Client Documentation

Will the 3 different ISIN Codification Services produce similar CFI codes for identical products?

Yes, the logic that has been built into the system will ensure that the generated CFI codes will be identical if the data that has been input in identical when building this ISIN Codification system, we have based the logic on the ISO standards. 

Rules for generating FISN code is not part of the description. In the current solution FISN code is automatically created when creating Nasdaq copy – How is FISN code created in ISIN Codification Service GUI, MyEuronext?

The rules for generating the FISN are present in the new ISIN Codification Service platform and the system will generate them automatically at the end of creating the instrument codes using the ISO Standards rules. The customer just needs to enter the data relating to the instrument into MyEuronext and when the process is finished they will receive the automatically generated FISN code.

Will the new system use the same logic for CFI code creation as the legacy system? 

No, the target system will not apply the same logic for CFI code creation as the legacy system. The selection is transparent and based on user input. There will be no logic and rules integrated in the system to affect the output. The target system will be using the latest ISO standard (ISO 10962) for the CFI codes.

Will there be further clarification on class, series and tranche usage and character limits? 

Yes, the clarification has been included in the SDD for the ISIN Codification Service as Appendix B.

Can we create bulk reserve?

Yes, clients can do this directly in MyEuronext. Not through a file, but directly on a form on the platform where only the following data is requested - Country code, Issuer, Instrument category, Number of ISINs to reserve (up to 2000 per request).

Can we use bulk creation?

Yes, this will only be available for two specific structured instruments, the same ones that can currently be created in bulk on legacy, structured Instruments (EY) and mini-future (RF). Clients will share this file (.csv) by email with the Business Ops teams so that they can finalize the process. Each file can only include requests from one Issuer and must be for the same type of instrument (Category + Group). The templates for these two files, one for each instrument, will be shared later.

Can we use APIs?

No, for the time being only connections via U2A with MyEuronext will be available to customers.

Will be there any option to export data from MyEuronext to excel. Will be there possibility to take data for batch of ISINs?

Yes, on MyEuronext the end-user can filter and export for excel the instrument data available on the platform. Clients can add filters to the data query and after only the data that fills the criteria defined will be shown and can be downloaded to a csv file. The system have a limit of 1999 lines by export.

Can we select the columns to view on MyEuronext?

Yes, from the list of 14 columns on the portal. There are two columns that are always visible (ISIN, Instrument Category) the other columns can be selected with a maximum of 9 columns to be shown on the landing page. More details can be found in the MyEuronext User Guide Manual

How does the target ISIN Codification Service fit with the legacy end to end flow?

With the implementation of the target ISIN Codification Service, there will be a change in the end to end flow. Data of the instrument needed to codify ISIN, CFI and FISN will be inputted in MyEuronext. The target ISIN Codification Service will update the legacy system. This means that the task of registration of the security in ES-CPH will continue in vp.ONLINE. In vp.ONLINE the newly created ISIN code will be known and all data related to it will be visible in the related fields in vp.ONLINE. Data that has been entered once, will not have to be entered again. A draft of a security can be created in either Fondsregistret or in Fondsportalen. These flows will stay as usual. Until we will go live with the target Securities Management platform.

Will the integration between Fondsportalen and Nasdaq be affected?

No, for now the integration with Nasdaq will remain the same. We are working together with Nasdaq to ensure the continuation of a corresponding functionality with the go live of the target Securities Management platform.

When will fondskoder be decomissioned?

The fondskoder will be decommissioned when there has been a full migration of the CSD system to the new Convergence platform.

Will there be any changes to the fondskode?

Yes, with go-live of target ISIN Codification Service, fondskoder will no longer be derived from the ISIN code. The fondskode will be created as a random number, and will be linked to the new ISIN code. This is the same structure, as we use today when a foreign ISIN code is being registered in the CSD. The fondskode will be visible in vp.ONLINE (Fondsregister) as "Domestic code". at can also be found in 3270 screen.

