• Multiple Operator
The simulator fully utilises the multiple operator facilities designed by CREST. This provides the ability to reflect your ‘live’ operator profiles in your test and training environments and take advantage of the parallel processing facilities provided by the use of multiple channels.
• Auto or Dual Party Matching
To facilitate single party testing, the simulator will provide you with several utility counterparties. For instance, one counterparty will automatically match your input, enabling the transaction to progress on through the settlement process. There will be another counterparty that will not match - this may be required to test some of your market settlement processing. Another counterparty will automatically be registered after settlement, whereas another will be rejected by the registrar. Almost all scenarios required by your testers will be accommodated by the simulator.
• Full transaction lifecycle
Transactions in the simulator
are processed in exactly the same way as transactions within CREST. Lack
of available CAP or stock will prevent settlement, full matching processing
is performed on transaction pairs. All dates and timings are provided with
the status changes, SDRT is processed, in fact the full transaction lifecycle
is simulated.
• Real Time
In much the same way that CREST processes inbound message files, the simulator will process message files as they arrive. This will provide response times similar to those of the ‘live’ CREST system.
• 100% DEX compatible
Messages that are supported by the Simulator will be fully compliant with the CREST data exchange manual. Message versioning will be supported in exactly the same way as the CREST live environment with one exception; new messages will be released earlier to facilitate early testing and pre-trialling.
• Multi currency
The simulator supports full multi currency transactions in those currencies supported by the CREST ‘live’ system. This will be a very popular testing feature for firms intending to settle US/European securities using the CREST CSD functionality.
• Stock, Cash, CMA and Stamp reconciliation
It is often overlooked that the CREST environment provides a rich variety of enquiry messages to enable full stock and cash reconciliation. The simulator will support the whole range of reconciliation messages, these range from stock and cash balances, daily stock postings, daily cash postings, CMA cash positions right through to stamp posting constituents.
• Enquiry
Full enquiry functionality will be provided, for example:
• Transaction
• Security & Price
• Corporate Action
• Transaction Status History
• Stock & Cash postings
• Stock & Cash balances
• Participant & Member account details
• CAP & CMA
• Timetable
• Broadcast messages
• Stamp constituents
• QFCQ - (Complete static & dynamic QFCQ processing is provided)
• STP, CLA and Auto Transformations
Full support is provided for system-generated transactions. These transactions will be generated overnight in much the same way as CREST. Full settlement of these transactions will be reflected in the member account stock and CMA cash balances.
• Volume Capable
From it’s inception the simulator’s main design driver has been to emulate as closely as possible, the processes and characteristics of the CREST ‘live’ environment. One of those characteristics is the ability to cope with high volume transaction throughput. There are no usage restrictions for the numbers of messages that can be sent.
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