During the week of 5 December 2016, KELER held a market test for T2S to the direct participants of KELER. According to KELER’s announcement, the functions that are to be available from T2S entry date (6 February 2017) have been successfully tested. These included EUR DVP transactions, cross border transactions with OeKB, market claims and transformation processes in accordance with the services KELER plans on providing for T2S until the implementation of BaNCS (KELER’s new system). There may be further opportunities for testing during the course of January 2017.
KELER will join T2S with a manual solution via T2S GUI. The automated connection and processes will be introduced at a later stage, after the implementation of BaNCS. The migration process for Wave 4 began on 3 November 2016 in line with ECB’s plans. Within the first phase of the process, the master data (ISIN codes, accounts, settings etc.) needed to be uploaded to the platform which KELER performed and completed in November 2016 in accordance with the predefined plans. During the migration weekend (3-5 February 2017), KELER will upload the actual security positions to the platform and commence its T2S operations from 6 February 2016.
Impact on investors: KELER’s direct participants took part in the T2S testing of the Hungarian CSD. The successful tests would allow KELER to offer T2S functionalities, available under the manual solution.