Will the fondskode be supported by proprietary messages?

Yes, the fondskode will be communicated in proprietary messages, as long as the system creates the fondskode, and as long as the proprietary message contains them as specific data fields.

What will happen to our individual number series? We will no longer support individual number series. It will be possible to reserve ISINs with individual number series prior to the migration and go live of the target ISIN Codification Service. Those that have been reserved will be migrated to the target ISIN Codification Service platform, and can activated when needed.

How do we reserve and how many can we reserve?

For those Issuers that have individual number series, it will be possible to do a bulk reserve request via email. This email must contain information about: Issuer country code, Issuer short name, Issuer ID, CFI Instrument category (Debt), Number series, Number of ISINs to reserve.

Will the new system support more decimals for Danish funds? 

Yes, details regarding number of decimals for the registration of securities in the CSD, can be found in the SDD for Securities Management. For Funds specifically 6 decimals will be available.

Will reserved ISIN codes remain usable after migration to the new platform? 

Yes, reserved ISIN codes will remain usable after go-live. The only change is that the legacy “fondskoder” will be discontinued once the rest of the CSD platform has migrated. 

Will the copy function will remain usable on the target system?

For the initial launch of the ISIN Coding Service, the copy function will not be available; however, we are validating that the current copy function in the Fondsregister/Fondsportalen will remain available during this interim period. The copy function used for registering securities in the CSD will be included in the initial launch of the target Securities Management Service. Further details on this can be found in the SDD for Securities Management.

1. I was told the Securities account participant role would likely be removed, can you confirm since it is still present in the documentation? 

   Yes, the Securities account participant has been merged with Settlement Participant in the Client roles defined by Client Management Service. The Securities Management SDD will be updated to reflect this change. 

2. Can a CSD Participant send an issuance instruction? 

   Yes, but this does not apply to ES Copenhagen. 

   For ES Milan and ES Porto, Issuer Agents can issue securities directly into a CSD Participant’s account. In such cases, the CSD Participant—acting in the Settlement Participant role—must also submit a matching issuance instruction corresponding to the one sent by the Issuer Agent 

3. The table indicating which roles can send instructions can be confusing. 

   The Securities Management SDD will be updated to remove the sending of instructions from the settlement Participant for the 1st Phase (ES Copenhagen) 

4. Is the process for settlement participants the same as for other roles? 

   No, clarified in question number 2. 

5. Can you clarify on the role of paying agents in the release function for issuance? 

   The Paying Agent role applies only to DVP Issuance. The designated Paying Agent responsible for settling the cash leg must approve their designation when the security is registered with the CSD. This process will be explained in more detail in future phases, once DVP Issuance is enabled. 

6. Would it be possible to create some sort of flow chart specifically for the Danish issuing agent? 

   As discussed during the deep-dive session, this request referred to a workflow created by the NNA Service to illustrate the interaction between the new NNA Service and the legacy system. In the target solution, the Securities Management Service will be integrated with the NNA Service, both accessible via the MyEuronext GUI. Issuer Agents will no longer need to navigate multiple systems or applications, making this workflow unnecessary 

7. Is it correctly understood that issuance instructions can only be done manually through myEuronext? 

   We understand that Issuer Agents would prefer to retain the A2A connection for: 

   - Issuance instructions 

   - Updates to redemption amount/price 

   We will conduct an analysis to support this requirement and update the Securities Management SDD accordingly 

8. Can I as an issuer agent, in theory issue to a another CSD participant's account with another bank? 

   Not in the first phase. The Issuer Agent must first issue the securities to their own Issuer Agent securities account. Only after this step can the Issuer Agent distribute the securities to their Participants 

9. Can you provide clarification on the process for issuing to multiple counterparties? 

   Once the securities have been issued to the Issuer Agent’s securities account, the Issuer Agent can initiate settlement instructions to distribute the securities to all relevant counterparties 

10. Can you clarify about automating the selection of issuance accounts to reduce manual errors? 

    We understand that Issuer Agents would prefer not to manually select their own securities account when creating an issuance instruction via the GUI. We will conduct an analysis to automate this step. 

