Commenting Institution BOOKIN
|
|
- Briana Paul
- 5 years ago
- Views:
Transcription
1 Title Description Acronym In the field of transfer systems, it refers to the inclusion of a transfer order in the system s operations for further processing, possibly after various checks regarding for example technical standards, as specified in the rules of the system Acceptance ACCEPT A T2S user that does not hold a T2S securities account nor a cash account, but acts on the behalf of others via power of attorney. Account operator ACCTOP A message used to advise an account owner that a counterparty has alleged an instruction against its account and no corresponding instruction by the account owner was found. Allegement ALLEG Services provided by a CSD or a custodian in connection with the custody and/or safekeeping of financial instruments such as Asset servicing corporate actions, events, redemption, etc ASSET SE An automated intraday credit operation in central bank money triggered when cash is insufficient on the buyer's side (or below a threshold defined by the buyer) in order to facilitate the settlement of securities-related transactions in T2S. Intraday credit provision will be guaranteed with collateral on stock (already held by the beneficiary of the credit) or with collateral on flow (securities being acquired). In addition to this automated provision of intraday credit, settlement banks will remain able to get intraday credit in CeBM on demand for other purposes, e.g. for their payment business in T2. Commenting Institution Alternative definition / description Explanations / Comments Auto-collateralisation AUTO A group of orders (payment orders and/or securities transfer Batch orders) to be processed together. BATCH Beneficiary The final recipient of funds or securities. BENEFICI A transfer of securities performed without transferring physical Book Entry certificates BOOKEN It designates the process of updating securities and cash balances of each party to the transaction by posting a number of debits and Booking credits to their respective accounts. BOOKIN
2 Correspondent Central Banking Model Central Counterparty Central Bank Money Commercial Bank Money Collateral Conditioned Securities Delivery Cross-CSD settlement CSD in T2S Custody data dump Dematerialisation Correspondent Central Banking Model. A model established by the Eurosystem where National Central Banks act as custodians for other national central banks. The aim of the arrangement is to ensure that a counterparty incorporated in a euro area country can also use assets that are located in another country of the euro area as collateral for Eurosystem credit operations. CCBM An entity that interposes itself between the counterparties to the contracts traded in one or more financial markets, becoming buyer to every seller and seller to every buyer. CCP Central Bank Money. Liabilities of a central bank that take the form of banknotes or of bank deposits at a central bank which can be used for settlement purposes. CeBM Commercial Bank Money. A liability of a commercial bank that takes the form of deposits at a commercial bank which can be used for settlement purposes. CoBM An asset or third-party commitment that is given by the collateral provider to secure an obligation vis-à-vis the collateral taker. COLL A procedure enabling to coordinate a Free of Payment delivery in T2S with a cash settlement outside T2S. CONDEL Settlement that takes place between participants of different CSDs where both the seller and buyer CSD participate in T2S. CROSCSD A CSD that 1) fulfills the Article 10 of the Settlement Finality Directive; 2) settles in central bank money in a T2S eligible currency; and 3) is a legal entity that has entered into a contractual relationshipon T2S. CSD-T2S The safekeeping and the account-keeping and administration of securities and other financial instruments on behalf of customers. Holding a security in custody creates an obligation to process corporate events as to that security. CUSTODY A data dump refers to end of day data extraction from T2S to the CSDs where e.g. all changes in balances, instruction status or static data since the last data dump are extracted from the T2S databases and submitted to the CSDs. DATADUMP The elimination of physical certificates or documents of title that represent ownership of securities so that securities exist only as accounting records. DEMA
