TARGET2-Securities. Settlement services quick guide

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1 TARGET2-Securities Settlement services quick guide

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4 Contents Introduction 05 T2S is getting closer. What you need to know 06 Settlement day schedule 06 Your securities account setup 06 Your connectivity with us 07 Your settlement instructions: mandatory changes 07 Your and your counterparty s SSIs 10 Mandatory changes still under definition 10 Market specificities 10 Cross-border settlement 10 Enhanced T2S functionalities 11 Matching and reporting 11 Partial settlement 12 Linkage and pooling 12 Prioritisation 13 Hold and release 13 Corporate actions 14 Corporate events on stock 14 Corporate events on flows 14 Liquidity and financing services 14

5 Introduction The intent of this new quick guide is to allow you to easily assess how your activities and developments should be adapted to the new settlement processes in TARGET2-Securities (T2S). T2S implementation will require CSDs and participants to make significant investments to adapt to the new platform to continue to offer competitive post trading services. BNP Paribas Securities Services has always and continues to shield its clients, as much as possible, with respect to T2S adaptation cost. Nevertheless, as we highlight in this document, our clients are required to implement some changes. On top of becoming familiar with the new settlement day schedule, you need to understand and to be able to manage the new matching fields, to be aware of the enhanced T2S functionalities and to understand if they can create value for your business. In short, you need to be clear on what BNP Paribas Securities Services can do for you, but also on what you have to do to take advantage of the full potential of T2S. This document will be complemented by updates to our swift booklet and direct interaction with your relationship manager on details of the key areas of changes important to you. This is therefore a simple manual for clients using BNP Paribas Securities Services in the traditional agent bank model. BNP Paribas Securities Services can also offer more sophisticated operational scenarios like Asset Servicing Only and Sponsored Settlement Access. As they are complex scenarios that require dedicated workshops and tailored made solutions, this document will not refer to them directly, although some of the aspects covered would also be applicable to these solutions. 5

6 T2S is getting closer. What you need to know Settlement day schedule T2S will follow its own settlement day schedule which differs from the current settlement schedule of the European CSDs. The T2S settlement day schedule will be organised as follows: A night-time settlement (NTS) organised in 2 batch cycles A real-time settlement (RTS) up to 6pm CET with two major cut-off times: DVP cut-off time at 4pm CET FOP cut-off time at 6pm CET T2S will not be available from 3am CET to 5am CET due to a daily technical maintenance window. We will adapt to these changes and are in the process of defining our future client settlement cut-off times SoD End of DvP End of FoP Cycle 1 Cycle 2 Realtime Maintenance Real-time settlement The NTS process starts at 7.30pm CET on intended settlement date (ISD)-1 The RTS starts after the completion of the NTS cycles Settlement instructions, which do not settle during the NTS, are automatically recycled for RTS Pending settlement instructions can be amended by users in both RTS or NTS Unmatched settlement instructions remain valid in T2S for 20 working days and then are automatically cancelled by T2S Matched instructions remain valid for an unlimited period of time Your securities account setup BNP Paribas Securities Services will maintain the current direct account relationship with the issuer CSDs. All CSDs have made the choice to map the securities accounts on a one-for-one basis for their participants in T2S. In the same way, we will not change your security account setups in our books. Your current account numbers and account structure will remain in place. In the markets where BNP Paribas Securities Services manages your activity in a dedicated account at the Issuer CSD, we will continue to offer this service. 6