1. Will reserved ISIN codes remain usable after migration to the new platform? 
   Yes, reserved ISIN codes will remain usable after go-live. The only change is that the legacy “fondskoder” will be discontinued once the rest of the CSD platform has migrated. 

2. Will the new system use the same logic for CFI code creation as the legacy system? 
   No, the new system will not apply legacy logic to code creation. Selection is transparent and based on user input, without system-imposed rules. 

3. How will bulk creation and reservation work in the new system? 
   Bulk creation will be available for certain instrument groups (EY and RF) via file submission to business operations, not direct spreadsheet upload. This mirrors the current legacy approach. 

4. Will the new system support more decimals for Danish funds? 
   Yes, support for more decimals is being addressed as part of the securities management stream. 

5. What information is required for bulk reservations? 
   Only basic information is needed: country code, issuer short name, issuer ID, instrument category and number series. 

6. Will bulk creation be available for investment funds? 
   Currently, bulk creation is only available for EY and RF instrument types. Expansion to other groups is under consideration for future phases. 

7. When will the detailed specification document be available? 
   The aim is to finalise and share the document as soon as possible. 

8. Will there be further clarification on class, series and tranche usage and character limits? 
   Yes, further clarification will be provided, with a commitment to review and update the documentation accordingly. 

Section 4.4 seems to suggest that it's possible to create bonds in bulk. However, we were previously told that bulk creation wouldn't be available in the NNA track. So, can bulk creation be used for all types of debt instruments, like mortgage bonds, or is it limited to specific types?

For Securities Management, bulk creation will be available for bonds, as mentioned in section 4.4 of the Securities Management SDD. The NNA documentation will be updated once NNA and Securities Management are integrated into the new platform.

Will local codes be decommissioned after the new Euronext Securities platform is fully implemented?

Once the new Euronext Securities platform is fully implemented, local codes like fondskoder (used in Copenhagen) will be removed, and only ISINs will be used to identify securities.

Who can send an Issuance or Redemption instruction ?

Can we expect that existing client master data will be migrated by Euronext to the new platform — both in the test and production environments?

Yes, all reference client data will be first available in testing environment prior production, this includes the migration of current set-up to the target one​

Can you confirm that existing POAs will be migrated to the new platform in both the test and production environments?

By default, POA(s) will be maintained.

Can you confirm that existing links between DCA(s) and SAC(s) will be migrated to the new platform (test and production)?

By default, SAC-DCA links will be maintained. ​

Can you confirm that existing relationships between paying agents and issuing agents will be migrated to the new platform (test and production), even in cases where role changes occur — assuming these are carefully mapped?

The relation between paying agent and issuer agent will be migrated and maintained​

Are party details imported from VP Online, or must they be created manually from scratch?

What is the difference between 'Ultimate Parent Company Name' and 'Parent Company Name'? And can you give a better definition?

The Parent Company (which we can suggest to change to "Direct Parent Company" for more clarity) is the immediate entity controlling the client and is one level above the client entity in the corporate hierarchy. The Ultimate Parent Company is the topmost entity in a corporate group, i.e., it is not controlled by any other company

"Contact Details - Group Name" 
This field is applicable only in cases where the contact represents a group.
When defining a contact, it must be specified whether the contact corresponds to a group (i.e., a team) or to an individual within the client organization. If the contact is a group, the group name must be provided. If the contact is an individual, the first and last name of the contact person must be provided.

Will there be local contacts or only at group level?

As reported in section 4.2.2 of the SDD we have defined each contact to be defined either as local level or global level if a client participates in more Euronext Securities CSDs. 