3 Direct holding system Direct CSD Participant Double-entry bookkeeping An arrangement for registering ownership of securities whereby each and every final investor in the security is registered by a single body, which can be the issuer itself, a CSD or a registry. In some countries the direct holding system is mandatory by law Acustomer ofa CSD that has a legal or contractual relationship with that CSD and isinvolved inopening of a settlement account. An accounting principle whereby, for each credit/debit made on the account of the beneficiary, there exists a corresponding entry on the account of the counterparty. A mechanism which links two securities transfers in such a way as to ensure that delivery of securities in the one transfer occurs if, and only if, securities in the other transfer are delivered DIRECTHO DIR-PART DOUB EN Delivery versus delivery DvD A mechanism which links a securities transfer and a funds transfer in such a way as to ensure that delivery occurs if, and only if, Delivery-versus-Payment payment occurs DVP The process of updating an instruction by adding additional Instruction enrichment information. ENRICH External CSD A CSD that is not using T2S settlement services. EXTCSD A transaction that does not settle on the contractual settlement Fail, failed transaction date, but is upheld and may settle thereafter. FAIL The delivery of securities which is not linked to a corresponding Free-of-payment delivery payment of funds. FOP A security that is interchangable, i.e., the security is allowed to be Fungible Security replaced by another security, without loss of value. FUNGSEC Gross Settlement The settlement of transfer orders one by one. GROSS SE Gross Settlement A transfer system in which orders are settled one by one. system GROSS SS The difference between the market value of an asset and the value which it can collateralize. Haircuts are applied by the collateral taker in order to protect itself from losses owing to declines in the market value of the security, in case the need arises to liquidate Haircut collateral. HAIR A multi-tiered arrangement for registering ownership of securities in which final investors are identified at the level of the custodian Indirect holding system IND HOLD
4 Indirect CSD participant A participant in a funds or securities transfer system with tiering arrangement, that uses a direct CSD participant as intermediary to perform some of the activities allowed in the system (in particular settlement). IND PART Indirect party A T2S non-user that is a securities account holder in a CSD in T2S but does not have a contractual relationship withit (e.g. the Finnish "end user"). INDPARTY One party involved in the settlement participates in TARGET2- Securities but the other one does not. In- / Out-T2S settlement INOUTT2S Instructing User Entityauthorised to send instructions directly to T2S INS-USER Intra-CSD transaction A transaction can be called intra-csd in case both parties involved have their securities accounts with the same CSD. (The file attached gives an overall picture of the different terms used in this context). INTRACSD Intra-T2S transaction It is the generic term covering the terms "intra-csd" and "cross- CSD". (The file attached gives an overall picture of the different terms used in this context.) INTRAT2S Intraday Corporate Refers to intraday activities that might occurwhilea Corporate Action is being processed (e.g. collection of corporate action instructions for voluntary corporate actions). To supportintraday Corporate Action Activities of the CSDs, T2S needs to provideintraday balance queries and intraday blocking of balances. Action Instruction INTRCA Investor CSD A CSD that is not the CSD where a security has been issued.see CSD. INV CSD International Securities Identification Number ISO 6166; Identifies securities traded internationally. The number consists of 12 digits, with the first 2 digits containing the ISO country code, followed by 9 NSIN digits (national security identification number) and the last digit being the check digit. ISIN Issuer CSD A CSD that is the CSD of issuance of a security.see CSD. ISS CSD Locked- in instructions Instructions that go directly to the settlement process. They cannot be modified nor cancelled nor put in hold status. To be used exclusively in the context of batch processing. LOCKED Matching The process used for comparing the settlement details provided by the buyer and the seller of securities or financial instruments in order to ensure that they agree on the terms of the transaction MATCHING
5 Netting Net Settlement System Non-Trade Related Transactions Notification Optimisation cycle Partial Settlement An agreed offsetting of mutual obligations by participants in a clearing or settlement system. The process involves the calculation of net settlement positions. NET A funds or securities transfer system which settles net settlement positions at one or more discrete intervals, and usually at prespecified times during the business day. NET SS Instructions that are the result of some events related to securities different fromtrading ones (e.g. corporate actions); securities lending generated by CSD for covering fails are considered nontrade transactions. NTRAD-IN Information sent to the counterparty on the status of an instruction or other relevant lifecycle information. NOTIF Optimisation cycles are specific processes aiming at increasing settlement efficiency. Such processes detect and resolve settlementgridlockswith a view to settle new instructions as well as instructions that could not settle in an earlier attempt. OPTIM The process by which an instruction that could not settle due to lack of cash or securities is broken down into two new