NBB-SSS adaptation plan to T2S First Q&A session - Intro
|
|
- Dora Taylor
- 5 years ago
- Views:
Transcription
1 NBB-SSS adaptation plan to T2S First Q&A session - Intro Brussels June 28 th, 2012 Luc JANSSENS Securities Unit
2 Intro & Agenda News user committee T2S Community (see next slide) Cash side - what's new/important Adaptation Plan v1.1 - what's new SharePoint site demo discussions surveys Progress monitoring
3
4 T2S cash aspects and autocollateralisation Yvan TIMMERMANS T2S BENUG Chairman
5 Cash account set-up in T2S (1) option 1: own T2 account advantage: no credit risk if default of cash settlement agent option 2: no own T2 account disadvantage: credit risk on cash settlement agent no auto-collat functionality
6 Cash account set-up in T2S (2) option 1a: own T2 account + own T2S DCA optimal solution (no credit risk) option 1b: own T2 account + no own T2S DCA (cash provided by cash settlement agent on segregated DCA belonging to cash settlement agent) disadvantages: no auto-collat functionality credit line/deposits stay unused credit risk on cash settlement agent
7 Cash account set-up in T2S (3) option 2a: no T2 account but T2 account of cash settlement agent + own DCA disadvantages: credit risk on cash settlement agent (end of day sweep) no auto-collat functionality option 2b: no T2 account but T2 account of cash settlement agent + segregated DCA belonging to cash settlement agent disadvantages: credit risk on cash settlement agent no auto-collat functionality
8 Cash account set-up in T2S (4) option 2c: no T2 account + omnibus DCA belonging to cash settlement agent disadvantages: credit risk on cash settlement agent no auto-collat functionality no cash segregation
9 TARGET2- Adaptations in view of T2S Optional offer (approved by PSSC) Central Bank Money DCA Legacy RTGS standards Optional offer Possibility for participants to initiate pushed liquidity transfers (T2 T2S) and pulled liquidity transfers (T2S T2) via MT202- messages; Possibility for participants to initiate pulled liquidity transfers (T2S T2) via the ICM (U2A) or via LiquidityCreditTransfer messages (A2A); Eased access to T2S GUI pages via the ICM Translation services ISO15022 <=> ISO20022 Conversion by TARGET2
10 T2S auto-collateralisation Central bank auto-collateralisation T2S core settlement optimization procedure automatically providing (on behalf of NCB) the buyer with collateralised liquidity in case the buyer lacks liquidity to settle the underlying DvP transaction. Both auto-collateralisation on stock and on flow will be offered by T2S Night and day time
11 T2S settlement day 18:45 Start of day 19:30 Night time settlement 03:00-05:00 Maintenance window 05:00 Real-time settlement < 16:00 Expectation: banks reimburse voluntarily auto-collateralisation normally prior to 16:00 16:00 DvP cut off 16:00 Securities settlement restrictions cut-off 16:00 Cash settlement restrictions cut-off 16:00-16:10 Cash sttlement restrictions released Prior 16:30 Automated optional cash sweep (bank's choice) 16:30 Automated reimbursement of auto-collateralisation in T2S 17:00 TARGET2 customer payments cut-off 17:40 Secured money market transactions (BATM) cut-off Central Bank Operations DvP cut-off at the latest 17:45 Automated mandatory cash sweep from DCAs to T2 18:00 FoP cut-off (both CBO FoP and interbank FoP)** TARGET2 interbank payments cut-off * Indicative times ** Requests for accessing the standing facilities can be made until 18:15 (plus 15 minutes on the last business day of a minimum reserve maintenance period).
