Rhyme Highlights the Need to Prepare for the Euroclear Single Platform
Rhyme Systems has urged Euroclear UK & Ireland participants to start preparing now for the forthcoming introduction of the Euroclear Single Platform. This follows a breakfast briefing hosted by the company, entitled ‘Preparing for the Single Platform’. Keynote speaker at the conference, Mark Wellham, Arrow-SP product manager, Rhyme Systems, says, “Perhaps understandably, many firms’ preparations for the imminent introduction of the Markets in Financial Instruments Directive (MiFID) have taken priority over projects to prepare for the Euroclear Single Platform. However, now that organisations are undertaking final preparations and systems installations in readiness for the MiFID deadline of 1 November, and with less than a year to begin Euroclear mandatory user testing, now is the time to focus on the groundwork needed for the introduction of the Single Platform.” A survey that Rhyme conducted with a sample of Euroclear UK & Ireland participants on their readiness for the introduction of the Single Platform identified that while most have a project proposed for migrating to the Single Platform, none yet has a project in progress. Surveyed firms’ biggest issues and concerns around migration to the Single Platform are functional changes associated with ISO 15022 processing, followed by Common Communication Interface (CCI) gateway installation and migration and lack of training of users for corporate-action processing. There is ‘patchy’ knowledge of all the changes associated with the Single Platform migration including: the migration dates, participant and mandatory testing as well as functional changes and communication requirements.