The Central Securities Depository successfully tested operational system failure and participant failure.
Both tests, which were mandatory for participants, were conducted by the CDCP in October.
The test of failure of the operational system took place on 22 – 26 October. Its purpose was to verify whether the processes of CDCP and its participants are accurate, able to carry out the real execution of procedures and check if the list of persons authorised to submit instructions and requests in case of operation failure is up-to-date. No shortcomings with impact to the processing of relevant requirements of a participant were identified. Thus, testing was evaluated as successful.
The test of failure of the participant ran on 25 October. It verified the internal processes of CDCP, execution of immediate measures with regard to defaulting participants, procedures for handling a settlement instruction if one party is a defaulting participant and the method of informing the participants on the default of another participant. This test can also be considered successful.
Moreover, the CDCP examined the activities resulting from T2S operational processes, the Collective Agreement and the Rules of Operation, all of which went successfully as well.
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