1 62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I II III Iv annual report 2002 IV
2 PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 63 Payment and securities settlement systems iv Payment and securities settlement systems 4.1 LIPS-Gross Membership of RTGS-L Gie Operations in Domestic payments Cross-border payments Aggregated figures of domestic and cross-border payments LIPS-Gross in comparison to other systems connected to TARGET Availability of TARGET Evolution of the Interbank netting system LIPS-Net Operations in Credit transfers Cheques Operations related to the settlement of debit and credit cards Technical changes Membership Eligible assets and their use for monetary policy operations Categories of collateral Collateral in Luxembourg and in the euro zone Securities settlement systems Correspondent Central Bank Model (CCBM) Night Time Link with Clearstream Banking Luxembourg 71
3 64 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I 4 Payment and securities settlement systems II III IV 4.1 LIPS-Gross Membership of RTGS-L Gie The real time gross settlement system, LIPS-Gross, Luxembourg s interbank gross payment system, started operations on 4 January In 2002, a new bank joined the system and the RTGS-L Gie, operator of the system, now has 31 members Operations in Domestic payments In 2002 and on a domestic level, LIPS-Gross participants sent a total of payments ( in 2001) for a total value of billion euros (1 208 billion in 2001). In comparison with 2001, the volume increased by 31% and the value exchanged by 2%. Average value per payment was 15.1 million euros against 19.4 million in 2001, the decrease reflecting the strong increase in volume and the rather stable value exchanged. A monthly average of domestic payments for a total value of billion euros passed through LIPS-Gross. On a daily basis, an average of 320 domestic payments for a total of 4.83 billion euros were processed. The following graphic shows the evolution of domestic payment volumes on a monthly basis. GRAPH 1 DOMESTIC PAYMENTS: MONTHLY VOLUMES IN 2001 AND ,000 8,000 6,000 4,000 2,000 0 Jan March 2001 May 2001 Jul Sept Nov Jan March 2002 May 2002 Jul Sept Nov From February to June, lower volumes followed the strong increase of volumes of January 2002; the last months of the years showed again much higher volumes. On a global scale volumes increased strongly. Concerning the value of domestic payments, the BCL first noted a downward trend until June 2002 followed by increases starting in July. Globally, the value exchanged remained rather stable. One reason for the increase of domestic volumes results from the fact that the depository Clearstream used LIPS-Gross from 1st July 2002 on as an interface for the cash accounts which Clearstream manages on behalf of its Luxembourg-based customers. This, however, had no effects on total value exchanged.
4 PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 65 GRAPH 2 DOMESTIC PAYMENTS: MONTHLY VALUE IN MIO EURO IN 2001 AND , , , ,000 80,000 60,000 40,000 20,000 0 Jan March 2001 May 2001 Jul Sept Nov Jan March 2002 May 2002 Jul Sept Nov Cross-border payments In 2002, LIPS-Gross participants sent payments to other RTGS systems related to TARGET ( payments in 2001) for a global value of billion euros (3 221 billion euros in 2001). They received cross-border payments ( payments in 2001) for a total value of billion euros (3 224 billion euros in 2001). As for domestic payments, volumes of cross-border payments increased strongly, by 14.6% and 11.2% respectively. The value of payments, however, remained stable and as a consequence the average value per payment decreased. Due to the stronger increase of domestic payments, the part of cross-border payments (in and out) in all the payments treated by LIPS-Gross declined slightly in comparison with 2001 and made up 87.3% (88.9% in 2001) of the volume and 83.9% (84.2%) of the value of all payments exchanged. Average values for 2002 and annual variation rates in comparison with 2001 are indicated in the following table: TABLE 1 CROSS-BORDER PAYMENTS Payments sent Payments Value sent Value received received (EUR m) (EUR m) Daily average Monthly average Variation +14.6% +11.2% -0.7% -0.7% The following graphic shows the evolution of cross-border payments in volume. It confirms the traditional trend of RTGS-L members receiving more payments than they sent. After strong volumes in January, the further evolution turned out rather erratic, nevertheless showing a clear global upward trend.
