Operational Aspects on the Cash Side. T2S Info Session Ljubljana, 10 March 2013 Patrick Papsdorf DG-P European Central Bank
|
|
- Opal Moore
- 5 years ago
- Views:
Transcription
1 Operational Aspects on the Cash Side T2S Info Session Ljubljana, 10 March 2013 Patrick Papsdorf DG-P European Central Bank 1
2 Table of Contents Introduction Fundamentals Procedures in normal situations Procedures in abnormal situations Other aspects
3 Introduction The focus of the presentation is on operational aspects relevant for the euro cash side. T2 distinguishes operational procedures for: - normal situations; and - abnormal situations. The need to scrutinise T2 operational procedures arose in view of new/changed elements related to: - T2S and T2 interdependencies; - DCAs in euro; and - euro liquidity interrelations. Approach: apply existing and proven T2 operational framework (T2 Information guide) to greatest extent possible. 3
4 From an operational perspective Introduction T2S and T2 Strongly Interrelated Securities Cash RTGS securities securities sec. settl. DCA DCA liquidity RTGS RTGS securities autocol DCA RTGS Automated reimbursement We will use in the presentation for the euro cash side the terms of DCA holder and TARGET2 RTGS account. 4 4
5 Table of Contents Introduction Fundamentals Procedures in normal situations Procedures in abnormal situations Other aspects
6 Fundamentals Dedicated cash accounts Dedicated Cash Accounts (DCAs) DCAs in euro will be in the TARGET2 perimeter and its operational framework will apply. DCAs are opened and administered by CBs, which hold the business relationship with the DCA holders. Participation requirements identical to opening a TARGET2 RTGS account. DCAs will be used for T2S cash-related operations. In addition to DCAs there are: 1) Dedicated transit account: two accounts at ECB for liquidity flows from/to T2. 2) Central Bank Accounts: used to provide intraday liquidity (autocollateralisation) to its DCA holders, may have a negative balance. 6
7 7 Fundamentals Dedicated cash accounts Principles applying to DCAs (1) 1) An eligible entity can open one or more DCAs for its own purposes and/or for its clients. Other entities cannot open a DCA. 2) An eligible entity can open a DCA even if it has no TARGET2 RTGS account. 3) A DCA holder has to have a TARGET2 RTGS account itself opened at the same CB if it wants to benefit from auto-collateralisation. Both, DCA and TARGET2 RTGS account, in the books of the credit providing NCB. Necessary for automatic reimbursement. 4) Each DCA must be linked to a single TARGET2 RTGS account. The account holders may differ. The central banks that opened the accounts may differ. Several DCAs can be linked to a single TARGET2 RTGS account. Necessary for liquidity sweeps.
8 Fundamentals Dedicated cash accounts Cash accounts used for T2S purposes P2: no RTGS DCAH B NCB DCAH A 1 P1: several DCAs DCAH A 2 Links DCAs T2 RTGS TARGET2 RTGS accounts P3: if P3 if autoco autocol than RTGS than RTGS RTGS A NCB NCB B RTGS X Client ABC RTGS Q Uses DCA of Bank B P4: links, more DCAs to one ECB T2 RTGS, diff. acc TRANSIT holder ECB T2S TRANSIT Notation NCB DCAH A DCAH B Client ABC Description National Central Bank DCA holding bank A (with both cash and securities account) DCA holding bank B (provides cash for securities settlements of CSD participant, client ABC) CSD Participant using the services of Bank B Notation NCB RTGS A RTGS X RTGS Q Description National Central Bank T2 RTGS Account holder which would receive liquidity at EoD from DCAH A T2 RTGS Account holder which would receive liquidity at EoD from DCAH B RTGS account holder without T2S business Party Relationship Link for EoD retransfer Central Bank Cash Account Dedicated Cash Account Transit Account T2 RTGS Account 8
9 9 Fundamentals Dedicated cash accounts Principles applying to DCAs (2) 5. DCAs cannot have a negative balance (exception: CB accounts). 6. DCAs are funded by TARGET2 RTGS account(s). Funding may come from any and several TARGET2 RTGS accounts. 7. Liquidity can be sent from DCAs to any TARGET2 RTGS. 8. No overnight balances are allowed on DCAs, i.e. the end-of day balances must be swept to T2 RTGS accounts. For each DCA, there will be the main T2 RTGS account for purposes of the end-of-day sweep(s).