Is the sub client ID or CSD client ID equivalent to current roles in Copenhagen? 

There is not a one-to-one relationship. The CSD client ID is not directly linked to current roles but can have one or more roles in the future system.

When will the new identifier codes (client referential ID and CSD client ID) be provided?

The new identifiers will be generated as part of the migration process. The exact timing is not yet determined, but they should be available when the application goes live.

Is it correct to understand that the entity we wish to use as paying agents/payment banks in SEK must be or become a member of Euronext and use MyStandards to be able to act in this role for us moving forward?

Has the removal of the datacentre role been considered, and how will communication with datacentres be handled in the future?

The datacentre role is under review as it will be not part of client roles, and alternative solutions for communication are being investigated. Connectivity with datacentres will be addressed 

For users operating across multiple CSDs, will the platform allow requests across all CSDs, or will access be segregated? 

Users with access to multiple CSDs will be able to operate across them, but actions will be segregated by CSD within the interface. The master user defines each user’s scope in terms of CSDs and related services.

SDD - page 18 + 5.2.2 page 22 - Is segregated Securities Accounts in T2s and in the book-entry system (Euronext) only registered in the participant’s name?

The securities account is always registered in the name of the Participant, but in the additional attributes (not reflected in T2S, but only in the Euronext Securities Book-entry system) we will manage additional such name of end-investor connected to the securities account

SDD 5.2.2 page 22 - Definition and further information is needed of 'Securities Account Type' and 'Segregation Type', and of their interaction

For the account structure we are considering both local legislation and CSDR Regulations. As far as investor securities accounts are concerned they will in the name of the Securities Account Participant in the concerned Euronext Securities CSD but at securities acount level we will register all data required to meet local rules and tax requirements, in particular with regard to end investors for the nordic Euronext Securities CSDs. As far as issuer securities accounts are concerned, our intention is to verify the possibility to adopt a harmonized approach but to be discussed with local authorities where changes in local legislation should be required.

Will the system validate that there are no pending holdings or transactions before allowing the closure of a securities account?

Yes, the Euronext Securities CSD will validate that there are no pending holdings or instructions before allowing account closure.

Please describe audit trails I MyEuronext with respect to registrations, changes and when data is deleted

Could you please provide a list of processes that are only supported via MemberPortal or MyEuronext, and therefore not available through ISO messages or API interfaces?

Which parts of account management can be handled via ISO 20022 messaging and which require the GUI?

Party management cannot be handled via ISO messaging. Securities account management, including creation, updating, and closure of securities accounts, will be available via ISO messaging. The possibility of managing the association and linkage of cash accounts to securities accounts via ISO messaging is under assessment.

What controls will be in place for the Issuer Agent to appoint a Paying Agent? Will there be an administrator on the Issuer Agent’s side who is responsible for appointments, or will any person from the Issuer Agent be able to appoint a Paying Agent?

The Paying Agent will be required to register the cash accounts to be made available in Euronext Securities for their potential designation as a Paying Agent. The Issuer Agent will then be able to select a Paying Agent for designation from among those who have completed this registration. The designation will subsequently be submitted to the selected Paying Agent for approval or rejection. This process will be managed separately for each type of cash account: T2S DCA accounts, SEK CeBM accounts, and CoBM accounts.

Since this is the first mention of CMB, it would be helpful to clarify the requirements for being authorized for a CMB account, rather than referencing only a POA.
In T2S the CMB authorisation is not an activity under the CSDs but under the Central Banks, than the Securities Account Participants shall refer to their Payment Banks holding DCAs in T2S for the concerned CMB authorisation process.

Paying Agent: A legal entity appointed by an Issuer – Is this definition exclusive to Issuers, or can a Paying Agent also be appointed for a Settlement Participant?

How long does it take to link a dedicated cash account (DCA) to a securities account?

 Once confirmation of creation is received from T2S, the DCA link is immediately active if the valid-from date is set as today, hence, the immediate opening of a link is possible. 