5 66 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I GRAPH 3 60,000 LIPS-GROSS: CROSS-BORDER PAYMENTS II 50,000 40,000 30,000 20,000 III 10,000 0 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. IV Sent Received Total As in 2001, a majority in value of cross-border payments was exchanged with Germany (47.5% against 47.1% in 2001), Belgium (12.3% against 12.9% in 2001) and France (10.5% against 11.7% in 2001). The total part of the value exchanged with our neighbouring countries showed a decrease: 70.3% against 71.7% in Payments with the United Kingdom represented 10.8% of the total and those with Italy 5.2%. These percentages show some variations per volume and the most significant variations concern Germany and Italy. GRAPH 4 LIPS-GROSS: CROSS-BORDER PAYMENTS PER VOLUME PER COUNTRY Others In 2002, the Luxembourg banks achieved a positive balance of 1.3 billion euros with foreign banks. In 2001, this figure reached 2.1 billion euros. As in 2001, the ECB in Frankfurt as the clearing bank for EURO1, a multinational compensation system in euros, was an important supplier of liquidities Luxembourg participants in this system have structural credit balances whereas exchanges with Germany showed an important net transfer of funds in favour of our neighbour Aggregated figures of domestic and cross-border payments The following table gives a global overview of daily average volumes and values exchanged per year. Volumes continue to increase whereas values exchanged remain stable at a high level.
6 PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 67 TABLE 2 DAILY AVERAGES OF VOLUMES AND VALUES OF PAYMENTS EXCHANGED IN THE DIFFERENT YEARS Volume of payments Value of payments (EUR m) Domestic Cross-border Cross-border Total Domestic Cross-border Cross-border Total sent received sent received LIPS-Gross in comparison to other systems connected to TARGET In 2002, all national RTGS systems together processed a total of 50.8 million of domestic payments (42.2 million in 2001) for a total value of billion euros ( billion euros in 2001). With domestic payments for a total of billion euros, Luxembourg represented 0.16 % of the volume and 0.45 % of the value. In addition TARGET treated 13.7 million cross-border payments (11.5 million payments in 2001) for a total of billion euros ( billion in 2001). Luxembourg contributed by 1.94% to this volume and by 2.58% to the value exchanged Availability of TARGET The global availability of TARGET reached % in 2002 after 99.75% in The average figure for the 4 years of existence of TARGET is 99.60%. After 99.98% in 2001, the availability of LIPS-Gross averaged 99.92% in 2002, reaching 100% during nine months out of twelve. In August, October and December minor incidents on the SWIFT network reduced the availability to 99.69%, 99.76% and 99.54%. The average availability for the 4 years of existence of LIPS-Gross is 99.55%. 4.2 Evolution of the Interbank netting system LIPS-Net As 2001, 2002 may be considered as a year of consolidation for the electronic interbank netting system LIPS-Net, which has continued to offer to the Luxembourg banking community a fast and efficient tool for channelling domestic credit transfers and cheques. The European regulation on the harmonisation of fees for domestic and cross-border credit transfers will come into force in July This regulation will gradually change the European payments infrastructure landscape. Therefore, the consolidation process in the European retail infrastructure will require close monitoring and appropriate decisions will need to be taken with regard to the future evolution of the system in order to avoid isolation within the euro zone Operations in 2002 In 2002, the number of transactions exchanged through LIPS-Net has increased by 4.3% and reached a total of million operations. The total value of operations has amounted to billion euros (+ 0.88% compared with 2001). The daily average volume of transactions was of operations. The highest volume has been recorded on 3rd of April with operations. Since October 2000, CETREL has introduced transactions related to the settlement of balances of debit and credit cards into LIPS-Net. Originally, these data were integrated with credit transfers and cheques figures and it was impossible to separate these statistics from the others. It is now possible, however, to distinguish figures related to the settlement of balances of credit and debit cards. This is why figures presented in the present annual report may differ slightly from the figures presented in the 2001 annual report. Henceforth, operations of settlement of balances of debit and credit cards will be presented separately.