10 Fundamentals Dedicated cash accounts Cash accounts used for T2S purposes NCB A TARGET2 RTGS accounts NCB A NCB B DCAH B DCAH A 1 DCAH A 2 P6 Funding Liquidity from (any) relations RTGS RTGS A RTGS X Client ABC P8 EoD sweep RTGS Q Uses DCA of Bank B P7 DCA to (any) RTGS ECB T2 TRANSIT ECB T2S TRANSIT Notation NCB DCAH A DCAH B Client ABC Party Relationship Description National Central Bank DCA holding bank A (with both cash and securities account) DCA holding bank B (provides cash for securities settlements of CSD participant, client ABC) CSD Participant using the services of Bank B Link for EoD retransfer Notation NCB RTGS A RTGS X RTGS Q Central Bank Cash Account Dedicated Cash Account Transit Account T2 RTGS Account Description National Central Bank T2 RTGS Account holder which would receive liquidity at EoD from DCAH A T2 RTGS Account holder which would receive liquidity at EoD from DCAH B RTGS account without T2S business 10
11 Fundamentals Liquidity Flows DCA liquidity movements - In/outbound and internal liquidity transfers among and between DCAs and RTGS accounts. - Securities settlement related cash transactions. - Auto-collateralisation with NCB: - Auto-Collateralisation is central bank intraday credit that is triggered when a buyer has insufficient funds on its DCA to settle securities transactions. - Any intraday credit provision via auto-collateralisation is fully collateralised using eligible collateral. - Collateralisation either collateral-on-flow via the eligible securities that are being purchased (first) or collateral-on-stock with securities already held by the buyer. 11
12 Fundamentals Liquidity Flows Cash accounts for T2S NCB TARGET2 RTGS accounts NCB NCB B DCAH B DCAH A 1 DCAH A RTGS A RTGS X Client ABC RTGS Q Uses DCA of Bank B ECB T2 TRANSIT ECB T2S TRANSIT Notation NCB DCAH A DCAH B Client ABC Description National Central Bank DCA holding bank A (with both cash and securities account) DCA holding bank B (provides cash for securities settlements of CSD participant, client ABC) CSD Participant using the services of Bank B Notation NCB RTGS A RTGS X RTGS Q Description National Central Bank T2 RTGS Account holder which would receive liquidity at EoD from DCAH A T2 RTGS Account holder which would receive liquidity at EoD from DCAH B RTGS account holder without T2S business Party Relationship Link for EoD retransfer Central Bank Cash Account Dedicated Cash Account Transit Account T2 RTGS Account Cash Flow T2 to DCA Cash Flow DCA to T2 12
13 13 Fundamentals DCA numbering Name Format Content Purpose Account type 1 char. exactly C for cash account Helps differentiating between cash and Country code of the Central Bank securities accounts. 2 char. exactly ISO country code Helps identifying the Central Bank in the books of which the account is held. Currency code 3 char. exactly ISO currency code Helps differentiating between accounts in different currencies. Account holder 11 char. exactly BIC Identifies the holder of the account. Sub-classification of the account Dedicated cash accounts DCAs addressed by BIC11 plus BIC of the respective central bank. In addition, the following numbering convention for DCA accounts has been developed by the Eurosystem and TARGET2 user groups: Up to 17 char. Free text Description provided by the account holder for the sub classification of the account. e.g. C DE EUR BICBICBICBI FOROWNOPERATIONS_
14 Table of Contents Introduction Fundamentals Procedures in normal situations Procedures in abnormal situations Other aspects
15 Procedures in normal situations TARGET2 Operational Framework 15 TARGET2 operational framework Applies to TARGET2 RTGS accounts and in general to DCA holders as well. RTGS acc holder Users DCA holder Participating central banks National service desk National crisis manager Settlement manager 3CB. SSP service desk SSP service managers SSP crisis managers ECB TARGET2 coordination desk ECB crisis manager TARGET2 coordinator
16 Procedures in normal situations TARGET2 Operational Framework 16 Communication means Communication features of T2 will also be used for communicating to DCA holders (e.g. broadcast messages, T2 Information System or national means). In addition, T2S communication means (like broadcasts or T2S Info) for DCA holders. TARGET2 community TARGET2 community information information flows flows National Service service Desk desk ICM Broadcasts Local tools SSP Service service Desk desk Users TARGET2 T2 Coordination coordination Desk desk T2IS
17 Procedures in normal situations TARGET2 Operational Framework Settlement day For euro cash settlement on T2 RTGS accounts and DCAs the TARGET calendar applies. Settlement day in T2S will progress based on a harmonised T2S schedule. T2S will allow to change some specific deadlines individually for the different currencies. T2S Operator is entitled to change timings/ deadlines of settlement day, independently, in exceptional circumstances or contingency situations. A change is valid for the current T2S settlement day only, sequence of events (predecessors and/or successors events) in T2S must remain unchanged. 17
18 18 Procedures in normal situations TARGET2 Operational Framework Indicative Time 6:45 p.m. 7:30 p.m. 3:00 a.m. 5:00 a.m. T2S Period Start of Day Night-time Settlement Real-time Settlement Maintenance Window Actual Time 6:45 p.m. 7:00 p.m. 10:00 p.m. 1:00 a.m. 6:45 a.m. T2 Period Start of Day* Night-time Settlement* Maintenance Window Night-time Settlement Primary deadlines/ cut-offs 6:00 p.m. 6:45 p.m. Real-time Settlement End of Day 6:00 p.m. 6:45 p.m. Day trade phase End of Day* * Plus 15 min at last day of maintenance period.
19 Procedures in normal situations TARGET2 Operational Framework DCA related liquidity flows in a T2S settlement day Settlement Schedule 18:45 19:30 Start-of-day 19:30-3:00 Night-time Settlement period 3:00-5:00 Maintenance Window 5:00-16:00 Real time Settlement period 16:00-18:00 Real time settl. Closure Types of Liquidity Transfers Inbound L liquidity transfers (SOs) (preparation for Night-time settlement period) 1. In-/outbound liquidity transfers in all sequences (Inbound: T2 COs)* Last Cycle: 2. Predefined & standing liquidity outbound transfers 3. Multiple liquidity provider reimb. at end of the cycle No Liquidity Transfers service available 1.Continuous Real- Time Settlement 2.In-/outbound liquidity transfers 3.Predefined & standing liquidity transfer orders 1.In-/outbound liquidity transfers 2. Release cash restrictions 3. Autocol auto reimb. 4.Sweeps to T2 Direction Liquidity Transfer T2 RTGS acc to DCA 1. T2 RTGS acc to DCA 2. DCA to T2 RTGS acc 3. DCA to DCA 1. T2 RTGS acc to DCA 2. DCA to T2 RTGS acc 3. DCA to DCA 1. T2 RTGS acc to DCA 2. DCA to T2 RTGS acc 3. DCA to DCA *T2 maintenance window 10 pm 1am 19
20 Procedures in normal situations TARGET2 Operational Framework 20 Time (CET) T2S Settlement day events/processes 4.00 p.m. DVP cut-off 4.00 p.m. Cash restriction cut-off Release of unused cash restriction 4.30 p.m. Automatic reimbursement Optional cash sweep 1 (standing liquidity transfers) 5.40 p.m. BATM cut-off 5.40 p.m. CBO cut-off 5.45 p.m. Inbound liquidity transfer cut-off Automated cash sweep p.m. Securities restriction cut-off 6.00 p.m. FOP cut-off
21 Procedures in normal situations TARGET2 Operational Framework EoD cash management End of Day Cash Management 1) Reimburse of pending auto-collateralisation any time during the day (DCA holder releases held reverse settlement instructions); 2) If not done by 4:30 pm Automatic Reimbursement starts: Enough DCA liquidity? Y Reimburse autocol N Rebalancing among DCAs sufficient? N Relocation and conversion into T2 Intraday credit Y Reimburse autocol 21
22 Table of Contents Introduction Fundamentals Procedures in normal situations Procedures in abnormal situations Other aspects
23 Procedures in Abnormal Situations Existing Procedures in TARGET2 23 TARGET2 abnormal situations TARGET2 with robust procedures in order to cope with any potentially abnormal situations that may arise. The following parties could potentially trigger an abnormal situation in TARGET2. Contain to avoid contagion Central banks CB New aspects to be considered T2S platfor m issues CSDs VANs SWIFT RTGSs
24 Procedures in Abnormal Situations Existing Procedures in TARGET2 24 TARGET2 incident management measures Fixing the problem/ finding a workaround Business continuity, i.e. full processing capacity 4 sites 2 regions concept Contingency, i.e. limited number of payments Delayed closing Measures will apply for T2 events. For T2S technical platform issues (impacting DCAs) T2S measures apply. Specific measures for liquidity flow issues between T2 RTGS accounts and DCAs. Each entity with own measures in place.