instructions, with a view to adjust one of them to the cash or securities available on the counterparties' accounts and ensure that it can settle. This process enables to ensure the partial settlement of the initial instruction and minimises the amount of instructions remaining unsettled. PARTSET The payment capacitymaterialises the abilityof settlement banksto fund their purchases. It is composed of each settlement bank's relevant aggregate position on CeBM accounts, as well asof the potential intraday credit the settlement can get from its National Central Banks against its available eligible collateral. Payment Capacity Prioritisation or Sequencing Provisioning Pull mode Both terms are considered equivalent and refer to the order in which eligible instructions are forwarded to settlement. It consists of verifying that there are sufficient securities and Liquidity Reserve positions available for the settlement. Away to provide information. Pull mode means that the one who wants to get some information has to send a request "asking" for the information. The information will be delivered as a response to that request. PAY-CAP PRI/SEQ PROV PULL
6 Purging Push mode Query Recycling Report Repurchase agreement Ready-for-settlement instructions Real-time Gross Settlement system Segregation Settlement This is the process whereby rejected or invalid instructions are removed from the system at the end of the settlement day. Away to provide information. Push mode means that the information is automatically delivered to receiver. There is no need to send a request to "ask" for the information. PURG PUSH A query refers to real-time functionality to fulfil ad hoc information demands. Queries can be sent to T2S continuously throughout the day, and will be answered in real-time. Queries are generally performed in a pull mode. QUERY This refers to the process whereby instructions continue to be attempted for settlement, even if the first attempt failed. RECY A report refers to information demands which repeatedly occur at specific points of the day (or other time frames like week, month, quarter of a year, etc.), so that it makes sense from T2S point of view to standardize the required information distribution. Instead of setting up a related query, the information distribution is then triggered from within T2S, and the information is distributed in a standardized format. In other words, reports refer to event driven information distribution in push mode and in standardized format. The term reports should therefore be understood as a pre-defined set of standard reports REP Repurchase agreement. A contract to sell and subsequently repurchase securities Repo Instructions that meetthe criteria (e.g. the settlement date) defined by T2S in order to beforwarded tothe settlement process. RFS-INST Real-time Gross Settlement system. See Gross settlement system. RTGS A method of protecting client assets by holding them separately from those of the custodian. SEG Settlement is the completion of a transaction: the seller transfers securities or financial instruments to the buyer and the buyer transfers money to the seller. Settlement may be provisional or final. When settlement is provisional, one of the parties retains the right by law or agreement to reschind the transfer of the assets. When settlement is final, the transfer of assets is unconditional and irrevocable SETTL
7 Settlement module Settlement Bank Settlement Instruction Settlement Transaction Settlement user Shaping Standard Settlement Instructions Substitution of securities SWIFTStandards Third-party user Tiering arrangement A subset of the T2S system containing settlement processes. A T2S User holding both a securities account and a cash subaccount. In most cases, the pre-condition for settlement is the receipt of the buy side settlement instruction and the sell side settlement instruction. Both instruction will have to be validated and matched before a settlement transaction is generated. A single settlement transaction is generated by a successful matching of the buy side settlement instruction and the sell side settlement instruction. This transaction will then be processed in the settlement cycle. A T2S user holding a securities account but no cash sub-account. The process whereby an instruction whose amount exceeds a certain threshold is divided into several instructions of lower amounts. A set of data (such as cash account, CSD information, agent information) needed to settle transactions with a counterparty. Normally SSIs are exchanged between back offices before trading with a counterparty, to have the settlement instructions stored in the trading system. A situation in which an institution which has lent securities (or has deposited them as collateral) recalls them and replaces them with other securities of equivalent market value. SWIFTStandards mission is to serve the community s needs to reach a single standard for the whole financial industry. SWIFTStandards is there to support the definition and the implementation of standards, so that the financial community can benefit from interoperability and potential cost savings, eliminate inefficiencies by increasing STP, and smoothly expand into previously untapped markets A T2S User that has no securities account nor a cash account, and does not act on behalf of others via power of attorney, but may instruct on its own behalf. An arrangement which exists in a system whereby (indirect) participants require the services of (direct) participants to carry out their transactions. SET MOD SETTLB SETLINST SETLTRAN SETTLUS SHAP SSI SUBS SEC SWIFTSta TH-USER TIER