7 68 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I II TABLE 3 OPERATIONS EXCHANGED IN THE INTER-BANK NETTING SYSTEM Variation Number of credit transfers % Value of credit transfers (1) % Average value per credit transfer % Number of cheques % Value of cheques (1) % Average value per cheque % III Number of transactions related to the settlement of balances of debit and credit cards % Value of transactions related to the settlement of balances of debit and credit cards (1) % Average value per transaction related to the settlement of balances of debit and credit cards % IV Total number of operations % Total value of operations (1) % Average value per operation % (1) millions of euro Credit transfers The total volume growth is exclusively due to credit transfers, which have increased by 5.9% to reach million operations. The value of credit transfers, however, remained stable (-0.30%) to reach a total value of billion euros. Concerning volume, credit transfers represented 97.1% of transactions exchanged in 2002 (95.7% in 2001). On the other hand, the value of credit transfers represented only 83.1% of the total value (84.1% in 2001) Cheques Concerning cheques, the withdrawal of the Eurocheque guarantee at the end of 2001 explains the strong decrease in volume (-30.4% compared with 2001). The decrease was smaller in value terms (-8.4% compared with 2001) and the average value of cheques increased from to euros Operations related to the settlement of debit and credit cards Insofar as these operations are not retail operations but settlement operations between cards issuing institutions, it is important to mention them separately. The total value of these operations was very high as it represented 10% of the value of total operations exchanged through LIPS-Net Technical changes From a technical point of view, the new security infrastructure installed at the end of 2001 has been upgraded in order to meet the security level initially foreseen. This last step closed the security architecture replacement project Membership On 31 December 2002, the number of direct participants connected to LIPS-Net amounted to 13, the same figure as at end-2001.
8 PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS Eligible assets and their use for monetary policy operations Categories of collateral All Eurosystem credit operations are based on adequate collateral provided by the counterparties. In order to protect the Eurosystem from incurring losses in its monetary policy operations, and in order to ensure an equal treatment of counterparties throughout the euro area, collateral has to fulfil precise and common criteria. Owing to existing disparities in Member States financial structures, a distinction has been made between two categories of assets eligible for ESCB monetary policy operations. These two categories are referred to as tier 1 and tier 2. Tier 1 consists of marketable debt instruments fulfilling uniform euro area wide eligibility criteria specified by the ESCB. Tier 2 consists of additional assets, marketable and non-marketable, which are of particular importance to national financial markets and banking systems. Eligibility criteria are established by the NCBs, which become thereby guarantors. The specific eligibility criteria for tier 2 applied by the respective NCBs are subject to approval by the ECB Collateral in Luxembourg and in the euro zone At the end of December 2002, the domestic counterparties deposited eligible assets for a value estimated at 42.7 billion euros at the BCL. They were essentially made up of tier 1 assets (98.3%). 57.8% have been issued by credit institutions, 29.7% by central governments or local communities, 9.7% by corporations and 1.2% by supranational issuers. Luxembourg counterparties significantly use eligible cross-border collateral. In 2002, 37.9% of all eligible collateral deposited by Luxembourg counterparties were used via the Correspondent Central Banking Model (CCBM) and 31% via the eligible links between national custodians. The proportion of domestic securities has increased in 2002 (31%) following a significant increase in eurobond issues, which reflect the considerable international activity of banks established in Luxembourg. In December 2002, the average usage of CCBM in the euro zone was of 26.7% whereas domestic securities held with the national custodians represent 68% and securities held through links between securities settlement systems represent 5.3%. 4.4 Securities settlement systems Article 18 of the statutes of the ESCB and the ECB provides that In order to achieve the objectives of the ESCB and to carry out its tasks, the ECB and the national central banks may conduct credit operations with credit institutions and other market participants, with lending being based on adequate collateral. In order to ensure adequate collateral, the ESCB ensures that the securities settlement systems are of a high standard. These standards include technical, legal and operational safety. They maintain the safety of domestic securities but also the safety of the cross-border use of collateral. Besides using eligible domestic securities settled via the national Central Securities Depository (Clearstream Banking Luxembourg for the Luxembourg counterparties, CBL), the ESCB counterparties may receive credit from their local NCB by using collateral located in another Member State of the ESCB. Cross-border collateral can be mobilised by using either the CCBM, or links as described in Since 1999, following regular in-depth assessments, the Governing Council of the ECB has approved the use of some unilateral and / or bilateral links between different Securities Settlement Systems (SSS). These links enable counterparties to use securities held in one SSS of the EU but issued in another European country as collateral in credit operations in the ESCB. Thus, a Luxembourg bank can pledge to the BCL German securities, which were issued in Clearstream Banking Frankfurt (CBF), since the link CBL CBF has been formally authorised by the ESCB. CBL has approved links with Euroclear, the National Bank of Belgium, Monte Titoli (Italy), VP (Denmark), OeKB (Austria), Euroclear Netherlands and CBF. The approval of these links enables Luxembourg counterparties to use securities issued in these systems as collateral.