25 Procedures in Abnormal Situations T2 High Level Principles in view of T2S 25 High-level principles for abnormal situations 1) The TARGET2 operational framework will apply to DCAs. Accordingly, issues impacting DCAs should be dealt within the TARGET2 incident and crisis management structure. 2) Issues of T2S relevance that have been identified/discussed in T2 will be communicated to T2S. 3) Not each incident/crisis in TARGET2 may lead to a communication to T2S as not all events are relevant for T2S (e.g. ancillary system interface issues or insolvency of a bank).
26 Procedures in Abnormal Situations T2 High Level Principles in view of T2S 26 High-level principles (continued) 4) T2 incident/crisis management structure to manage T2 events. T2 incident/crisis management structure interface with T2S incident/crisis management structure due to T2 events impacting T2S and integrated as DCAs are sitting on T2S technical platform. 5) T2 incident/crisis management structure remains responsible for decisions on TARGET2. Requests can be raised by T2S. 6) A severe incident (e.g. delayed closing) in TARGET2 should be communicated to T2S immediately. 7) T2S delayed closing does not automatically affect TARGET2 closing (depends on DCA liquidity). TARGET2 will need to decide separately if a delayed closing is necessary in TARGET2.
27 Table of Contents Introduction Fundamentals Procedures in normal situations Procedures in abnormal situations Other aspects
28 Others Aspects Operational readiness Operational readiness Operational procedures will be fully elaborated and reflected in the TARGET2 Info Guide and consistent with T2S operational documentation Close cooperation with both T2S and TARGET2 users Non-functional testing and preparation like registration guide T2 services will be available and NCBs ready to open DCAs from first migration wave onwards 28
29 Other Aspects Case Study 1 How could my cash management set-up potentially be structured in view of T2S?... I am a small financial institution that mainly operates domestically and I only settle securities on my behalf. I only need to monitor my accounts from time to time during the day. I already have my existing T2 RTGS account. One DCA account to be opened with my responsible CB; Access via the T2 ICM could be established to manage the DCA. In case additional services are needed, GUI access via T2. Also possible to authorise third party (such as local CSD) to push liquidity from T2 RTGS account to DCA (e.g. at night time if not enough liquidity should be available). 29
30 Other Aspects Case Study 2 How could my cash management set-up potentially be structured in view of T2S?... I am a large, pan-european financial institution with cash and custodial operations for both my own account and for my clients. I therefore, have numerous T2 RTGS accounts in different countries. Maybe possible to consolidate T2 RTGS accounts dispersed throughout euro-area for securities settlement purposes; Open various DCAs (own and clients) with home CB, which could be used for auto-collateralisation; Automate T2S/DCA related operations with VAN in A2A; Subscribe to T2 services for facilitating monitoring and use services as a contingency means. 30
31 31 Thank you for your attention
DCA Info session. 9 December 2014
DCA Info session 9 December 2014 DCA Info session Peter Lagaert 9 December 2014 Overview T2-T2S CENTRAL BANK MONEY 3 Introduction 01-10-14 Bilateral Testing 30-04-15 Multilateral Testing wave 2 16-09-15
More informationLiquidity Management in T2S
Liquidity Management in T2S Info Session T2S Project Team European Central Bank 1 Outline 1. Liquidity Management in T2S Principles and Definitions Setup 2. Liquidity Management - Scenarios Liquidity Transfers
More informationInformation Guide. for TARGET2 users
Information Guide for TARGET2 users Version 9.0 November 2015 Information Guide for TARGET2 Users - version 9.0 1 Table of Contents INFORMATION GUIDE FOR TARGET2 USERS Information Guide for TARGET2 Users
More informationSCHEDULE OF A SETTLEMENT DAY IN T2S DETAILED DESCRIPTION
SCHEDULE OF A SETTLEMENT DAY IN TS DETAILED DESCRIPTION 4 5 TS Project Office Reference: 09.04.0/00/009600 Date: 0 November 00 Version:.4 Status: Final 6 TABLE OF CONTENTS 4 5 6 7 8 9 0 4 5 6 7 8 9 0 4
More informationRegistration to T2S. 07 May Patrick Heyvaert
07 May 2015 Patrick Heyvaert Registration Ordering T2S services via VAN Only for directly connected Procedure SWIFT or SIA-Colt Static data test environment (T2S community and pre-production environments)
More informationT2S Guide for Payment Banks
T2S Guide for Payment Banks June 2016 updated version T2S Programme Office European Central Bank ECB-PUBLIC 0 1 T2S Guide for Payment Banks An Introduction A Payment Bank is an important entity in T2S
More information2017 Cash management in TARGET2-Securities with the Banque de France Blueprint Version 4 March 2017
2017 Cash management in TARGET2-Securities with the Banque de France Blueprint Version 4 March 2017 Banque de France Version 4 March 2017 1 C O N T E N T S 1. INTRODUCTION... 5 2. CASH ACCOUNTS... 6 2.1.
