EURO1 in COGEPS Meeting. Gilbert Lichter. Frankfurt, 2nd & 3rd April, 2012 CEO, EBA CLEARING COGEPS 2&3/4/2012 1

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1 EURO1 in 2011 COGEPS Meeting Frankfurt, 2nd & 3rd April, 2012 Gilbert Lichter CEO, EBA CLEARING COGEPS 2&3/4/2012 1

2 EURO1/STEP1 in 2011 : relevant data 1. Evolution of volumes 2. Evolution of values 3. Participation in EURO1/STEP1 Review of the EURO1 risk profile in The Single Obligation structure 2. Real-time processing within binding caps 3. Granting limits, setting caps and managing credit risk Situation before October 2011 Current situation Envisaged further evolution COGEPS 2&3/4/2012 2

3 EURO1/STEP1 in 2011 : relevant data 1. EURO1/STEP1 daily average volume , ,000 20, , , , ,000 10,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec COGEPS 2&3/4/2012 3

4 EURO1/STEP1 in 2011 : relevant data 2. EURO1/STEP1 daily average value bn Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec COGEPS 2&3/4/

5 EURO1/STEP1 in 2011 : relevant data 2. EURO1/STEP1 participation (March 2012) EURO1 Banks 6 0 EURO1 Sub- Participants STEP1 Sub- Participants STEP1 Banks 244 banks are directly connected, representing some 10,000 BICs EURO1 Directory : 64 banks have entered 12,820 reachable entities COGEPS 2&3/4/2012

6 EURO1/STEP1 in 2011 : relevant data 1. Evolution of Volumes 2. Evolution of values 3. Participation in EURO1/STEP1 Review of the EURO1 risk profile in The Single Obligation structure 2. Real-time processing within binding caps 3. Granting limits, setting caps and managing credit risk Situation before October 2011 Current situation Envisaged further evolution COGEPS 2&3/4/2012 6

7 Review of the EURO1 risk profile in The Single Obligation Structure a unique legal basis the Single Obligation Structure represents the legal relationship between one participant P and the community of all the other participants the Single Obligation (or Single Claim) exists and is enforceable for each participant at any time of the day, or thereafter if P has not settled the Single Obligation is an obligation to pay into the Settlement Account* (or, if a Single Claim, to be paid from the Settlement Account) In case a participant fails to settle, there is no recalculation of the Single Obligation amount nor is there any alteration of its legal validity Participant P Single Obligation All other Participants *] as per ASI4 Terms COGEPS 2&3/4/2012 7

8 Review of the EURO1 risk profile in Real-time processing of payment messages and calculation of Single Obligation/Claim The amount of the Single Obligation is adjusted each time upon processing of : a payment message between participants a prefunding with central bank funds intra-day liquidity distributions settlement operations Credit Cap Payments are handled in real-time and processed subject to limits Payments are only processed if not breaching the debit of credit cap of the two counterparties Participant P Once processed, payments are technically and legally irrevocable Payments are processed individually with real-time finality upon processing Debit Cap COGEPS 2&3/4/2012 8

9 Review of the EURO1 risk profile in Granting limits, setting caps and managing credit risk The situation pre-revision Sum = Credit Cap 0 to 2 There is a Mandatory Limit of mio There is an additional voluntary limit of 0 to 2mio The voluntary limit can be changed until 18:00 on D-1 0 to 2 0 to 2 the Credit Cap of P is the sum of the bilateral limits granted to the other participants, the Debit Cap of P is the sum of the bilateral limits received from all the other participants 0 to 2 Participant P 0 to 2 0 to 2 Sum = Debit Cap COGEPS 2&3/4/2012 9

10 Review of the EURO1 risk profile in Granting limits, setting caps and managing credit risk The situation since October 2011 Sum = Credit Cap 2 0 to 0 There is a Mandatory Limit of 2mio There is an additional voluntary limit of 0 to 0mio The voluntary limit can be changed until 7:00 on D the Credit Cap of P is the sum of the bilateral limits granted to the other participants, the Debit Cap of P is the sum of the bilateral limits received from all the other participants 2 0 to Participant P 0 to 0 0 to to to 0 Sum = Debit Cap COGEPS 2&3/4/

11 Review of the EURO1 risk profile in 2011 En resumé Banks manage their exposure towards the other participants in the system - individually and as a whole - through granting bilateral limits. A bilateral limit is composed of a mandatory part of 2mio and a voluntary part for an amount between 0 and 0mio. Participants can modify the voluntary part of the limits (via their workstation) up until 7:00 for effect that day; accordingly, they can largely reduce their exposure on a participant suffering from an overnight deterioration of its credit standing. Additionally, EBA CLEARING as system operator can set the Debit Cap of a stricken bank to zero up until the start of processing on the clearing day (07:30). In that case the stricken bank does not represent anymore a credit/settlement risk within the system to the other participants. A continued participation is possible on the basis of pre-funded liquidity; in this way the stricken bank can continue making and receiving payments for its customers. COGEPS 2&3/4/

12 Review of the EURO1 risk profile in 2011 Further evolution Currently, the Board through its Risk Committee and the users through the Operations and Technology Committee as well as the Future Development Group are discussing the issue of abolishing the Mandatory Limits in a staged approach. A proposal has been made to the Board to further reduce the Mandatory Limit in the short term to 1mio; a final decision will be made after consultation of the overseer. A next step will be envisaged after proposals have been produced and agreed on methods and rules aiming at ensuring sufficient liquidity within the system once there will be no Mandatory Limits. The latter proposals will in particular take into account the banks new obligations in terms of liquidity management constraints and risk management requirements. COGEPS 2&3/4/

13 References EUROSYSTEM Oversight Report of 2011 Oversight Assessment of the EURO SYSTEM of the EBA CLEARING Company (EURO1) against the CPSS Core Principles 304b44b73ace6cff2deabc COGEPS 2&3/4/

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