12 Conditions for T2S auto-collateralisation NCB offers auto-collateralisation Buyer eligible counterparty + agreement with its NCB own RTGS account Used collateral is eligible No close links (definition by the counterparties in the static data) For non-domestic collateral : domestic CSD of the NCB has links
13 Why is auto-collateralisation needed? To reduce settlement failures due to lack of liquidity gridlocks (when one party cannot deliver assets to another as it has not settled the assets) intraday liquidity needs for the settlement of assets To ease the settlement during the night time
14 Static data : roles of the counterparties Earmarking of the securities On flow At the level of : the securities account the settlement instruction (account level overrides instruction level) On stock At the level of : the securities account the securities position in a securities account No earmarking of securities with close links = responsibility of the counterparty
15 Reimbursement of auto-collateralisation T2S will : generate and settle an auto-collateralisation operation and; simultaneously create on hold the reimbursement corresponding to the exact reverse operation Reimbursement at any moment (daytime) by the counterparty: release of on hold reimbursement instructions
16 Substitution (lack of securities) If securities not involved in a pending reimbursement operation If yes, T2S release of the pending transaction If enough liquidity : OK If not: generation of a new autocollateralisation operation
17 Automated reimbursement (end of day) Mandatory reimbursement of the intraday credit T2S will automatically use all the liquidity available on the DCAs
18 Automated reimbursement (end of day) Exceptional case : procedure when insufficient liquidity Reallocation of the equivalent collateral to the regular NCB collateral securities account Increase of the credit line in T2 Reimbursement of the NCB in T2 If liquidity on the PM account in T2 is still missing : intraday credit marginal lending facility
19 Belgian specificities 2 CSD s in T2S : NBB-SSS and Euroclear Belgium Euroclear Belgium (EBE) is not an Eurosystem eligible CSD. NBB can therefore not receive collateral in EBE NBB-SSS has no links (business case?) Consequence : only eligible assets issued in NBB- SSS usable for auto-collateralisation by Belgian settlement banks Direct holding structure (one CSD of reference by ISIN) of ESES : only Euroclear France has links with non-eses CSDs limitation also for Dutch participants : one DCA of a settlement bank only linked to one NCB receiving auto-collat securities account!
20 Belgian specificities (examples) Belgian settlement bank is participant in Monte-Titoli (MT) no auto-collateralisation using Italian securities (no link NBB-SSS with MT) auto-collateralisation (on stock) using eligible securities held in the NBB-SSS possible Belgian settlement bank is participant in Euroclear Belgium auto-collateralisation (on stock) using eligible securities held in the NBB-SSS possible
21 T2 Questionnaire on banks' preparation tot2s (1) view on the degree of preparation 4 main topics opening of DCAs RTGS account (structure) liquidity aspects technical/functional aspects answers by Belgian T2 User Group members are expected by 28 Sept 2012 one answer per bank: you are invited to liaise with Belgian T2 UG member
22 T2 Questionnaire on banks' preparation tot2s (2) Do you intend to use auto-collateralisation taking into account the practical limitation of eligible securities to the ones issued in NBB- SSS? Could you confirm if your institution is a direct participant and acts as cash settlement bank in non-belgian CSDs (so nor indirect participation via a custodian nor a direct participation with the use of a cash settlement agent)?
23 Contacts T2S : general aspects Patrick Van den Eynde: patrick.vandeneynde@nbb.be T2/T2S (cash) Patrick Heyvaert :» 02/ patrick.heyvaert@nbb.be» 02/ T2S Auto-collateralisation Yvan Timmermans : yvan.timmermans@nbb.be Collateral management Catherine Specia :» 02/ catherine.specia@nbb.be» 02/
24 Updates to the NBB-SSS adaptation plan to T2S - Phase 1 David RUBENS Marc LEJOLY Securities Settlement Unit
25 Updates in the document are highlighted
26 1. If: more than 1 potentially matching instruction Then: the system chooses Smallest difference in settlement amount 1 If equal Closest entry time 1 (settlement amount of the deliverer of the securities is used)
27 2. Trade date in FoP transactions Currently: trade date is no matching criterion Phase 1: trade date becomes a 'mandatory matching field' Possible implication: adapt your process to ensure the instructions contain the same trade date.
28 3. Settlement day - Phase 1 DvP window: 6h30 to 16h00 Late instructions window: 16h00 to 16h15 Standard FoP window: till 17h30 Dedicated FoP operations window: till 18h00 IMPORTANT NOTICE: NBB-SSS will no longer trigger the cut-off times manually. This will be done automatically by the system. The delay of a cut-off time 'on request' will no longer be possible.