More informationLiquidity Management - Functional overview (Features in T2 and T2S to manage liquidity incl. T2S Interface in T2)
Liquidity Management - Functional overview (Features in T2 and T2S to manage liquidity incl. T2S Interface in T2) Information event for future DCA holders, 16 Dec 2013 Siegfried Vonderau, 3CB/4CB 1 Features
More informationNBB-SSS adaptation plan to T2S First Q&A session - Intro
NBB-SSS adaptation plan to T2S First Q&A session - Intro Brussels June 28 th, 2012 Luc JANSSENS Securities Unit Intro & Agenda News user committee T2S Community (see next slide) Cash side - what's new/important
More informationT2S features and functionalities
T2S features and functionalities Conference at Narodowy Bank Polski 23 June 2009 T2S Project Team European Central Bank 09.04.01/2009/005409 T2S settles CSD instructions Notary function Custody and assetservicing
More informationInstitute: Central Bank Date raised: 11/09/2015
General Information (Origin of Request) User Requirements (URD) Other User Functional or Technical Documentation (SYS) Request raised by: Working Group on TARGET2 (WGT2) Institute: Central Bank Date raised:
More informationTARGET2-BE User Group 9/11/2016
TARGET2-BE User Group 9/11/2016 TARGET2-BE User Group Agenda TARGET2 consultation Eurosystem vision for the future RTGS services T2S and TARGET2 Internal liquidty transfers in T2S Privileges for auto-collateralisation
More informationT2S Auto-collateralisation. 19 November 2013
T2S Auto-collateralisation Additional background information after the date of the workshop A Eurosystem workshop entitled "Set-up for autocollateralisation/client collateralisation in T2S was held on
More informationSETTLEMENT DAY IN T2S FOR SETTLEMENT IN NON-EURO
AMI-SeCo Harmonisation Steering Group 20 June 2017 SETTLEMENT DAY IN T2S FOR SETTLEMENT IN NON-EURO 1. Background The use of a single schedule for the T2S settlement day is established by the T2S User
More informationT2S auto-collateralisation
T2S auto-collateralisation Brussels, 7 June 2012 Yvan TIMMERMANS T2S BENUG Chairman What is auto-collateralisation? Intraday credit operation triggered when a buyer lacks funds for settling a securities
More informationLikely obsolete topics from the potential Change Requests for T2S Release 2 May ECB T2S Programme Office European Central Bank
Requests for T2S Release 2 May 2015 ECB T2S Programme Office European Central Bank 1 Requests Background ECB has been keeping a log of changes that have been considered as potential candidates for a future
More informationECB-UNRESTRICTED. T2-T2S Consolidation. ECB DG-MIP T2-T2S Consolidation Project Team. Outcome of the market consultation.
ECB DG-MIP Project Team Outcome of the market consultation AMI-Pay meeting 29 September 2017 Rubric Outcome of the market consultation Statistics URD Institutions Comments CLM 62 831 RTGS 59 646 SHRD 56
More informationTARGET2-Securities: overview
TARGET2-Securities: overview Infosession on T2S auto-collateralisation Patrick Van den Eynde T2S BENUG Secretary Driver for T2S to stimulate the integration of the securities post-trading infrastructure
More informationInsight Session: T2S Auto-collateralisation
Insight Session: T2S Auto-collateralisation T2S Info Session Vienna, 5 October 2012 T2S Programme Office European Central Bank ECB-PUBLIC 0 Table of Contents T2S Auto-collateralisation 1 Why is auto-collateralisation
More informationT2/T2S Consolidation. Ancillary Systems Settlement Services. ECB DG-MIP T2/T2S Consolidation Project Team. Task Force on Future RTGS Services
ECB DG-MIP Project Team Ancillary Systems Settlement Services Task Force on Future RTGS Services 2 nd TF meeting, 25-26 January 2017 Rubric AS Settlement 1 Objectives and scope 2 Overview of AS Settlement
More informationANNEX II: CONDITIONS FOR THE OPENING AND OPERATION OF A DEDICATED CASH ACCOUNT IN TARGET2 BE TITLE I GENERAL PROVISIONS
Annex II ANNEX II: CONDITIONS FOR THE OPENING AND OPERATION OF A DEDICATED CASH ACCOUNT IN TARGET2 BE TITLE I GENERAL PROVISIONS Article 1 Definitions For the purposes of these Conditions (hereinafter
More informationCLASSIFICATION DIRECTLY CONNECTED PARTIES IN T2S
T2S PROGRAMME OFFICE ECB-UNRESTRICTED 11 June 2013 Item 4.2 09.04.01/2013/006583 CLASSIFICATION DIRECTLY CONNECTED PARTIES IN T2S Background The T2S Advisory Group (AG) in February 2013 invited the T2S
More informationT2-T2S CONSOLIDATION BUSINESS DESCRIPTION DOCUMENT
T2-T2S CONSOLIDATION BUSINESS DESCRIPTION DOCUMENT Version: 0.1 Status: DRAFT Date: 16/04/2018 Table of contents 1 INTRODUCTION... 4 1.1 Purpose of the document... 5 1.2 Structure of the document... 5
More informationTARGET2- Suomen Pankki
RULES ON AUTO-COLLATERALISATION OPERATIONS Definitions For the purposes of these Rules the following definitions apply: 1. auto-collateralisation means intraday credit granted by the euro area national
More informationDisclosure Report Executive summary Summary of major changes since the last update of the disclosure General background information on TARGET2
TARGET2 Summary of the self-assessment against the principles for financial market infrastructures May 2018 1 Executive summary 2 2 Summary of major changes since the last update of the disclosure 3 3
More informationT2-T2S CONSOLIDATION BUSINESS DESCRIPTION DOCUMENT
T2-T2S CONSOLIDATION BUSINESS DESCRIPTION DOCUMENT Version: 1.0.0 Status: Final Date: 04/10/2018 Table of contents 1 INTRODUCTION... 4 1.1 Purpose of the document... 5 1.2 Structure of the document...