9 70 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I There is an increase in the use of cross-border securities (securities held in a country different from the issuance country) as collateral within the euro area. This increase, although gradual, indicates the development of a single capital market (see graphic below). II GRAPH 5 600, ,000 VALUE OF DOMESTIC SECURITIES COMPARED TO CROSS-BORDER SECURITIES in million EUR 400,000 III 300, , ,000 IV 0 Jan Feb Mar Domestic Apr May 2001 Jun Jul Aug Sept Nov Dec Jan Feb Mar Apr May 2002 Jun Oct Cross-border Jul Aug Sept Oct Nov Dec GRAPH 6 TOTAL VALUE OF SECURITIES DEPOSITED WITH THE EUROSYSTEM 800,000 in million EUR 700, , , , , , ,000 0 Links CCBM Domestic January 29, , ,086 February 32, , ,513 March 29, , ,831 April 29, , ,905 May 31, , ,768 June 33, , ,050 July 34, , ,552 Augustus 35, , ,292 September 32, , ,795 October 33, , ,086 November 34, , ,585 December 38, , , Correspondent Central Bank Model (CCBM) Domestic CCBM Links In the framework of the CCBM each NCB acts on behalf of the other central banks as a custodian for securities accepted by its national Central Securities Depository or by its SSS. The correspondent central bank (CCB) receives the securities in custody and the home central bank (HCB) grants the credit. The model has been operational since the start of EMU. Experience acquired during the first years has shown that the CCBM is successful with the counterparties. Indeed, the value of securities in deposit has been steadily growing to billion euros at the end of % of all eligible assets in the Eurosystem are held via the CCBM.
10 PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 71 In 2002, the use of the CCBM has been very asymmetrical. The most active correspondent central banks have been Italy (26%), Luxembourg (21%), Belgium (15%) and Germany (14%). Among the biggest users of the CCBM appeared the counterparties from Germany (50%), the Netherlands (13%), Great Britain (8%), Ireland (7%), Luxembourg (7%) and France (5%). The cross-border use of tier 2 assets remains marginal. GRAPH 7 HCB-2002 Others 4.6 Night Time Link with Clearstream Banking Luxembourg During the second half of 2002, BCL and CBL have introduced a new procedure enabling Luxembourg Banks to improve the use of their assets deposited with BCL while increasing the financial safety of their security settlements with CBL during the night processing. This procedure called Night Time Link (NTL) consists of 2 parts: 1. CBL s client can use the assets available at BCL (securities and cash) to guarantee intraday credit which CBL grants in order to settle its securities transactions carried out during the night processing. 2. At the end of CBL s night processing, the reimbursement of overnight credit is carried out automatically through a book entry on the client s account with BCL. BCL considers that NTL, while offering new collateralisation possibilities to the banking community, contributes to the improvement of the security of transactions. This procedure also allows the banks to centralise their treasury management.