7 Your connectivity with us We will be a direct connected participant (DCP) in T2S. This status requires us to use ISO messages for all our communications with T2S and to set up a dedicated technical link with T2S. For your connectivity with us, we will maintain the possibility to use the ISO format and the Swift FIN technical connectivity. You can also instruct us via NeoLink, our proprietary communication tool and via dedicated communication lines (for example, by sending flat files). Dedicated line Files CSD authorised format Settlement (market specifities) and asset servicing CSDs Client ISO ISO 20022* BNP Paribas ISO Settlement T2S Web Neolink Your settlement instructions: mandatory changes T2S will introduce multiple features that will contribute to harmonise and optimise the settlement process. We are adapting our platforms so that you can reap the benefits of these features while minimising the changes required. Nevertheless, some changes are necessary in order to comply with the new T2S rules and procedures, such as the new settlement instruction matching criteria. Matching criteria In the T2S detailed specifications, the Eurosystem states: When a new instruction enters T2S, the matching process compares each of the mandatory and non-mandatory matching fields of the settlement instruction with the settlement instructions that remain unmatched in T2S. Mandatory matching fields are those fields that must be present in all settlement instructions and whose values must be the same in both settlement instructions for the transaction to match and settle The only two exceptions are: Settlement movement type deliver/receiver (DELI/RECE), whose values match with opposite values Settlement amount for DVP/PFOD instructions where a tolerance is applied and for credit/debit code (CRDT/DBIT) * We will also develop ISO settlement messages for clients that wish to use this format, while maintaining ISO for the others and for asset servicing. 7

8 Non-mandatory matching fields can be additional or optional : Additional matching fields are not mandatory, but their values must match whenever one of the counterparties inputs a value for them. Hence, once an additional matching field is used by one counterparty, the other counterparty should also complete the field and match its value. An additional matching field cannot match with a field with no value. These additional matching fields are new to settlement instruction messages (and related matching reports) Optional matching fields can match to a field with no value (unlike additional matching fields). However, when both parties specify a value, then the values must match Depending on the transaction type, the mandatory fields differ, as described in the table below. Our T2S ISO booklets highlight the impacts in the messages. Mandatory matching fields: DVP/DWP vs FOP Mandatory matching fields DVP/DWP FOP Payment type Securities movement type ISIN code Trade date Settlement quantity Intended settlement date Delivering party BIC Receiving party BIC CSD of the delivering party CSD of the receiving party Currency Settlement amount Credit/Debit n/a n/a n/a Trade date: Is always a mandatory field, even for FOP transactions (this is not the case in all markets today) Is one of the key indicators for the corporate actions on flows process in case of delayed settlement Combined with additional matching fields, it defines the eligibility of the underlying settlement instruction for market claims and transformations CSD of delivering/receiving party T2S requires proper identification of counterparty CSD for both intra-csd and cross-csd settlement Today, CSD requirements differ on how the BIC code of the CSD counterpart should be completed for cross-csd settlement 8

9 Additional matching fields Additional matching fields DVP/DWP FOP Opt-out ISO transaction condition indicator CUM/EX Indicator The ISO Swift transaction codes, combined with the trade date, allow CSDs to activate the corporate actions on flows process To avoid the automated activation of the corporate action on flows process, the opt out Swift code value NOMC must be used CSDs will not generate market claims for instructions with this Swift code value CUM/EX Swift code can also be used to establish an entitlement outside of regular entitlement dates CCPN : Cum coupon. The trade was executed cum coupon XCPN : Ex coupon. The trade was executed ex coupon Warning The use of these additional matching fields must be agreed with the counterparty. Any discrepancy in the value of additional matching fields will prevent the trade from matching. Optional matching fields Optional matching fields DVP/DWP FOP Common trade reference Client of delivering CSD participant Client of receiving CSD participant Securities account of the delivering party Securities account of the receiving party Warning The use of these additional matching fields must be agreed between counterparts. Any discrepancy in the value of additional matching fields may prevent the trade from matching. Very few markets currently allow their usage: A common market practice across different markets is missing The Eurosystem is still discussing the best and most effective usage of optional matching fields 9