More informationT2S: Settling without borders in Europe
T2S: Settling without borders in Europe T2S DCP Infosession Paris, 11 October 2011 T2S Programme Office European Central Bank Table of Contents 1 Status Update 2 What is a DCP? 3 What are the implications
More informationDisclosure report. TARGET2 assessment against the principles for financial market infrastructures. June Executive summary 3
TARGET2 assessment against the principles for financial market infrastructures June 2016 1 Executive summary 3 2 Summary of major changes since the last update of the disclosure 4 3 General background
More informationTARGET2-BE User Group. 5 April 2017
TARGET2-BE User Group 5 April 2017 Agenda Future RTGS High level business domains CLM and accounts Central bank operations Payments Liquidity transfers Reference data Management minimum reserves Eurosystem
More informationT2S GUI Workshop Change Summary of GUI BFD V1.6 & Outstanding Issues
09.04.01/2011/000611 T2S GUI Workshop Change Summary of GUI BFD V1.6 & Outstanding Issues Frankfurt, 24th January 2011 T2S Project Team European Central Bank GUI BFD V1.6 Change Summary Business Object
More informationKey highlights of settlement needs in T2S Trading-related settlements
T2S-07-0041 Key highlights of settlement needs in T2S Trading-related settlements TG3 1st meeting 18th June 2007 1 Agenda 1) General overview 2) Settlement prioritisation and recycling 3) Settlement optimisation
More informationT2-T2S Consolidation: impacts on Eurosystem Banks
T2-T2S Consolidation: impacts on Eurosystem Banks Salone dei Pagamenti Sessione: «L evoluzione delle infrastrutture dell Eurosistema» Mi.Co. Milano 09 novembre 2018 Emanuele Renati Ufficio Money Market
More informationTARGET2-Securities (T2S) Functional Design at a Glance. An introduction to T2S for CBF customers October TARGET2- Securities (T2S)
TARGET2-Securities (T2S) Functional Design at a Glance An introduction to T2S for CBF customers October 2013 TARGET2- Securities (T2S) TARGET2-Securities (T2S) Functional Design at a Glance An introduction
More informationService description for KDD members in T2S environment
Service description for KDD members in T2S environment Version 3, September 2016 CONTENTS A. GENERAL INFORMATION... 3 B. BUSINESS AND OPERATIONAL ASPECTS OF KDD S SERVICES IN T2S ENVIRONMENT... 4 1. STATIC
More informationDATA MODEL DOCUMENTATION. Version 1.0
DATA MODEL DOCUMENTATION Version 1.0 1 CLASS DIAGRAMS... 6 1.1 GFS 00 - GENERIC AUDIT TRAIL AND REVISIONS... 6 1.2 GFS 01 - HIGH LEVEL STATIC DATA... 7 1.3 GFS 02 - PARTY DATA MANAGEMENT... 8 1.4 GFS 03
More informationT2-T2S CONSOLIDATION HIGH-LEVEL SUMMARY OF BUSINESS CHANGES
T2-T2S CONSOLIDATION HIGH-LEVEL SUMMARY OF BUSINESS CHANGES Version: 0.70.6 Status: DRAFT Date: 22/06/201717/05 /2017 Contents 1 INTRODUCTION... 4 2 MODULAR APPROACH... 6 2.1 Requirements... 6 2.2 Central
More informationTasks related to the support of T2S auto-collateralisation procedure
Tasks related to the support of T2S auto-collateralisation procedure Open tickets as of 22 nd May 2015 1. INC159759 opened on 16 th March: Issue with the upload of valuation coefficients in T2S. The cutoff
More information1. General Information CR Raised by: T2S Project Team Institute: ECB Date Raised: 21/04/09
1. General Information CR Raised by: T2S Project Team Institute: ECB Date Raised: 21/04/09 Change Request Title: Life Cycle of a Liquidity Transfer Order CR Ref.: T2S URD 152 Change Request Classification:
More informationTERMS AND CONDITIONS FOR PARTICIPATION IN TARGET2-LU
TERMS AND CONDITIONS FOR PARTICIPATION IN TARGET2-LU November 2017 1 TERMS AND CONDITIONS FOR PARTICIPATION IN TARGET2-LU TABLE OF CONTENT PREAMBLE 5 SECTION 1 GENERAL PROVISIONS 7 SECTION 2 OPERATION
More informationHaving regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of Article 127(2) thereof,
14.11.2017 L 295/89 DECISION (EU) 2017/2081 OF THE EUROPEAN CTRAL BANK of 10 October 2017 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2017/30) THE EXECUTIVE BOARD
More informationInstitute: CSD Date raised: 10/05/2016. Request ref. no: T2S SYS. Classification: Regulatory compliance. Urgency: Fast-track
General Information (Origin of Request) User Requirements (URD) Other User Functional or Technical Documentation (SYS) Request raised by: CSD Steering Group (CSG) Request title: T2S must be able to report
More informationCENTRAL BANK OF MALTA
CENTRAL BANK OF MALTA DIRECTIVE NO 7 in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204) PROVISION OF INTRADAY CREDIT AND AUTO- COLLATERALISATION Ref: CBM/07 1 DIRECTIVE NO 7 PROVISION OF INTRADAY CREDIT
More informationAnnex III ANNEX III: PROVISION OF INTRADAY CREDIT. Definitions
Annex III ANNEX III: PROVISION OF INTRADAY CREDIT Definitions For the purposes of this Annex: (1) credit institution means either: (a) a credit institution within the meaning of point (1) of Article 4(1)
More information1. General Information CR Raised by: T2S Project Team Institute: ECB Date Raised: 21/04/09
1. General Information CR Raised by: T2S Project Team Institute: ECB Date Raised: 21/04/09 Change Request Title: Life Cycle of a Liquidity Transfer Order CR Ref.: T2S URD 152 Change Request Classification:
More informationDECISION (EU) [2017/XXX] OF THE EUROPEAN CENTRAL BANK. of 10 October 2017
EN ECB-PUBLIC DECISION (EU) [2017/XXX] OF THE EUROPEAN CENTRAL BANK of 10 October 2017 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2017/30) THE EXECUTIVE BOARD
More informationT2S Settlement day for non-euro
T2S Settlement day for non-euro 2 nd AMI-SeCo meeting, agenda item 2.2 4-5 July 2017, Frankfurt George Kalogeropoulos ECB/DG-MIP/Market Integration Division 0 1 Single schedule for a settlement day in
More informationT2/T2S CONSOLIDATION HIGH LEVEL BUSINESS CHANGES DOCUMENT
T2/T2S CONSOLIDATION HIGH LEVEL BUSINESS CHANGES DOCUMENT Version: 0.0.03 Status: Draft Date: 20/03/2017 Table of Contents 1 INTRODUCTION... 3 2 MODULAR APPROACH... 4 2.1. Requirements... 4 2.2. Shared
More informationDIRECTIVE NO 6. in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204)
CENTRAL BANK OF MALTA DIRECTIVE NO 6 in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204) HARMONISED CONDITIONS FOR OPENING AND OPERATING PAYMENTS MODULE ACCOUNTS AND DEDICATED CASH ACCOUNTS IN TARGET2-MALTA
More informationCR raised by: T2S Project Team Institute: ECB Date raised: 15/09/08
09.04.01/2009/001863 CR raised by: T2S Project Team Institute: ECB Date raised: 15/09/08 Change Request title: Unmatched messages No further information CR ref. no: T2S URD 0007 (T2S-URD V4-CLA-07) Change
More informationTARGET2-BANQUE DE FRANCE AGREEMENT. Opening and Operation of a PM account Access by TARGET2 network service provider PARTIES BETWEEN
TARGET2-BANQUE DE FRANCE AGREEMENT Opening and Operation of a PM account Access by TARGET2 network service provider PARTIES BETWEEN The Banque de France, governed by the Articles L.141-1 et seq. of the
More informationT2S PROGRAMME OFFICE ECB-PUBLIC. Page 1 of 12
T2S PROGRAMME OFFICE ECB-PUBLIC T2S CLARIFICATION NOTE CLIENT COLLATERAL REUSE FOR CENTRAL BANK AUTO-COLLATERALISATION Page 1 of 12 Introduction Auto-collateralisation in T2S is an automatic process which
More informationT2S User Testing and Migration DCA Holder view
T2S User Testing and Migration DCA Holder view Information event for future DCA Holders: Euro liquidity management in view of T2S ECB, 16 December 2013 T2S Programme Office European Central Bank 1 T2S
More informationFOURTH PROGRESS REPORT ON TARGET2
FOURTH PROGRESS REPORT ON TARGET2 On 20 November 2006, the Eurosystem published the third progress report on TARGET2. The report provided details of a number of pricing and legal issues (the pricing of
More informationT2-T2S CONSOLIDATION USER REQUIREMENTS DOCUMENT T2 - CENTRAL LIQUIDITY MANAGEMENT COMPONENT FOR
T2-T2S CONSOLIDATION USER REQUIREMENTS DOCUMENT FOR T2 - CENTRAL LIQUIDITY MANAGEMENT COMPONENT Version: 1.2 Status: Final Date: 30/11/2018 Contents 1 CENTRAL LIQUIDITY MANAGEMENT (CLM)... 4 1.1 Overview...
More informationManagement of PM accounts and processing of payment orders. Termination of participation and closure of accounts
Contents Rules for I II III IV V VI VII VIII IX X XI General provisions Participation Obligations of the parties Management of PM accounts and processing of payment orders Liquidity pooling Security requirements
More informationAMIPAY NSG TIPS infosession 11/01/2018
AMIPAY NSG TIPS infosession 11/01/2018 Agenda TIPS and ASI6 RT TIPS functioning T2 in view of TIPS Role of the NBB Conclusions 2 / 67 AMIPAY NSG TIPS Infosession - Introduction TIPS and ASI6 RT Axelle
More informationBank of Greece Securities Settlement System (BOGS)
February 2015 Bank of Greece Securities System () T2S - Community and Business Day testing 1. INTRODUCTION This document intends to provide all participants with the necessary information required, in
More informationTARGET2-BE User Group. 15 June 2017
TARGET2-BE User Group 15 June 2017 Agenda T2-T2S consolidation High level overview Future RTGS services High level overview URD Releases and testing Release 11.0 November 2017 Release 12.0 November 2018
More informationEUROPEAN CENTRAL BANK
L 123/94 Official Journal of the European Union 19.5.2009 GUIDELINES EUROPEAN CENTRAL BANK GUIDELINE OF THE EUROPEAN CENTRAL BANK of 7 May 2009 amending Guideline ECB/2007/2 on a Trans-European Automated
More informationGuideline Settlement and Securities Account Administration
Annex 8 to the GTC of OeKB CSD Guideline Settlement and Securities Account Administration Version 1.4 June 2018 2 Table of Contents Table of Figures 6 Revision History 7 1 Introduction 8 1.1 Objective
More informationIntegrated central bank collateral management services
Integrated central bank collateral management services Alessandro Bonara (ECB) Richard Derksen (CCBM2 Project) Amsterdam, 21 October 2010 Table of contents 1. The Eurosystem collateral framework II. Move
More informationMigration to TARGET2-BE : introduction
Migration to TARGET2-BE : introduction May 2016 Sophie HELBIG Payments and securities Agenda TARGET 2 : basics Current situation Future situation Steps to open a PM account Timeline of the project Decisions
More informationWhat new functionalities could a consolidated platform offer?