8 Trade Related Instructions Transfer order Use Case T2S User Validation Instructions which are the result of trading (e.g. OTC trading, Stock Exchange trading, etc) TRAD-INS An order or message requesting the transfer of funds or securities from the debtor to the creditor TRANSFER A use case is a sequence of messages/activities linked together from a business point of view to formulate a business scenario. It includes the interactions of T2S with all actors involved. Actors may be users and/or other systems at CSDs, CSDs participants, etc. The single use cases can be grouped together to groups of use cases. Use Case A legal entity that has a contractual relationship with a CSD in T2S for the purpose of holding or transferring of securities.a T2S user can be further categorised: see settlement bank, settlement user, account operator,third-party user. USER The process of checking whether an instruction can be considered acceptable by the system. It includes format and syntax checking of the required instruction fields, as well as any other additionalcheck related to authorisation, appropriateness of the information, etc VAL
T2S 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 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 informationUSER REQUIREMENTS CHAPTER 5 LIFECYCLE MANAGEMENT AND MATCHING REQUIREMENTS
USER REQUIREMENTS CHAPTER 5 LIFECYCLE MANAGEMENT AND MATCHING REQUIREMENTS T2S project Team Reference: T2S-07-0355 Date: 15 November 2007 Version: 1 Status: Final TABLE OF CONTENT 5 Lifecycle Management
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 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 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 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 informationCommittee on Payment and Settlement Systems. A glossary of terms used in payments and settlement systems
Committee on Payment and Settlement Systems A glossary of terms used in payments and settlement s Glossary Term Definition Related terms acceptance for settlement access (to an FMI) access criteria (participation
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 informationSecurities trading, clearing and settlement statistics
Securities trading, clearing and settlement statistics June 2018 Contents Methodological notes 1 1 Trading in securities exchanges 1 2 Clearing by central counterparties 3 3 Settlement in central securities
More informationDETAILED FRAMEWORK TO ELABORATE USER REQUIREMENT DOCUMENT FOR CBE S CSD (Draft for discussion and under construction, January 7 th, 2010
DETAILED FRAMEWORK TO ELABORATE USER REQUIREMENT DOCUMENT FOR CBE S CSD (Draft for discussion and under construction, January 7 th, 2010 Reference Date January 7, 2010 Status Debt Market Development Program
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 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 informationRegulation on Book Entry System of Securities, approved by the DCA of the NBM, No. 250 of October 25, 2012
Published on ( http://www.bnm.org) Print Expand Hide.2.202 Regulation on Book Entry System of Securities, approved by the DCA of the NBM, No. 250 of October 25, 202 Published in the Official Monitor of
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 informationFramework for the assessment of Securities Settlement Systems and links to determine their eligibility for use in Eurosystem Credit Operations 1
EUROPEAN CENTRAL BANK Framework for the assessment of Securities Settlement Systems January 2014 Framework for the assessment of Securities Settlement Systems and links to determine their eligibility for
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 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 informationThe Role of KDPW as CSD in the Polish Market
The Role of KDPW as CSD in the Polish Market Polish National Depository for Securities (KDPW) IX International AECSD Conference Kyiv, 6 September 2012 KDPW Introduction Responsibilities: Central securities
More informationASX Collateral Management Services. Product Guide
ASX Collateral Management Services Product Guide Disclaimer of Liability This Product Guide is a draft document provided for information and discussion purposes only. It contains general and incomplete
More informationUSER REQUIREMENTS: T2S TECHNICAL GROUP ON SCOPE & SCHEDULE
TARGET2-SECURITIES PROJECT TEAM WORKING DOCUMENT 17 September 2007 T2S/07/0218 DRAFT V4.0 AG USER REQUIREMENTS: T2S TECHNICAL GROUP ON SCOPE & SCHEDULE Table of Contents 1. EXECUTIVE SUMMARY... 3 2. INTRODUCTION...
