ECMS Triparty Migration Weekend
Timeline for the migration of Triparty Bundesbank pledges from Xemac to CmaX
During the Migration Weekend (13 to 16 June 2025), Clearstream will decommission Xemac and transfer the outstanding triparty exposures to CmaX.
To ensure a smooth transition to the new ECMS pledge account structure, clients should review the following key pre-requisites, migration steps, and critical deadlines. These actions are essential to maintain operational continuity and avoid disruptions during the cut-over period.
Pre-requisites
As a pre-requisite, clients should:
- Ensure that the newly opened pledge accounts (-7xx sub-accounts) are tax exempted for the relevant markets (BE, IT, PT).
- Check their Xact Web Portal settings for their Organizational Unit to access the Collateral Management module for their online users.
- Check their reporting settings and ensure that they have ordered all the reports they require for the go-live:
- Collateral Management reporting - (MT558, MT569 report and / or CmaX Collateral reports);
- Corporate Action reporting in ISO20022 format.
General migration approach
All pledged positions in favor of Deutsche Bundesbank will be migrated to the new account structure on T2S as part of the cut-over:
- Positions on Xemac -550 sub-accounts as well as positions on CBF-i accounts in Creation will be migrated to new ECMS pledge accounts on T2S, which Clearstream has opened for the client (-7xx sub-account).
- One claim and one contract have been created per business type (EUCO/SIPO1 or ECON/SIPO3 respectively). If clients have currently several claims in Xemac for SIPO1/SIPO3, the positions will be transferred to one CmaX claim per business type.
- All positions transferred to the ECMS pledge account will be associated with the new source account the client selected.
Free positions in Xemac will be returned as follows:
- CASCADE: From the -550 account to the new source account the client selected;
- Creation: From the CBF-i account to the old CBF-i source account (Further securities transfers to new source accounts will be performed by clients)
Tuesday, 10 June 2025
ISINs that might cause problems with the upcoming migration will be made ineligible in Xemac by Clearstream Operations. This includes the following ISINs:
- ISINs with upcoming corporate action events over the migration weekend (to avoid issues with compensation payments);
- ISINs not T2S eligible (this can only happen for holdings on CBF-i accounts);
- ISINs not fitting the new ECMS eligibility profile to be applied from 16 June 2025.
Clients are advised to provide an extra buffer of free T2S-eligible collateral on the morning of Tuesday, 10 June 2025 to avoid under-collateralisation of their claims in Xemac.
Wednesday, 11 June 2025
Clients are advised to remove the remaining free securities from Xemac to reduce the number of bookings for the upcoming cut-over where possible.
Thursday,12 June 2025
The modification deadline for pledges in favor of Deutsche Bundesbank in Xemac is 12:00 CEST.
The pledge amount on 12 June 2025 at 12:00 CEST will remain the same until after the cut-over.
From 12:30 CEST (early EOD), clients can no longer access Xemac online or via SWIFT messages. This will be the end of clients' access to Xemac.
Reporting based on the current accounts with Xemac is generated for the last time.
End-of-day Xemac reporting will be generated at the usual time. If any reporting is required from the Xemac GUI, the Xemac Operations team (cmax@clearstream.com) can be contacted to provide the reporting via email.
All CBF reporting subscriptions (including MT558/MT569 subscriptions) will be deactivated.
Friday, 13 June 2025
Holdings on Xemac pledge accounts (-550 or CBF-i) will be transferred to new accounts and the CmaX book will be updated to reflect the new collateral allocation. The new participant short code will be used for the first time.
Free positions will be returned to the related source accounts (for details, see above): old source accounts for CBF-i holdings and new source accounts for -550 CASCADE holdings.
Position and movement reporting from the settlement systems (CBF/CBL), such as MT54x or MT536, will contain the related bookings:
Debit account | Credit account |
CBF-i Creation account | New pledge -7xx account on T2S |
-550 account on T2S | New pledge -7xx account on T2S |
Securities transfers are reported as regular OTC transactions free of payment with no special qualifiers used.
Free positions will be booked to the related source accounts:
Debit account | Credit account |
CBF-i Creation account | Original old CBF-i source account in Creation |
-550 account on T2S | New source account the client selected |
No collateral movements are possible for related Bundesbank claims.
For end-of-day reporting, the new structure will be available for the first time under the new accounts and new participant short code in Xact Web Portal.
Please note that reports scheduled and automatically generated on Friday will not display the correct values due to the ongoing cut-over activities.
Going forward, reporting will be generated from CmaX to Xact Web Portal in line with the existing subscriptions for the associated Participant Short Code or account.
Monday, 16 June 2025
Go-live of ECMS
All migrated and pledged positions in ECMS will be associated with the selected source account in CmaX.
This is the first day of application of new eligibility, price and close link data from ECMS.
As of now, claim amounts from Thursday evening can be modified in CmaX via Xact Web Portal/ MT527 messaging by clients.
Under-collateralised claims on Monday must be provisioned with additional collateral by the clients.