Sylvain Debeaumont Head of Market Infrastructure Management Division, ECB What new functionalities could a consolidated platform offer? Consultation on the future of RTGS services Information session 22
More informationSummary Meeting of the Change Review Group (CRG)
T2S PROGRAMME OFFICE 22 November 2016 V1.1 Contact person: Alejandro del Campo Roiz de la Parra Phone: +49 69 1344 7910 E-mail: T2S.CRG@ecb.int Summary Meeting of the Change Review Group (CRG) 26 October
More informationCan the new names and logos for the Target Services be introduced? Services versus infrastructures could do with some some clarification.
N Page Subsection Original Text Comment ECB feedback 1 4 1 Introduction Real time Gross Settlement (RTGS) should be Real Time 2 4 1 Introduction bullet point "New RTGS services" scope of the TARGET2 of
More information1. Legal/business importance parameter: Critical 2. Market implementation efforts parameter: Low
General Information (Origin of Request) User Requirements (URD) Other User Functional or Technical Documentation (SYS) Request raised by: CSD Steering Group (CSG) Request title: T2S should maintain and
More informationDRAFT WORKING DOCUMENT ON TARGET2-SECURITIES THE FUNCTIONAL ARCHITECTURE
DG PAYMENT SYSTEMS AND MARKET INFRASTRUCTURE 19 December 2006 DRAFT WORKING DOCUMENT ON TARGET2-SECURITIES THE FUNCTIONAL ARCHITECTURE This draft working document on TARGET2-Securities (T2S) has been prepared
More informationCollection of additional requirements for the T2S cash forecast
Collection of additional requirements for the T2S cash forecast Workshop on T2S cash forecast and message output optimisation 23 February 2016 European Central Bank 0 Introduction Recently many requests
More informationCurrent Developments of
Current Developments of TARGET2 and TARGET2Securities 8th Conference on Payment and Securities Settlement Systems, Ohrid, 11-13 May 2015 Nynke Doornbos 12 May 2015 Ohrid 8 Outline Part I: current developments
More informationTARGET Annual Report. May 2018
TARGET Annual Report 217 May 218 Contents Introduction 3 TARGET2 activity in 217 6 1 Evolution of TARGET2 traffic 6 1.1 TARGET2 turnover 6 Box 1 TARGET2 celebrates a decade in operation 1 1.2 Volume of
More informationMIGRATION TO TARGET2-BE
MIGRATION TO TARGET2-BE In 2017 all the Belgian banks will have to open an account in TARGET2-BE in order to manage their compulsory minimum reserves. The current accounts in the Belgian system will be
More informationInformation guide. for TARGET2 users
Information guide for TARGET2 users Version 5.0 November 2011 1 WGT2/2011/095rev2; PSSC/2011/448 Table of contents Information guide for TARGET2 users Table of contents 1. INTRODUCTION... 6 1.1. WHAT IS
More information4 Payment services and payment systems
4 Payment services and payment systems 4.1 PAYMENT SERVICES The principal legal regulation governing payment services and payment systems in Slovakia is Act No 492/29 on payment services and amending certain
More informationGergely Koczan Potential benefits and challenges of taking collateral for Eurosystem credit operations in T2S
Gergely Koczan Potential benefits and challenges of taking collateral for Eurosystem credit operations in T2S AMI-SeCo Workshop on Eurosystem deliberations on taking collateral 11 May 2017, Madrid Rubric
More informationCORPORATE ACTIONS BUSINESS PROCESS DESCRIPTION
CORPORATE ACTIONS BUSINESS PROCESS DESCRIPTION TS Programme Office Reference: 0.0.0/0/000 Date: 0 April 0 Version:. Status: Draft 0 TABLE OF CONTENTS 0 0 0 Introduction. Objective and Scope. Structure
More informationTARGET2 a single Europe for individual payments
a single Europe for individual payments Department Payments and Settlement Systems Martin Barraud gettyimages/george Doyle Page 2 TARGET2 single technical platform for processing urgent euro payments TARGET2
More informationECB-UNRESTRICTED T2/T2S CONSOLIDATION HIGH LEVEL BUSINESS CHANGES DOCUMENT
T2/T2S CONSOLIDATION HIGH LEVEL BUSINESS CHANGES DOCUMENT Version: 0.0.01 Status: INITIAL BASELINE Date: 17/02/2017 Table of Contents 1 INTRODUCTION... 3 2 MODULAR APPROACH... 3 2.1 Requirements... 3 2.2
More informationIntegrated central bank collateral management services
Integrated central bank collateral management services Alessandro Bonara (ECB) Richard Derksen (DNB/CCBM2 Project) Cogesi, 22 November 2010 1 What s coming up Move towards integrated collateral management
More informationOUTCOME OF 1ST TG5 MEETING
TARGET 2 SECURITIES PROJECT TEAM WORKING DOCUMENT T2S/07/0042_V 1.0 OUTCOME OF 1ST TG5 MEETING 1. Introduction At the beginning of the first meeting of the T2S Technical Group on Interfaces and Telecommunication
More informationUSER REQUIREMENTS ANNEX 12 ISSUE NOTE - CORPORATE EVENTS
USER REQUIREMENTS ANNEX 12 ISSUE NOTE - CORPORATE EVENTS T2S project Team Reference: T2S-07-0353 Date: 16 November 2007 Version: 1 Status: Final TABLE OF CONTENT 1 Introduction...3 2 Corporate events (CE)...4
More informationSINGLE SHARED PLATFORM
SINGLE SHARED PLATFORM General Functional Specifications - ANNEX 1 A Document for users Version 1.13 Contents 1 Introduction... 1 2 General features and structure of TARGET2... 4 2.1 Principles of TARGET2...4
