 So we want to move on to the first part of the of the program. We're going to dive into the planning and update on the project plan. And for this we have Flora with us. So over to you Flora. Thank you. Good morning to everybody. Thank you for that. Nice greeting from you from George and also in the chat from the participants. So I think as George mentioned, we have already met two times. And since we met in this conversation, the previous time, lots of things happened. The counterparty testing was open. Some of you are already testing. Some might have started or nothing full scope, but you know much more about the system now than you knew last time when we have met. So what happened is when during the summer and the counterparty in the community testing team, then of course we were closely following the progress also the market infrastructure board in the Euro system, which is the system owner committee for ECMS. We were following the progress, the software stabilization, the testing progress, all the efforts of the stakeholders and the buffer time that we had. And then if we go to the first page, then we reach the important decision that happened during Gotham is that the governing council decided that the users need more time to complete the testing of the ECMS functionalities and to do that in a stable environment. So following the assessment by the market infrastructure board, then the launch date has been rescheduled. And it is scheduled now to 18 November 2024. We consider that this additional time will ensure greater system stability and a higher level of user readiness, which is very important since we have a big bank migration. And then all this will facilitate a smooth migration to the new platform, a longer time available for testing and rehearsing the migration. The new launch date also meant a new plan, so a new project plan, a more detailed re-planning followed by all the stakeholders and all the work streams. Some of these work streams are not visible to you. What is visible or the most visible and the most important to you is the testing and there is scheduling exactly mainly affected the timing and the lengths of the testing phases and the planned migration has to point in time and they are happening in the number of these migration tests. It will enable the new plan, the actors, to support the various testing stages and activities in parallel because the NCBs and many stakeholders, they act in multiple roles. They are also testing on their own behalf, but they are also supporting the community and vice versa, the CSDs can also support the NCBs in certain migration activities, testing or do their own preparation for the goal life. So the goal was that all these parallel activities, they are happening more efficiently with more reason and more assurance. The Euro system of course will continue to support the users throughout the testing execution phase and then we would like to ensure that sufficient progress is made and then all the milestones are reached on time. We go to the next slide, then I get a few points. What was behind the consideration when we created and we designed the new project plan? The goal was to optimize the testing plan available as I mentioned for the community and to perform all the functional testing and migration testing with full scope and with CLM and T2S interconnection. So as George mentioned, some abbreviations are there, but some of you might know ECMS is operating with a large ecosystem and CLM and T2S, the payment system and the security settlement system is very important for the end-to-end testing. To do full end-to-end testing, we have to ensure also this connectivity connection and sometimes we will be connected, we can be connected to CLM and T2S without disturbing their own operations or their own necessities, but in some other times we were not granted the success and then the systems have to be replaced by a simulator. This resulted in the fact that the community testing phase was split into several phases and indeed these phases are according to the connection to CLM and T2S or not. The community testing phase was also planned with bigger blocks of functionalities because we felt and we listened to the requested during the summer maybe the staggered approach with the smaller packages to be released to the testers was not optimal, so we were striving for having bigger packages and releasing them in less in a shorter point in time. Then the migration test, which were extended so we have more than before than they were positioned after the key user testing milestone so to ensure better testing conditions. We also have production activities on the production platform, on the testing platforms and the goal was there to have better or same conditions so we had the same duration for these activities as in the previous project plan but the goal-no-go decision is six weeks before goal live in contrast to four as we had before. All this was also coming from lesson-learns of the experiences we have gained in the previous project in consolidation for example. Same way based on the lesson learned from previous project the stabilization period was also extended. So these are the considerations behind the new project plan and then all this is depicted here visually. What would that mean? You can see the upper part of the plan is the Euro-system acceptance environment that is for the NCBs, for the ECBs, for the NCBs and for the CSDs and then if you are a counterpart, you are a bank then you are interested in the lower part of the picture which is the pre-production environment depicting these phases that I mentioned are split according to connection time or not which are shown with dotted lines. All this will be explained in detail by Bobi and Bamini in the next presentation so they will go into the details of the testing plan or zoom in to the upcoming months and what is important for the upcoming milestones. I will focus more on other parts of the project plan as well but a little bit you see in the lower part there is also the readiness work stream. What is important for the success of the big bank migration is that we also gather intelligence, we also know about your status and then you report about that. We have a community readiness framework, a reporting framework that is based on cycles. So we are looking forward to receiving this information from the community from all the relevant countries and this will happen in June and September. Why? In June and September? Because with the re-planning we also rationalized this reporting. We get lots of information from you on the testing status regularly and we wanted to reduce the burden on you for this reporting so whatever we get and receive in the reporting in the framework of the testing reporting we will not ask it again in the framework of the community testing reporting and then we will focus on the milestones that don't appear in the testing reports. So there will be two upcoming cycles only, this is less than how we planned before. This will be with a cutoff in June and with a cutoff in September. If we go to the next slide that you can also see which milestones I am speaking about for this community readiness reporting you have seen this picture I think many, many times so I would not like to go through. Again, you are in the middle of the picture it's not proportionate to time. What is important is that around this time now beginning of the year then we assume that the internal staff training has completed. As George mentioned we set the basis for that by our own internal training also according to this train the trainer concept so we hope that also on CSD, TPA and counterparty side also the training of internal staff has been completed nowadays and then on top of the testing we have the production activities then also there are other work streams like operational readiness so I assume in all the stakeholders as in the Euro system in DCB also you are updating your internal manuals your internal processes and that are very late I mean close to goal or goal decision there is a deadline set for this to complete that the adaptation of the operational procedures. Apart from that there are certain contractual and legal obligations that we all have to meet so the related documentation and everything the rules have to be also adapted pre-migration activity completion also falls for September 24 and all from these milestones I would like to focus a little bit on the production activities if we go to the next slide you will find more information about this also in our information material which is on the website but to explain a bit this is everything that happens on the production environment so previous graph was more about the testing environments and this is for the production environment in the new plan the connectivity setup that was supposed to happen in autumn in the previous plan will start in April this is from April to June the connectivity setup and execution and then after that from the end of the summer it's already with the setup of reference data in preparation for the goal and goal decision the pre-migration activity starts going towards the goal and goal decision which is meant for the 4th of October so this is the plan for the production environment put it in your own project plan as well I'm sure you have done already if we go to the last slide then some references how we help your work also your planning and preparation for the ECMS goal life we gathered here the most relevant publications Bamini and Bobi will mention also further publications that might be useful for testing but what is good to know is that we created a customized version for the strategy, migration and testing strategy the tour, the terms of reference for the pre-production environments where you are testing and also for the fundamental test cases these are available we have these strategy or conceptual documents there are also a couple of explainers or information documents which is for example the explainer on the business configuration then the business rules in ECMS and the status codes that is the status codes in ECMS and of course the catalogue of messages for those that stick in it that's also very important for all these deliverables if there is an update required we will do so in the course of this year or towards the last quarter of the second quarter of the year and then for sure towards the end of the year for the goal life we will create also a goal life version so please browse our website for the information items or contact your NCB and then we will also know if there is any material missing or information so I think that was from my side for the planning and the project plan