TARGET2-România. The RTGS system for interbank and customer payments in euro SWIFT Business Forum Romania - 3 rd Edition 20 Years of SWIFT in Romania Bucharest, 11 Octomber 2012 NATIONAL BANK OF ROMANIA
The benefits of T2S for Collateral Management Jean-Robert Wilkin Global Securities Financing Head of Product Management 2 23 European s migrating to T2S, a securities settlement platform, powered by ECB
Francisco Linares Payment Settlement Systems Unit Manager Jesús Pérez Bonilla Securities Settlement Systems Unit Manager Payments Week 2005 Madrid 20 June 2005 PAYMENT SYSTEMS DEPARTMENT AGENDA PAYMENT
SETTLEMENT PROCEDURES FOR EUROSYSTEM CREDIT OPERATIONS This note should be read in conjunction with the Central Bank s (the Bank s) Documentation on Monetary Policy Instruments and Procedures (the MPIPs),
The ECB s operations amid the financial turmoil: experience and policy lessons Francisco Ramon-Ballester Advisor, European Central Bank Office at the International Monetary Fund Mexico DF, 24 April 2008
a single Europe for individual payments Department Payments and Settlement Systems Page 2 TARGET2 single technical platform for processing urgent euro payments TARGET2 is the real-time gross settlement
Embargo: 20 November, 2007; 01:00 p.m. local time PRESS CONFERENCE ON THE LAUNCH OF TARGET2 FRANKFURT, 20 NOVEMBER 2007 Press conference on the launch of TARGET2 in Frankfurt on 20 November 2007 Agenda
Payment flows of interbank payment and settlement systems in 2002 1. Development and distribution of interbank turnover among payment systems The value of the interbank payment system in 2002 including
TARGETED LONGER-TERM REFINANCING OPERATIONS Updated modalities Following a decision by the ECB s Governing Council, the Eurosystem will conduct eight targeted longer-term refinancing operations (TLTROs)
THE USE OF CENTRAL BANK MONEY FOR SETTLING SECURITIES TRANSACTIONS MAY 2004 CURRENT AND PRACTICES THE USE OF CENTRAL BANK MONEY FOR SETTLING SECURITIES TRANSACTIONS MAY 2004 CURRENT AND PRACTICES In 2004
February 20 Target2 and RTGS 2013 The TARGET2 module integrates with the existing Aqua Global s e2gen Integrated Payments processing modules to provide a single solution for processing high value payment
TARGET COMPENSATION SCHEME CLAIM FORM 1 (Please complete sections 1 to 4 and send signed original form to your home NCB) DATE(S) OF THE MALFUNCTION 1. CLAIMANT INFORMATION 1.1. CLAIMANT S NAME: 1.2. CLAIMANT
Monetary Policy in Denmark Niels Lynggaard Hansen Danmarks Nationalbank May 2010 Agenda Background to Denmark s fixedexchange-rate policy Monetary policy in practice The financial crisis and unconventional
Recent developments in intraday liquidity in payment and settlement systems FRÉDÉRIC HERVO Payment systems and Market Infrastructure Directorate Banque de France Alongside consolidation and globalisation
T2S Direct: The Swiss solution to an international challenge The content of this presentation is prepared for general information purposes only and intended for the confidential use of the person addressed.
MODALITIES OF THE TARGETED LONGER-TERM REFINANCING OPERATIONS Following a decision by the ECB s Governing Council, the Eurosystem will conduct eight targeted longer-term refinancing operations (TLTROs)
Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd Exchange Specific GTCB SIX Swiss Exchange November 2009 1 15 Table of contents 1 Scope 3 2 Definitions 3 3 Securities
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
OVERSIGHT STANDARDS FOR EURO RETAIL PAYMENT SYSTEMS 1 Introduction The oversight of payment systems is an essential function of central banks and aims to ensure the smooth functioning of payment systems
European Central Bank Secretariat Division Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Milan, April 30 th 2008 Second consultation on CCBM2 ATIC FOREX, The Financial Markets Association of Italy,
ISO 20022 in Central Bank Projects: The Deutsche Bundesbank s Interbank SEPA Clearing Services Dr. Johannes Kaiser Conception of Retail Payment Services Payment Systems Policy Division Moscow, 1 Agenda
1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase
REGULATION pursuant to articles 2.2.1, 2.2.3, 3.13.3 and 3.14.1 of the Clearing Rule Book FEES AND PENALTIES Capitalised terms used in this Regulation, and not otherwise defined, shall have the meaning
of the Securities Settlement System September 2007 Introduction This note presents an evaluation of the securities settlement system managed by S.D. Indeval S.A. de C.V., Mexico s central securities depository,
THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 214 OCTOBER 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,
T2S Direct: A Swiss solution to an international challenge Christophe Lapaire T2S Program Director Agenda T2S Direct: The SIX Securities Services approach T2S access models T2S account structure T2S settlement
September 2014 The CSD Regulation A guide for clients 1 Contents Introduction 3 About this guide 3 Background 3 Provisions for securities settlement (Title II) 4 Provision of banking-type ancillary services
No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in
2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines
Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Premise Monte Titoli is Italy s central securities depository (CSD). It manages the securities