More informationEurobond XCSD settlement in T2S Joint presentation of Clearstream and Euroclear AMI Seco July 2017
Eurobond XCSD settlement in T2S Joint presentation of Clearstream and Euroclear AMI Seco July 2017 Making eligible assets available in T2S Eurosystem new collateral management system aims to mobilise marketable
More informationT2S financial statements for the fiscal year 2015
T2S financial statements for the fiscal year 2015 April 2017 T2S operating statement (in ) Notes 2015 1 Revenues 2,223,942 T2S fees charged to customers 1 2,223,942 Expenses (49,876,136) Services provided
More informationBusiness Case. Setup of a Credit Memorandum Balance
Business Case Setup of a Credit Memorandum Balance 5 GUI Workshop Frankfurt March 31 th, 2011 1 Business Case: U2A configuration of all the necessary Static Data to setup a Credit Memorandum Balance (CMB)
More informationTARGET2-Securities The Pre-project Phase
TARGET2-Securities The Pre-project Phase Jean-Michel Godeffroy ECB, Director General Payment Systems and Market Infrastructure Meeting with representatives of market participants and market infrastructures
More informationTARGET2-SECURITIES LEGAL FEASIBILITY
8 March 2007 TARGET2-SECURITIES LEGAL FEASIBILITY 1. Introduction On 6 July 2006 the Governing Council of the European Central Bank (ECB) decided to explore further the setting up of a new service for
More informationTARGET2 - SECURITIES: INITIAL ASSUMPTIONS AND QUESTIONS
PSSC/2006/352 FINAL 10 August 2006 TARGET2 - SECURITIES: INITIAL ASSUMPTIONS AND QUESTIONS Introduction TARGET2-Securities (T2S) is a possible new service of the Eurosystem with the aim to achieve efficient
More informationTESTING ACTIVITIES FOR THE SSP RELEASE V12.0 (2 ND REV)
ECB-Public 20 26 June July 2018 TESTING ACTIVITIES FOR THE SSP RELEASE V12.0 (2 ND REV) 1. Introduction With reference to the Eurosystem communication on the Final content of the SSP release 12.0 as published
More informationReform of the registration, clearing and settlement system and its adaptation to Target 2 Securities.
Reform of the registration, clearing and settlement system and its adaptation to Target 2 Securities. AGENDA 1. CURRENT STATUS 2. PRINCIPLES OF THE REFORM 3. PRINCIPLES OF T2S 4. FINAL SETUP 5. TIMETABLE
More informationCCBM2 and T2S Where do we stand?
CCBM2 and T2S Where do we stand? Fiona van Echelpoel Helmut Wacket Money Market Contact Group December 15, 2010 0 What s coming up CCBM2 - project status - a closer look into CCBM2 features T2S - project
More informationFocus Session. 13 December 2017 Paris, France
Focus Session 13 December 2017 Paris, France TARGET2 and T2S consolidation - securities (T2S) perspective Mehdi Manna European Central Bank Table of contents 1 2 3 T2S governance T2S functionalities and
More informationCBF Customer Simulation Period April and May 2018 Guideline
CBF Customer Simulation Period April and May 2018 Guideline CBF Customer Simulation Period April and May 2018 Guideline March 2018 Document Number: 7202 This document is the property of Clearstream Banking
More informationFEES AND CONDITIONS OF THE OESTERREICHISCHE NATIONALBANK FOR PAYMENT TRANSACTIONS WITH THE
OESTERREICHISCHE NATIONALBANK EUROSYSTEM FEES AND CONDITIONS OF THE OESTERREICHISCHE NATIONALBANK FOR PAYMENT TRANSACTIONS WITH THE OESTERREICHISCHE NATIONALBANK Effective as of January 1, 2018 Transaction
More informationGUI Market Workshop Business Cases
GUI Market Workshop Business Cases New Immediate Liquidity Transfer in 2-eyes and 4-eyes perspective 31 st March 2011 1 Content of the presentation 1. Creation of an Immediate Liquidity Transfer in 2-eyes
More informationT2S AG INPUT ON THE ESMA DISCUSSION PAPER. (CSDR, Art. 6 & 7) Contents
T2S AG INPUT ON THE ESMA DISCUSSION PAPER (CSDR, Art. 6 & 7) 22 May 2014 09.04.01/2014/006159 Contents 1. General Comments... 2 2. RTS related to Settlement Discipline... 4 2.1 Measures to prevent settlement
More informationTARGET2-Securities: overview
TARGET2-Securities: overview Infosession on T2S auto-collateralisation Patrick Van den Eynde T2S BENUG Secretary Driver for T2S to stimulate the integration of the securities post-trading infrastructure
More informationT2S: Planning Pricing - Harmonisation
0 T2S: Planning Pricing - Harmonisation NBB-SSS, 23 April 2012 Annemieke Bax - T2S Programme Office European Central Bank 1 T2S Introduction Purpose and Benefits of T2S A Service offered to CSDs for Settlement
More informationTARGET2: ASI procedure 6 integrated Today s functionality. 7 November 2016
TARGET2: ASI procedure 6 integrated Today s functionality 7 November 2016 Settlement of ancillary systems (AS) 04.09.02 Matthias Endres 2 Harmonised Titelmasterformat interface durch for AS settlement
More informationTIPS Project Team TIPS: Outcome of the discussion on TARGET2-TIPS topics
TIPS Project Team TIPS: Outcome of the discussion on TARGET2-TIPS topics TARGET Instant Payments Settlement Liquidity Transfers The topic has been presented and discussed during the last WGT2 The outcome
More informationBELGIAN FINANCIAL SECTOR FEDERATION Financial Markets
BELGIAN FINANCIAL SECTOR FEDERATION Financial Markets CCBM2 DR12129.DOC Madame Daniela Russo European Central Bank Payment Systems and Market Infrastructure Postfach 16 03 19 D-60066 Frankfurt Germany
More information