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 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 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 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 informationService Description SIX x-clear Ltd
xcl-n-805 November 207 Table of contents.0 Introduction 4. SIX x-clear Ltd 4.2 What is a CCP? 4.3 Connected trading platforms and CSDs 5 2.0 Business model 5 2. Products life cycle 5 2.2 Participants and
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 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 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 informationT2S Special Series I Issue No 1 I April 2012 I T2S benefits: much more than fee reductions
T2S Special Series I Issue No 1 I April 2012 I T2S benefits: much more than fee reductions T2S Special Series Issue No 3 January 2014 Corporate actions in T2S Author: Rosen Ivanov, T2S Programme Office,
More informationTHE SINGLE MONETARY POLICY IN THE EURO AREA
THE SINGLE MONETARY POLICY IN THE EURO AREA April 2002 EUROPEAN CENTRAL BANK EN E C B E Z B E K T B C E E K P THE SINGLE MONETARY POLICY IN THE EURO AREA General documentation on Eurosystem monetary policy
More informationPublic CSD Rating Report
KAZAKHSTAN Public CSD Rating Report Central Securities Depository of the Republic of Kazakhstan Publication Date: September 2014 Thomas Murray CSD Public Rating for: Central Securities Depository of the
More informationCorrespondent central banking model (CCBM) Procedures for Eurosystem counterparties
Correspondent central banking model (CCBM) Procedures for Eurosystem counterparties Update effective as of 01 January 2017 Introduction The correspondent central banking model (CCBM) was introduced by
More informationCorporate Actions in direct holding markets. T2S Info Session Helsinki, January 17, 2013 Christine Strandberg T2S CASG
1 Corporate Actions in direct holding markets T2S Info Session Helsinki, January 17, 2013 Christine Strandberg T2S CASG Introduction A number of groups/organisations are working with development of standards
More informationOverview of Collateral Management Harmonisation Activities (CMHAs) CMHA Title Workstream Priority 1 Priority 2 Priority 0
Overview of Collateral Management Harmonisation Activities (CMHAs) CMHA Title Workstream Priority 1 Priority 2 Priority 0 1 Triparty Collateral Management 1 11 7 16 2 Corporate Actions 2 16 5 1 3 Taxation
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 informationEPTF. Godfried De Vidts Chairman, ICMA European Repo & Collateral Council Brussels, 19 May 2016
EPTF Godfried De Vidts Chairman, ICMA European Repo & Collateral Council Brussels, 19 May 2016 International Capital Market Association (ICMA) Introduction to ICMA» ICMA s mission is to promote resilient
More informationCash market clearing and settlement services - Operational performance Date 30 November 2017
BUSINESS COMMITTEE MEETING PAPER AGENDA ITEM 1A Topic Cash market clearing and settlement services - Operational performance Date 30 November 2017 Purpose of this paper To report on key performance metrics
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 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 informationThe Exchange and Centre Procedures
Saudi Stock Exchange (Tadawul) The Exchange and Centre Procedures Approved by the Board of (Tadawul) Pursuant to its Resolution Number (1-2-2017) Dated 24/6/1438H corresponding to 23/3/2017G Arabic is
More informationMessage Definition Report Part 1
ISO 20022 Payments Clearing and Settlement - Maintenance 2018-2019 Maintenance 2018/2019 For evaluation by the Payments SEG This document provides information about the use of the messages for Payments
More informationService Description SIX x-clear Ltd
xcl-n-805 August 2018 Table of contents 1.0 Introduction 5 1.1 SIX x-clear Ltd 5 1.2 What is a CCP? 5 1.3 Connected trading platforms and CSDs 6 2.0 Business model 6 2.1 Products life cycle 6 2.2 Participants
More informationDepository Overview. January 2016
Depository Overview January 2016 CONTENTS 1. Preface...4 2. Introduction...5 About New Zealand Depository Limited...5 Regulatory Environment... 5 Participation Requirements... 5 Application Process...5