The Eurosystem's Collateral Framework General Principles and Recent Developments Evangelos Tabakis Eloi Espargilière DG-Market Operations Financial Market and Collateral Money Market Contact Group meeting
Regulation of the Banque centrale du Luxembourg 2012/ N 13 of 9 November 2012 implementing the Guideline of the European Central Bank of 10 October 2012 amending Guideline ECB/2012/18 on additional temporary
Clearing Conditions for Eurex Clearing AG Page 1 ( ) Chapter I General Provisions Part 1 General Rules ( ) 1.5 Settlement of transactions (1) Eurex Clearing AG is contractual partner for all deliveries
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66
ATTACHMENT 2 USER INFORMATION GUIDE TO THE TARGET2 PRICING October 2007 Page 1 of 23 USER INFORMATION GUIDE TO THE TARGET2 PRICING Table of contents Introduction 4 1. General Overview of TARGET2 and the
guidelines Q&A TARGET2-Securities for Funds Introduction p.4 I. Issuance Do we need to change something to our current model due to T2S? p.5 Should we change our current processes? p.5 What are the possible
Report on Payment Systems 2008 Lisbon. 2009 Available on www.bportugal.pt Publications BANCO DE PORTUGAL Payment Systems Department Av. Almirante Reis. 71-7º 1150-012 Lisboa Design and Distribution Administrative
T2S: Settling without borders in Europe London School of Economics London, March 24 2014 Pierre Beck Vice-Chairman of the T2S-Board 0 1 Table of Contents T2S: Settling without borders in Europe 1 2 3 Purpose
Clearstream Snapshot Clearstream a trusted global name Clearstream is a global leader in post-trade securities services with more than EUR 13 trillion in assets under custody, making us one of the world
Profit earner or cost driver? A combined view of retail banking and payments Bertrand Lavayssière Frankfurt, May 25th Payments are crucial for Retail Banking Retail banking revenues are rather stable and
PRESS RELEASE ECB PUBLISHES LEGAL ACT RELATING TO TARGETED LONGER-TERM REFINANCING OPERATIONS The European Central Bank (ECB) is publishing a legal act that has been adopted today relating to the targeted
Federal Reserve (FED) versus European Central Bank (ECB) Overview History Members Organization Goals Tools Government Dependence Dollar value versus the Euro Formation of the Fed The third central banking
Oversight of payment and settlement systems The efficiency of the financial system depends on the smooth functioning of various payment and settlement systems, because all financial transactions are performed
The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 1 The run-up to the financial crisis 1. Sharp rise in debt and asset prices low
2014 Cash management in TARGET2-Securities with the Banque de France Blueprint Version 1 February 2014 Banque de France Version 1 February 2014 1 C O N T E N T S 1. INTRODUCTION... 5 2. CASH ACCOUNTS...
Indeval s DALI: Introducing world leading technology to the Mexican securities market 2009 Citi Securities Services Leadership Forum Latin America and Canada Total Assets in Custody 900,000 Sovereign Debt
Eesti Pank policy for the operation and oversight of payment systems and for facilitating the payment market Under the Eesti Pank strategy for 2014 2018, it is part of Eesti Pank's mission to promote a
DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT October 2014 2 Kingdom of Denmark: AAA, Stable Outlook Low government debt Current account surplus and net external assets Reform-oriented policies
Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 Inflation in IRAN Overview & Forecast Q1-2016 No.5 Research, Planning and Budgeting Division Economic Research Unit June. 2016
EN ECB-PUBLIC DECISION OF THE EUROPEAN CENTRAL BANK of 29 July 2014 on measures relating to targeted longer-term refinancing operations (ECB/2014/34) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
30 January 2015 1100 hrs 021/2015 Total inbound tourist trips for December 2014 were estimated at 66,619, an increase of 1.4 per cent when compared to the corresponding month of 2013. Excluding the passengers
FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for
EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence
maximises settlement efficiency in the European securities market Department Payments and Settlement Systems Martin Barraud George Doyle Page 2 Definition and classification of TARGET2-Securities TARGET2-Securities
2012: Deeper into crisis or the long road to recovery? Bart Van Craeynest Hoofdeconoom Petercam Bart.firstname.lastname@example.org 1 2012: crises looking for answers Global slowdown No 2008-0909 rerun Crises
The Central Bank from the Viewpoint of Law and Economics Handout for Special Lecture, Financial Law at the Faculty of Law, the University of Tokyo Masaaki Shirakawa Governor of the Bank of Japan October
SADC Payment System Integration Roadmap and Constraints Tim Masela 19 August 2011 Protea Balalaika Hotel, Sandton, South Africa SADC Payment System Project Project Vision Each SADC country has : An efficient
GUIDELINES FOR COLLATERAL MANAGEMENT UNDER THE CENTRAL BANK OF THE UAE S INTERIM MARGINAL LENDING FACILITY ( Interim MLF Terms & Conditions for Conventional Banks Only ) Effective from 15 April 2014 1.