29 4. Market claims and transformations - Phase 1 The first leg of a repo is not eligible for market claims. => You'll have to set by default the OPT-Out indicator for market claims and transformations to N(o) STCO:NOMC The status of a market claim is the same as the status of its underlying transaction Instructions that are already in the system before the migration, with SD after the migration will be considered as 'opting-out' Partialling idem? STCO:NPAR or <PrtlSttlmInd>NPAR</PrtlSttlmInd>?
30 5. Various topics - Phase 1 Linked messages can be UN-Linked Only via GUI (in phase 1)? A 3 rd partial settlement window is foreseen from 7h45 to 8h00 Thresholds for partial settlement = minimal and multiple amount of the security Segregation of multiple N-accounts will be possible
31 6. Testing Two testing environments - Phase 1: Bilateral and community testing Feb Dec 2014 BIC: NBBEBEB0M12 (to be created) Migration testing during multiple dedicated week-ends... until OK planning: still to be decided BIC: NBBEBEB0M13 (to be created)
32 7. Migration Accounts: Phase 1: copy the account structure, but adapt to T2S account numbers Phase 2: Acc number T2S := Acc number Initialize Power of Attorney at account level NBB-SSS will provide you with a proposal Instructions: Copy the instructions from the old to the new platform Keep the matching status from the old system
33 SharePoint site Jimmy STEENHOUT Securities Settlement Unit
34 SharePoint site Demo Discussions Surveys
35 Progress monitoring Luc JANSSENS Securities Unit
36 Progress monitoring The Eurosystem is closely monitoring the progress of the CSD's 16 synchronisation points NBB-SSS needs to monitor your progress also for phase 1 Proposal to User Committee in September Presentation at the 2 nd Q&A session: 9 October 2012 Specific meetings per participant can be organised (business + IT)
37 Thank you
T2S 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 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 informationDCA 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 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 informationOperational Aspects on the Cash Side. T2S Info Session Ljubljana, 10 March 2013 Patrick Papsdorf DG-P European Central Bank
Operational Aspects on the Cash Side T2S Info Session Ljubljana, 10 March 2013 Patrick Papsdorf DG-P European Central Bank 1 Table of Contents 2 1 2 3 4 5 Introduction Fundamentals Procedures in normal
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationNBB-SSS on T2S. (Potential) Impact v5 Workshop 28/02/ Outcome
on T2S (Potential) Impact v5 Workshop 28/02/2011 - Outcome Structure 1. Context 2. Difficult to reproduce in T2S 3. To be investigated 4. To take into account 5. Open issues 6. Migration 7. What's next
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 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 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 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 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 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 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 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 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 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 informationT2S: Two Years to Launch
T2S: Two Years to Launch The Strategy of London Stock Exchange for T2S The London Stock Exchange offer for T2S: a flexible and efficient solution 1 2 3 Objectives Maximum flexibility and efficiency Guarantee
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 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 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 informationTARGET2 SECURITIES : INITIAL ASSUMPTIONS AND QUESTIONS : REPORT OF THE NATIONAL BANK OF BELGIUM ON THE OUTCOME OF THE MEETING WITH THE BELGIAN MARKET
Financial Markets Department Cashless Payments Monday, 11 September 2006 TARGET2 SECURITIES : INITIAL ASSUMPTIONS AND QUESTIONS : REPORT OF THE NATIONAL BANK OF BELGIUM ON THE OUTCOME OF THE MEETING WITH
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 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 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 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 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 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 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 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 informationAssessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs
Assessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs The ESES CSDs/SSSs (central securities depositories / securities settlement systems) comprise Euroclear Belgium (EBE), Euroclear
More informationAssessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs
26/06/2015 Assessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs The ESES CSDs/SSSs (Central Securities Depositories / Securities Settlement Systems) comprise Euroclear Belgium (EBE),
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 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 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 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 informationAssessment of the NBB-SSS against the CPMI-IOSCO Principles for Financial Market Infrastructures
29 March 2016 Assessment of the NBB-SSS against the CPMI-IOSCO Principles for Financial Market Infrastructures The NBB-SSS is the Central Securities Depository (CSD) for dematerialised fixedincome securities
