Summary of key points and issues raised at the November 2006 Austraclear User Group Meeting
1. Opening
Mike Wolyncewicz opened the meeting and outlined the agenda.
2. Project Update
Dave Stanseby reported that Datacom’s work streams are on track.
The RBNZ’s business acceptance testing is progressing well, but there have been some internal project scheduling issues relating to network dependencies. These are now largely resolved. Commissioning of the new server for the upgraded system is progressing well.
The industry tele-conference call has been cancelled this month due to this meeting. All the documents on the web have been updated with progress to date.
Jim Black, the Deloittes independent Quality Assurance reviewer, advised the meeting that from his observations everything was being managed to a very high standard. The only issue he found, but is already being addressed is the way that defects are being recorded.
Andrea Best the Business Test Manger gave a short demonstration of the look and feel of the upgraded system, demonstrating some of the new features. Andrea advised that this is an early preview and some features were still to be added, like branding, toolbars and menus.
Dave then advised that the application will be distributed by CD to members in March 2007 so that they can have the upgraded system installed in time for member familiarisation testing due to start in April.
He then explained the network dependencies showing a diagram of now and the future, advising of the necessity to do an early connectivity test to the new application. A timeline from now until go live was also explained as there are differing requirements for Australian and New Zealand system users.
3. Network Update
Kevin Jamieson explained the impact of the network changes required to be implemented during 2006 – 2007. He explained that the changes depended on member’s current access method. For router based customers the One-Office change has already been completed and these members should now be testing their connectivity to the “new test system”. Current dial-up access can also be used to connect to the “new test system”, but it was highlighted that by the end of 2007 these customers will be required to migrate to Internet or router access as Telecom are removing the dial-up IPNET service. The SFE are removing the “Old-Anni” network and SFE dial-up infrastructure by the end of 2006, therefore any Australian members who access ESAS/Austraclear New Zealand via these methods will need to find an alternative access mechanism (Dial-up, via an NZ branch or bureau). We are currently in discussions with these members to ensure their access is confirmed ASAP.
Access via the Internet is currently being implemented for the new upgraded system. This form of access is being offered to the Australian members initially and then we will contact the New Zealand dial-up members and migrate them to this access.
Kevin advised the group that the Austraclear-SWIFT Interface was being migrated to the production system on the weekend of 18 November 2006. This interface will support fixed interest, equity and cash trades. We have a number of interested parties with one almost ready to go live.
4. Review of the last 6 months
Adrienne Barlow advised the group that she had attended the European Central Bank Seminar, Euroclear Seminar for Central Banks and CLS Workshop. The main theme that arose in all these workshops was BCP and dual operating sites which got a lot of focus. CLS already have this in place, but are looking to expand either in England or Europe.
Business activity has decreased this year, but has remained quite static since May. Mike presented a graph showing the Reserve Bank’s gross income from Austraclear and it’s net surplus for the last few years. The Bank’s result for 2005-6 was a net surplus of under $700,000, which is short of the targeted surplus of $1,000,000. The shortfall was largely explained by an expense booked for the feasibility/preliminary phase of the Austraclear-ESAS Refresh project. It was confirmed that fees tariffs would remain unchanged until reviewed in May 2007.
Some brokers have advised the NZX that changing to daylight saving causes settlement issues. They would like a later cash close time in Austraclear. After discussions it appears that this isn’t the only factor therefore a decision was made that the NZX, NZX Firms and the RBNZ work together to resolve. Feedback from members was requested.
The NZX and RBNZ have worked on a new FASTER screen to assist with lodging of equity securities. This is a function the NZX participants use to transfer securities to NZCSD eliminating the need for them to fax a lodge confirmation to the Austraclear Team.
A questionnaire of possible future developments to Austraclear was handed out (and subsequently emailed) to members requesting them to rate listed suggestions and suggest changes they would like to once the upgrade is completed.
5. Closing
Mike recapped on the highlights of the items, called for questions, and then closed the meeting.
