Update on CCP.A new Clearing System project and Go-Live date

UniCredit Bank Austria AG
Update on CCP.A new Clearing System project and Go-Live date
Mon, 04/05/2020

The participant trainings on the new Clearing System have been successfully completed during the first half of March 2020

Participants tests:

Participant testing period started as planned on 16 March 2020. Since then,  participants had the possibility to participate in mandatory tests guided by CCP Austria and to perform additional tests according to their own scenarios. So far 65% of market participants have confirmed successful completion of the mandatory tests.

Migration Test:

Migration Test for the new Clearing System was performed during the weekend 25/26 April 2020 together with the system provider CC&G. Despite the thorough preparation, migration test could not be performed successfully in all areas.  Analysis is still ongoing and the related bug-fixes will be performed, so that the migration test can be repeated as soon as possible at full scope.

Go-Live Date:

During the last weeks, progress of the project have been continuously evaluated against the background of the corona crisis and with regards to the impact from working in BCP mode. Due to the joint effort of CCP Austria’s team, the provider CC&G as well as the clearing participants, majority of the activities could be carried out within the scheduled timeframe.

Nevertheless, considering the current circumstances related to COVID-19 and some open issues related to the migration plan and the clearing member connectivity to the system, the Go-Live date scheduled on 25 May seems too risky and unfeasible.

CCP Austria assigns the highest priority to providing high quality clearing services, therefore it was decided to postpone the Go-Live date to close all open issues, successfully perform the migration dress rehearsal and provide the clearing participants more time to complete their tests and establish the connectivity to the system.

Impact on investors: Go-Live date of New Clearing System has been postponed, as soon as a new date has been announced, an update will be provided