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 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 informationSKD - SYSTEM KRATKODOBYCH DLUHOPISU THE SHORT-TERM BOND SYSTEM
DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SKD - SYSTEM KRATKODOBYCH DLUHOPISU THE SHORT-TERM BOND SYSTEM organised by the CZECH NATIONAL BANK Introduction The following document comprises
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 informationTask force Unbundling of Services
Task force Unbundling of Services Glossary Definitions of Services relevant to the Code of Conduct 1 Table of Contents 1. Introduction...3 1.1 Implementation of the Code of Conduct...3 2. Glossary...4
More informationCBF Release in April and June 2015: Advance announcement of changes
CBF Release in April and June 2015: Advance announcement of changes Clearstream Banking 1 informs customers in advance about some changes that will be implemented on Monday, 27 April 2015 and Monday, 22
More informationECB-PUBLIC GUIDELINE (EU) 2015/XX* OF THE EUROPEAN CENTRAL BANK. of 19 December 2014
EN ECB-PUBLIC GUIDELINE (EU) 2015/XX* OF THE EUROPEAN CENTRAL BANK of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (recast) (ECB/2014/60) THE GOVERNING COUNCIL OF
More informationSecurities Settlement System. NBB-SSS Terms and Conditions governing the participation in the NBB-SSS
Securities Settlement System NBB-SSS Terms and Conditions governing the participation in the NBB-SSS February 2015 NBB-SSS Terms and Conditions governing the participation in the NBB-SSS February 2015
More informationTHE ESCB-CESR STANDARDS FOR SECURITIES CLEARING AND SETTLEMENT IN THE EUROPEAN UNION
THE ESCB-CESR STANDARDS FOR SECURITIES CLEARING AND SETTLEMENT IN THE EUROPEAN UNION It is essential for central banks and securities regulators that the securities clearing and settlement infrastructure
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 informationThe Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION
The Bermuda Securities Depository (BSD) Participants User Guide WEB VERSION October 2017 Table of Contents INTRODUCTION... 1 LEGAL STRUCTURE... 5 PARTICIPANTS... 7 SYSTEM... 10 ACCOUNTS... 12 TRADING...
More informationGUIDELINE (EU) 2018/[XX*] OF THE EUROPEAN CENTRAL BANK. of 7 February 2018
EN ECB-PUBLIC GUIDELINE (EU) 2018/[XX*] OF THE EUROPEAN CENTRAL BANK of 7 February 2018 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (ECB/2018/3) THE
More informationThe assessment of Euroclear Belgium
The Assessment of Euroclear Belgium against the CPSS-IOSCO Recommendations The assessment of Euroclear Belgium against the CPSS-IOSCO Recommendations In November 2001, the Committee on Payment and Settlement
More informationCROSS-BORDER MARKET PRACTICE SUB-GROUP (XMAP) REPORT ON CROSS-CSD ACTIVITY
ADVISORY GROUP ON MARKET INFRASTRUCTURES FOR SECURITIES AND COLLATERAL (AMI-SECO) 17 NOVEMBER 2017 CROSS-BORDER MARKET PRACTICE SUB-GROUP (XMAP) REPORT ON CROSS-CSD ACTIVITY Executive Summary The purpose
More informationPublic CSD Rating Report
RUSSIA Public CSD Rating Report National Settlement Depository Publication Date: December 2014 Thomas Murray CSD Public Rating for: National Settlement Depository is AA- NSD Rating: AA- AA- A+ AA- AA-
More informationBOGS Feasibility Assessment towards T2S
BOGS Feasibility Assessment towards T2S v 1.0 Athens, April 2012 Table of Contents 1. EXECUTIVE SUMMARY... 3 2. IMPACT ANALYSIS/ADAPTATION APPROACH... 3 2.1 LEGAL/REGULATORY... 4 2.1.1 Compliance with
More informationPart 4 VP Rule Book Settlement Rules. Date: 25 May Version 03
Part 4 VP Rule Book Settlement Rules Date: 25 May 2018 Version 03 Contents 1. Scope... 3 2. General rules... 3 3. VP Settlement Introduction to Net settlement and Real time gross settlement... 4 4. VP
More informationAssessment of Securities Settlement in Sweden 2008
Reg.no. 2008 173 AFS Reg.no. 08 5262 of Securities Settlement in Sweden 2008 Financial markets have several important functions. They convert savings into investments, provide means for managing risks
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 informationMessage Definition Report Part 1
Standards Collateral Management 2017 Standards MX Message Definition Report Part 1 This document provides information about the use of the messages for Collateral Management and includes, for example,