NBB-SSS Securities settlement system of the National Bank of Belgium Regulations October 2012 English translation - for information purposes only National Bank of Belgium, Brussels All rights reserved.
NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics
Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 Foreign Currency Market in IRAN Overview & Forecast Q4-2015 No4 Research, Planning and Budgeting Division Economic Research Unit
Turnover of the foreign exchange and derivatives market in Hong Kong by the Banking Policy Department Hong Kong advanced one place to rank sixth in the global foreign exchange market and seventh when taking
Clearstream s approach to TARGET2-Securities FAQs as of 29 August 2012 1. What is TARGET2-Securities (T2S) about? T2S is a central pan-european settlement infrastructure platform for the cross-border and
EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament
CENTRAL BANK OF SEYCHELLES MONTHLY REVIEW August 2013 1.0 Key Economic Developments August 2013 observed a slight monthly pick-up of 0.5 per cent in the Consumer Price Index (CPI) which was primarily associated
NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics
Account Application Form We, the undersigned, representing, hereby request LuxCSD S.A. ( LuxCSD ) to open an account in our name with the Account name following specifications: 1 Registered Company name
T2S Special Series I Issue No 1 I April 2012 I T2S benefits: much more than fee reductions T2S Special Series Issue No 2 October 2012 T2S Auto-collateralisation Author: Mehdi Manaa, T2S Programme Office,
Experts Workshop Payment Systems and Capacity Building in OIC Member Countries Payment Systems in Malaysia Istanbul 26 Sept 2010 1 Payment and settlement systems in Malaysia Commercial Banks, Islamic Banks,
OPINION OF THE EUROPEAN CENTRAL BANK of 9 October 2000 at the request of the Luxembourg Ministry of Finance on 1. a draft law pertaining to the circulation of securities and other financial instruments;
THE PAYMENT AND SETTLEMENT SYSTEMS 2007 1. INTRODUCTION The payment and settlement system was upgraded in 2007 with the introduction of a Real Time Gross Settlement (RTGS) system known in Israel as Zahav,
Activity in the South African foreign exchange market by E.J. van der Merwe and J.N. de Clerck In the past five years central banks have increasingly shown a greater interest in the size, volumes and structures
Clearstream Global Liquidity Hub Newsletter 0 1 / 14 A single master contract for multiple triparty repo counterparties In June 2013, Clearstream developed a new legal master agreement for triparty repo
THE PAYMENT SYSTEM IN ZAMBIA Table of Contents OVERVIEW OF THE NATIONAL PAYMENT SYSTEM IN ZAMBIA... 225 1. INSTITUTIONAL ASPECTS... 225 1.1 General legal aspects... 225 1.2 Role of financial intermediaries
2013-03-01 Participation in Euroclear Sweden AB TABLE OF CONTENTS 1 INTRODUCTION... 3 2 CLEARING AND SETTLEMENT... 3 AM SUB-MARKET... 3 PM SUB-MARKET... 3 3 SAFEKEEPING... 3 OWNER- REGISTERED ACCOUNT...
March 2015 Table of contents 1.0 General questions on T2S 4 1.1 What is T2S? 4 1.2 Which currencies are eligible in T2S? 4 1.3 Which instruments are eligible in T2S? 4 1.4 What are the migration wave dates?
Capital Markets Point of View TARGET 2 SECURITIES Are YOU on TARGET? Post Trade Services Introduction In an effort to eliminate the Giovanni Barriers tax, legal and other considerations feeding the continued