Is it necessary to use the CMB setup for linking accounts, and how does this process work for participants who are not DCPs?

The DCA holder is responsible for managing the setup in T2S. The configuration of authorisations within the CMB (credit memorandum balance) is under central bank control and must be managed by the DCA holder on behalf of the client.

Does the system check for the necessary authorisation when linking a DCA to a securities account?

Yes, T2S checks if the necessary authorisation is present under the CMB (credit memorandum balance). If not, the request is rejected by T2S.

Is it possible to request the closure of a DCA link, and what validations are performed? 

Closure can be requested, but it is subject to validation by Euronext Securities to ensure no pending settlement instructions exist. 

"Unique Identification number assigned to the Client for billing purposes and reported in the invoices" - Any relation to Client Referntial ID or sub-IDs? Will there be one common invoice for all roles?

The topic is under definition and more details will be provided in a future version of the SDD

Will more information be added on rights and pledge management, position keeping, and transaction reporting? 

These topics will be analysed in more detail and additional information will be provided in future documentation updates.

1. Has the removal of the datacentre role been considered, and how will communication with datacentres be handled in the future? 
   The datacentre role is under review as it will be not part of client roles, and alternative solutions for communication are being investigated. Connectivity with datacentres will be addressed
2. Will existing client data be migrated into the new system, or will clients need to re-enter all information? 
   The intention is to migrate existing client data from legacy systems into the new platform so that clients will not need to fill all required fields from scratch. 
3. Is the client referential ID the same as the current participant unique ID? 
   The client referential ID will not be exactly the same as the current participant unique ID. In the future solution, there will be two levels of unique IDs: the client referential ID managed at Euronext level, which is used to identify a client across the Euronext group, and the CSD client ID, which is used at the CSD level. Multiple CSD client IDs may be associated with one client referential ID in the same CSD. 
4. Is the sub client ID or CSD client ID equivalent to current roles in Copenhagen? 
   There is not a one-to-one relationship. The CSD client ID is not directly linked to current roles but can have one or more roles in the future system. 
5. If a master user creates a user for a specific application, will that person automatically receive all related communications? 
   If a master user creates a user for an application, that contact will automatically receive all communications for that application. 
6. Can a group email address be used as a contact to receive communications? 
   Yes, a group email address or a technical entity can be set up as a contact, and all communications will be sent to that address as specified. 
7.  
   Will all information be included in future emails, or will users need to log into a portal to read more? 
   The distribution of information by email or via portal is determined by each service. The level of detail shared in emails versus the portal has not been finalised and may differ among services. 
8. Who is responsible for setting up contacts in the new system? 
   The admin user, who creates other users within the organisation, is responsible for setting up contacts. We are looking into a more flexible solution to allow this task to be delegated to non-admin users. 
9.  When will the new identifier codes (client referential ID and CSD client ID) be provided? 
   The new identifiers will be generated as part of the migration process. The exact timing is not yet determined, but they should be available when the application goes live. 
10. What is the difference between the securities account type and the segregation type? 
    The securities account type defines the functional purpose of the account in T2S, while the segregation type indicates how securities are held in terms of ownership (own-, omnibus- or individual segregation type), which is important for CSDR regulatory compliance. 
11. Does a participant account mean a property account for the participant, or does it include third-party accounts? 
    A CSD participant account is managed in T2S. The segregation type is an additional field not relevant for T2S to distinguish between owner (proprietary) and third-party (individual omnibus) accounts registered in the book-entry system. 
12. Are there restrictions on which segregation types can be applied to each securities account type? 
    Currently, there are no specific restrictions, but generally, an end investor account should have an individual segregation type. The relationship between account type and segregation type will be clarified in future documentation. 
13. Will the system validate that there are no pending holdings or transactions before allowing the closure of a securities account? 