More informationSECTION 7. MARKET TRADE PROCESSING
SECTION 7. MARKET TRADE PROCESSING... 7-1 7.1 Order Processing... 7-1 7.2 Trade Processing... 7-2 7.3 Novation... 7-4 7.4 Delivery Netting... 7-5 7.5 Blocking And Unblocking... 7-7 7.6 Change Settlement
More informationCHAPTER III PROVISIONS SPECIFIC TO THE LATVIAN SETTLEMENT SYSTEM
CHAPTER III PROVISIONS SPECIFIC TO THE LATVIAN SETTLEMENT SYSTEM 1. LEGAL BASIS, GOVERNING LAW AND DISPUTE RESOLUTION 1.1 The Depository is authorised to act as an operator of the Latvian Settlement System
More informationMarket Standards for Corporate Actions Processing
Revised version 2012 Prioritised standards marked Market Standards for Corporate Actions Processing 1 Table of contents Introduction 3 Glossary 6 Sequence of dates graphs 10 Distributions Cash Distributions
More informationClearing, Settlement and Risk management for securities Version 1.75
Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities Version 1.75 For more information Nasdaq Dubai Ltd Level 7 The Exchange Building No 5 DIFC PO Box 53536 Dubai UAE
More informationCLEARING RULES OF NASDAQ OMX DERIVATIVES MARKETS
CONTENTS CHAPTER 2 2.1 Clearing Operations... 2014-04-07 2.2 Clearing Membership Requirements and Back Office Personnel... 2015-04-20 2.2A Additional Requirements on Clearing Members and Direct Pledging
More informationClearing services DVP settlement
Clearing services DVP settlement Delivery versus payment (DVP) is a method of settlement for securities that involves the simultaneous delivery of securities in exchange for the payment. As part of the
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 informationDIRECTIVE NO 8. in terms of the (CAP. 204)
CENTRAL BANK OF MALTA DIRECTIVE NO 8 in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204) ON MONETARY POLICY INSTRUMENTS & PROCEDURES Ref: CBM/08 Contents PART ONE... 4 SUBJECT MATTER, SCOPE AND DEFINITIONS...
More informationCENTRAL COUNTERPARTY GUARANTEE SYSTEM FOR THE REPO X-COM SECTION SERVICE MODEL
CENTRAL COUNTERPARTY GUARANTEE SYSTEM FOR THE REPO X-COM SECTION SERVICE MODEL Versione 4.9.2 Contents 1.0 GENERAL FEATURES 4 1.1 1.2 Subject of the Service 4 Membership of the Repo X-COM Section4 2.0
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 informationInstructions of the X-COM COLLATERAL MANAGEMENT Service
Monte Titoli Instructions of the -COM COLLATERAL MANAGEMENT Service 26 March 2018 2 August 2018 The provisions highlighted concerning the operation of the non-guaranteed market section and OTC will be
More informationClearing and CCP activities in T2S Further harmonization
Clearing and CCP activities in T2S Further harmonization Christophe Hemon 1 Agenda Introduction : Who we are, what is the range of our services Future and possible landscape at T2S horizon Harmonization
More informationECB-PUBLIC GUIDELINE OF THE EUROPEAN CENTRAL BANK. of 12 March 2014
EN ECB-PUBLIC GUIDELINE OF THE EUROPEAN CENTRAL BANK of 12 March 2014 amending Guideline ECB/2011/14 on monetary policy instruments and procedures of the Eurosystem (ECB/2014/10) THE GOVERNING COUNCIL
More informationBANK OF GREECE SYSTEM FOR MONITORING TRANSACTIONS IN BOOK-ENTRY SECURITIES (BOGS) DISCLOSURE FRAMEWORK
BANK OF GREECE SYSTEM FOR MONITORING TRANSACTIONS IN BOOK-ENTRY SECURITIES (BOGS) DISCLOSURE FRAMEWORK Observance by BOGS of the CPMI-IOSCO Principles for Financial Market Infrastructures Athens, October
More informationUK response to CPSS/IOSCO Framework
01.02 UK response to CPSS/IOSCO Framework CREST System 1 Contents General introductory comments on ETT & DVP 1 Legal framework 2 Trade confirmation 3 Settlement cycles 4 Central counterparties (CCP) 5
More informationMessage Definition Report Part 1
Solutions Collateral Management 3.0 Standards MX Message Definition Report Part 1 This document provides information about the use of the messages for Collateral Management 3.0 and includes, for example,
More informationProposed Business Model
T+2 Settlement Cycle Proposed Business Model 9 th January 2017 Contents 1. Introduction... 4 2. Definitions... 4 3. Structure... 6 4. Settlement Cycle... 8 5. Pre-order checks... 11 6. Custody Controls...
