a top-down approach
• Strategy documents will cover:
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Testing
Roles & Responsibilities
Communication
Organisation of changeover
Operational framework
Tasks & Responsibilities
Tasks
Coordination of T2 Migration
Responsibilities
Level 2
(TF on Migration Issues)
 SSP migration
 Support to Level 2
3CB
 Coordination of national banking
community migration
 Own migration
CBs
Own migration
CIs & ASs
Dutch implementation strategy
• National Big Bang
– Conversion on Saturday
– Ascertain successful migration all accountholders
• Decision to migrate some weeks in advance
Preparation
Before 7 December 2007:
• SSP forms with activation date 18 February
• E-Ordering CUG with implementation date 2
February 2008
Between 18 January and 1 February 2008:
• BKE with :
– TRGTXEPM (for direct participants) or
– TRGTXEHM (for co-managers or HAM accountholders)
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Migration weekend February 18, 2008 &
Test weekend Migration December 8, 2007
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PURPOSE
• One central communication plan for February 18,
2008. Each participant should provide their
milestones (based on their migration plan) to DNB.
• Agreement on the way of communication between
participants and DNB.
• To provide a short plan for the test weekend of
December 8 and to complete the final version of
February 18 with the experiences of testing
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CURRENT AGREEMENTS
• Per participant one main contact person and one back
up (December 8 and February 18)
• DNB will send out her current generic milestones
• All participants can send their milestones to DNB
• DNB will create one overall plan
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CLARIFICATION OF DECEMBER 8
• Testing is December 8 from 08.00 – 16.00
• Participants have to communicate contact persons,
phone numbers and e-mail addresses
• TOP will be closed and balances of participants will
be transferred to SSP
• Credit facility will be available
• Check(s) if all amounts are correct
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ADDITIONAL ITEMS
• Communication from DNB to participants via e-mail
• Feedback of checks by participants by phone
• At the end of migration one email will be send to DNB
to confirm everything went well
• A short version of the plan will be written for testing as
well
• After testing a meeting will be organized to discuss the
experiences
Milestones (1)
04-02-08 / 15-02-08:
• Connect to ICM and check Static Data
08-02-08:
• Interim version of T2 directory available
11-02-08 / 15-02-08:
• Participant send a live payment to themselves (this one will be
rejected since account is not active)
• Enter standing order bilateral/multilateral limits
• Enter standing order highly urgent/urgent reservations
Milestones (2)
13-02-08:
• Deadline for corrections in T2 directory
15-02-08:
• Final version T2 directory available
• Standing order liquidity transfers between RTGS and
sub/mirror account (if applicable)
Milestones (3)
16-02-08:
• Migration TOP to TARGET2
17-02-08:
• Extended Migration possibility
18-02-08:
• From 05:00 - 06:00 exchange of one euro payments between Direct
Participants
• Before 06:15 Direct Particpants inform DNB about the results of the one
euro payment.
• 07:00 TARGET2 (migration group 2) going live.
18-02-08 – 22-02-08:
• TOPView available for inquiry
Be prepared
It is your responsibility to be
ready in time!
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Questions?
Lunch!
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Customer Information about
TARGET2
General Functional Specifications
•General concept
of the Single
Shared Platform
•„Order book“ for
the three central
banks developing
the Single Shared
Platform
Current version 2.1, published July 2007
Customer Information about
TARGET2
User Detailed Functional Specifications
Detailed description of
the Single Shared
Platform's features
Operational
Technical
Basis for preparing
participation in the
Single Shared Platform
Current version 2.4, published November 2007
Customer Information about
TARGET2
User Detailed Functional Specifications
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Book 1
Book 2
Book 3
Book 4
ICM Book 1
ICM Book 2
- Core Services
- Optional Services
- For Central Banks only
- XML-specifications
- User guide ICM
- For Central Banks only
Communication DNB
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Information sessions
TARGET2 newsletters
TARGET2 websites
Email address ([email protected])
Bilateral meetings
TARGET2 Bank Co-ordination Group (T2BCG)
• TARGET User Group
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TARGET2 websites
ECB-website
• Address:
• User:
• Password:
https://target2.ecb.int/
t2user
VBjmspRR7
DNB-website
• Address:
http://www.dnb.nl
Payments / Non cash-payments / TARGET2
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DNB website
• ESCB documents
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General Functional Specifications
User Detailed Functional Specifications
ICM User Handbook
Schema Files for XML-messages
National Migration Profiles
Ancillary Systems Profiles
Progress Reports
• DNB documents
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Analysis of the consequences of the migration
Presentations
TARGET2 Newsletters
Frequently Asked Questions
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