    Yes, the Euronext Securities CSD will validate that there are no pending holdings or instructions before allowing account closure. 
14. If a closure is scheduled for a future date and there are pending trades on that date, will the closure be processed or postponed? 
    A validation will reject the request to close account if pending instructions exist on the closure date. Euronext Securities will monitor and may postpone or reject the closure if necessary. 
15. Will the operational validation process for account closure be documented in an operational guide? 
    Yes, a specific operational guide will be provided detailing the validation process for account closure and how clients are notified. 
16. Which parts of account management can be handled via ISO 20022 messaging and which require the GUI? 
    Party management cannot be handled via ISO messaging. Securities account management, including creation, updating, and closure of securities accounts, will be available via ISO messaging. The possibility of managing the association and linkage of cash accounts to securities accounts via ISO messaging is under assessment. 
17. For users operating across multiple CSDs, will the platform allow requests across all CSDs, or will access be segregated? 
    Users with access to multiple CSDs will be able to operate across them, but actions will be segregated by CSD within the interface. The master user defines each user’s scope in terms of CSDs and related services. 
18. How long does it take to link a dedicated cash account (DCA) to a securities account? 
    Once confirmation of creation is received from T2S, the DCA link is immediately active if the valid-from date is set as today, hence, the immediate opening of a link is possible. 
19. Why is it necessary to specify the country code and legal entity ID of the account holder for cash accounts? 
    This information is required under CSDR for reporting to local authorities, and Euronext Securities will not have these data if the cash account holder is not a Euronext Securities client. 
20. If the same DCA is linked to multiple securities accounts, must the required information be provided each time? 
    Yes, the information must be provided for each association, but it will be possible through a unique request to request to link the DCA to multiple securities accounts: in this case the client will be required to input the DCA information once. However, suggestions to streamline this process have been addressed by clients, such as allowing for the pre-registration of a template DCA to be automatically linked when creating a new securities account. Euronext Securities will investigate possible solutions. 
21. Can the system allow a default DCA to be set for a category of securities accounts to reduce manual input? 
    See previous reply. 
22. Is it necessary to use the CMB setup for linking accounts, and how does this process work for participants who are not DCPs? 
    The DCA holder is responsible for managing the setup in T2S. The configuration of authorisations within the CMB (credit memorandum balance) is under central bank control and must be managed by the DCA holder on behalf of the client. 
23. Does the system check for the necessary authorisation when linking a DCA to a securities account? 
    Yes, T2S checks if the necessary authorisation is present under the CMB (credit memorandum balance). If not, the request is rejected by T2S. 
24. Is it possible to request the closure of a DCA link, and what validations are performed? 
    Closure can be requested, but it is subject to validation by Euronext Securities to ensure no pending settlement instructions exist. 
25. Will the operational team notify clients if a closure date needs to be postponed due to pending instructions? 
    Yes, clients will be informed if a closure date is changed or postponed. 
26. Will there be a mechanism to copy static data from production to UAT environments to avoid duplicate work? 
    This is recognised as a useful suggestion and will be considered for future improvements, but no solution is defined yet. 
27. Is the role of the payment bank described in the service description, and what actions are required from payment banks? 
    The payment bank will receive relevant information, such as ISO messages on liquidity, but does not need to access the system. All requirements for payment banks will be aligned with subgroup agreements and updated in the documentation. 
28. How can a payment bank subscribe to messages if it does not have access to the platform? 
    The method for subscribing to messages without platform access is not yet clarified and will be determined. 
29. Will more information be added on rights and pledge management, position keeping, and transaction reporting? 
    These topics will be analysed in more detail and additional information will be provided in future documentation updates. 
30. When will the updated documentation and gap analysis be available? 
    The updated documentation and gap analysis are expected to be available within a week. 
31. How should questions on the updated documentation be submitted? 
    Questions should be submitted to the designated convergence mailbox, and follow-up deep dives will be arranged as new versions of the documents are released.