More informationASSESSMENT OF VP SECURITIES
ASSESSMENT OF VP SECURITIES SUMMARY The Danish system for safekeeping and settlement of securities is safe and efficient. That is the main conclusion of the assessment of VP Securities A/S, VP, performed
More informationTarget2- Securities Graphical User Interface. Demo Version User Guide. Version 0.1
Target2- Securities Graphical User Interface Demo Version User Guide Version 0.1 Table of Content 1. Introduction... 1 2. T2S Demo... 2 2.1 Screen Structure...2 2.2 Menu Structure...4 2.3 Demo Scope...5
More informationCENTRAL COUNTERPARTY GENERAL CONDITIONS. Trades on Equity Financial Instruments. Equity Segment
CENTRAL COUNTERPARTY GENERAL CONDITIONS Trades on Equity Financial Instruments Equity Segment 12 June 2015 TABLE OF CONTENTS 1. INTRODUCTION 2. REGULATIONS APPLICABLE TO THE EQUITY SEGMENT 3. DEFINITIONS
More informationSecurities Lending and Borrowing
Securities Lending and Borrowing Automated Securities Lending Programme Product Guide Securities Lending and Borrowing Automated Securities Lending Programme Product Guide Document number: 6239 This document
More informationCLEARING RULES OF NASDAQ DERIVATIVES MARKETS
CONTENTS CHAPTER 2 2.1 Clearing Operations... 2018-01-02 2.2 Clearing Membership Requirements and Back Office Personnel... 2017-11-20 2.2A Additional Requirements on Clearing Members, Direct Pledging Customers
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 informationClearing, Settlement and Risk management for securities Version 1.76
Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities Version 1.76 For more information Nasdaq Dubai Ltd Level 7 The Exchange Building No 5 DIFC PO Box 53536 Dubai UAE
More informationOfficial Journal of the European Union GUIDELINES
2.4.2015 L 91/3 GUIDELINES GUIDELINE (EU) 2015/510 OF THE EUROPEAN CTRAL BANK of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (recast) THE GOVERNING
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 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 informationOperating rules for Settlement Services and related activities
Monte Titoli Operating rules for Settlement Services and related activities The changes will come into force upon migration to T2S This text shall be deemed provisional as it subject to approval by the
More informationThe Association of Global Custodians - Questionnaire
The Association of Global Custodians - Questionnaire Name Greece- The Bank of Greece Securities Settlement System Contact Name Dimitra Giortsiou Address Bank of Greece Book entry securities management
More informationREGULATION (EU) 2015/1599 OF THE EUROPEAN CENTRAL BANK
24.9.2015 L 248/45 REGULATION (EU) 2015/1599 OF THE EUROPEAN CTRAL BANK of 10 September 2015 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2015/30) THE GOVERNING
More informationNASDAQ CSD SERVICE DESCRIPTION
NASDAQ CSD SERVICE DESCRIPTION Please note that the service description is provided to the stakeholders of the Nasdaq CSD for information purposes and document does not establish the procedures of the
More informationOfficial Journal of the European Union GUIDELINES
5.6.2014 L 166/33 GUIDELINES GUIDELINE OF THE EUROPEAN CTRAL BANK of 12 March 2014 amending Guideline ECB/2011/14 on monetary policy instruments and procedures of the Eurosystem (ECB/2014/10) (2014/329/EU)
More informationNational Depository for Securities (KDPW) and Clearing House KDPW_CCP
National Depository for Securities (KDPW) and Clearing House KDPW_CCP Warsaw, January 2013 Agenda KDPW and KDPW_CCP on the Polish Capital Market National Depository for Securities (KDPW) Clearing House
More informationM2 GUIDELINE (EU) 2015/510 OF THE EUROPEAN CENTRAL BANK
02014O0060 EN 01.01.2017 004.001 1 This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions
More informationMessage Definition Report Part 1
Standards Settlement and Reconciliation 2018 Standards MX Message Definition Report Part 1 This document provides information about the use of the messages for Settlement and Reconciliation and includes,
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 information