Starting Nov 18, 2019 Nasdaq Clearing will follow the Swedish market practice
and implement Partial Settlement for exercise and expiration instructions that
settles through Euroclear Sweden's AM submarket. That means that participants
cannot use "NPAR" for these flows when matching instructions against Nasdaq
Clearing once partial settlement is implemented. However, please note that
Collateral instructions toward the AM submarket will be sent with NPAR.
To facilitate and ensure that the market is ready for Partial Settlement for
Euroclear Sweden Nasdaq will offer a test period as outlined below. Testing
will be scenario based and communicated at a later stage to members willing to
participate (no mandatory tests planned for partials).
Partial Settlement for the PM submarket will use current functionality with
manual cancellation and manual split but will also be included as a test
scenario.
Test availability 5/6-19/6 2019
Members that would like to test Partial Settlement (AM/PM or both) with Nasdaq
Clearing prior to go live will have the possibility between Jun 5 and Jun 19
2019. In order to get access to the test scenarios members need to report to
Nasdaq Clearing of its intention to test Partial Settlement with Nasdaq
Clearing by sending an email to clearing.test@nasdaq.com. Please respond prior
to May 10th if you would like to participate in testing.
Genium INET External Test System 4 will be connected to Euroclear Sweden's ARIX
test system where testing of Partial Settlement will be performed. Connectivity
details to Nasdaq's system (Genium INET External Test System 4) can be found
through the link:
https://business.nasdaq.com/media/Genium-INET-Connectivity-Information-1.5_tcm50
44-58095.pdf
Nasdaq Clearing implementation plan and test availability per CSD for Partial
Settlement.
CSD Go live date Test availability and support Nasdaq test
system
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Euroclear Sep 2019 (date Prel Aug-Sep, 2019 pending go To be decided
Finland pending Euroclear live date from Euroclear
Finland) Finland
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Euroclear Nov 18, 2019 Jun 5 - Jun 19, 2019 Genium INET
Sweden External Test
System 4
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VPS Q4 2019 (date To be decided To be decided
Norway pending VPS
Norway)
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Nasdaq encourage all members to participate in these tests, If you like to
participate in the tests or have any questions please contact Nasdaq Clearing
to receive further information: clearing.test@nasdaq.com.© 2019 GlobeNewswire