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 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 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 informationT2S adaptation plan. LCH.Clearnet SA Cash Markets. 25 February version 1.1
T2S adaptation plan LCH.Clearnet SA Cash Markets 25 February 2015 - version 1.1 Table of Contents Table of Contents... 2 Abbreviations... 4 Disclaimer... 6 1 Introduction... 7 2 New Concepts and Opportunities
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 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 informationOutcome of the Change Review Group (CRG) meeting 15 December 2017
T2S Change Review Group ECB-PUBLIC Final 12 January 2018 of the Change Review Group (CRG) meeting 15 December 2017 1. Introductory session The acting chairperson, Ignacio Terol, informed that the ECB Governing
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 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 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 informationNASDAQ CSD CORPORATE ACTION SERVICE DESCRIPTION. Nasdaq Central Securities Depository in Baltic
NASDAQ CSD CORPORATE ACTION SERVICE DESCRIPTION Nasdaq Central Securities Depository in Baltic v 1.4. September 2017 1 TABLE OF CONTENTS 1 INTRODUCTION... 6 1.1 PURPOSE OF THE DOCUMENT... 6 1.2 TARGET
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 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 informationCountry (CSD) NBB-SSS uses propietary transaction sequence number
List of issues that could hamper smooth cross-csd settlement in T2S identified by the "Task Force on Smooth Cross-CSD" that are out of scope of the Task Force Note: This list relates to the categorized
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 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 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 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 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 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 informationTarget 2 for Securities (T2S) Impact Study and Industry Target Operating Model
Target 2 for Securities (T2S) Impact Study and Industry Target Operating Model The European Repo Council (ERC) of the International Capital Market Association (ICMA) Conducted by Rule Financial Intro to
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 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 informationTESTING ACTIVITIES FOR THE SSP RELEASE V11.0
ECB-Public 18 May 2017 TESTING ACTIVITIES FOR THE SSP RELEASE V11.0 Introduction With reference to the Eurosystem communication on the content of the SSP release 11.0 as published on the ECB/TARGET2 Website
More informationChange Requests 559 and 560 resulting from the CSG s Task Force (TF) on Insolvency Proceedings
Change Requests 559 and 560 resulting from the CSG s Task Force (TF) on Insolvency Proceedings CRG teleconference on 22 January 2016 T2S Programme Office European Central Bank 1 Change Requests resulting
More informationAnnex 3 T2S Community - SETTLEMENT Test Plan
T2S Test Plan Annex 3 T2S Community - SETTLEMENT Test Plan 5th February 2015 Version 1.0 Index 1.0 INTRODUCTION 4 2.0 TESTING PURPOSE 5 3.0 STAKEHOLDERS 5 4.0 TESTING GUIDELINES FOR PARTICIPANTS 6 5.0
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 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 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 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 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 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 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 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 informationNEW TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS
CBS127 25 June 2012 NEW TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS Monte Titoli is pleased to provide its customers with information regarding the forthcoming Financial Transaction Tax (FTT) on French
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 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 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 informationThe future of market infrastructure: what s on the ECB agenda?
Marc Bayle de Jessé Director General Market Infrastructure & Payments The future of market infrastructure: what s on the ECB agenda? ESCB Social Dialogue Frankfurt, 16 March 2017 Rubric Introduction The
More informationPlease note that only the Spanish version of this Circular produces legal effect. Any translation is provided for commercial purposes only.
ARCO SYSTEM FEES FOR PARTICIPANTS Please note that only the Spanish version of this Circular produces legal effect. Any translation is provided for commercial purposes only. Regulation 1. General. 1. The
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 informationNacho Terol DG-MIP. XMAP Status Update. Ami-Seco Meeting Frankfurt, 20 March 2018
Nacho Terol DG-MIP MAP Status Update Ami-Seco Meeting Frankfurt, 20 March 2018 Table of content 1 2 Catalogue of restriction rules Clarification on non-t2s issued securities Next AMI Seco: Update on T2S
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 informationTarget2 Securities. Monte Titoli User Requirements
Target2 Securities Monte Titoli User Requirements Contents Click here to enter text. 1. Document Management 6 1.1 Document History 6 1.2 Definitions, Acronyms and Abbreviations 6 1.3 References 7 1.4
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: 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 information