10 Your and your counterparty s SSIs T2S handles the securities accounts that T2S parties (i.e. custodians and settlement agents) have opened in the books of their respective CSDs. In order to match the CSD accounts with the T2S accounts, T2S needs a unique identifier for each account. The specific information required is: The BIC of the CSD The BIC 11 of the party/counterparty You will have to provide your counterparties with our company s BIC code and with the BIC code of the CSDs where the BNP Paribas securities account is held. Should you wish to use the optional matching fields, your SSI must include any value defined in future market practice (for instance your BIC code). Your counterparts will have to supply the same information. Currently, CSDs and national communities are still working to fine-tune the mapping of securities accounts at T2S level to maintain the current account structure. Mandatory changes still under definition? Market specificities While T2S is handling core settlement functions, some settlement-related processes may: Be performed in T2S provided that required market-specific processing or information is provided Require to be performed via the local market infrastructure platforms as not eligible in T2S BNP Paribas Securities Services is contributing to the T2S NUG (National User Group) in every market we are present. We also regularly participate in dedicated working groups and CSD/NCB bilateral meetings. We will continue to update you on the relevant market specificities as they become clearer. So far, market infrastructures have not delivered enough detailed information to detect other possible mandatory adaptations. Cross-border settlement The required information for cross-border settlement between two CSDs within T2S is already known and does not differ from that required for domestic settlement. It should be noted that the place of settlement (PSET) must be completed with the BIC 11 of the CSD of the counterparty. However, if one of the CSDs is not part of T2S, the required information is still being analysed. The information may be different from that required in the T2S markets as it depends on the links the T2S CSD maintains with the out-of-t2s CSD (e.g. direct account relationship/relayed link) and possible specific practices. We will provide more on this topic as we get detailed specifications from each CSD. 10

11 Enhanced T2S functionalities T2S introduces new functional features for the management of settlement processes. We aim to provide our clients with all the benefits of the new services and to outperform the standard T2S offer. Below we highlight the new T2S functionalities and how we will extend them to our clients and create additional value. Matching and reporting T2S service As described in the previous section, T2S will introduce new matching criteria with mandatory, additional and optional matching fields. T2S matching reporting is limited to essential information about the status of each single settlement instruction (i.e. matched or unmatched). However, T2S will not: Report any reason code regarding unmatched instructions Recognise a potential pair of instructions (your trade and your counterparty s trade) that did not match for any reason Our added-value services to outperform T2S will enable: An enhanced control of unmatched instruction management process via MT548 messages We will combine the matching details of all your unmatched instructions with the allegements received from T2S and will provide you reporting for matching failure. Please note that Swift reason codes in MT548 will be enriched with unmatched reason codes currently not used in the existing CSDs settlement platforms We will inform you of the counterpart s trade details in the Swift narrative fields A more effective management of cash tolerances When T2S reports a matching failure caused by a cash discrepancy, based on your setting we independently manage the cash adjustment in T2S An extended support in the management of bilateral cancellations We will report the status update of your request of cancellation via MT548 When a counterpart requests the cancellation of an already matched settlement instruction we will notify you via MT548 11

12 Partial settlement T2S service Partial settlement is a T2S process automatically activated during specific windows in the T2S settlement day schedule. The process is driven by predefined T2S rules. It is allowed by default unless one of the 2 counterparties specifies the contrary It is performed once during the night cycle and twice during the real time settlement phase T2S functionalities will also enable you: To specify the partial settlement indicator in your settlement instruction In case of partial settlement to automatically allow us to cancel the underlying transaction and create 2 separate instructions (a settled leg and a pending leg) To receive full reporting during settlement cycles to allow full visibility on the partial settlement chain Our added-value service to outperform T2S will enable you: To provide us with your permanent partial settlement indicator. We will apply it to all of your settlement instructions in T2S Linkage and pooling T2S service Settlement Instructions can be linked via an indicator or a pool reference specified by a T2S actor. The function aims to support the settlement of specific operations such as delivery-redelivery, pair-off instructions, lending and borrowing, etc. To benefit from linkage: You can instruct us with your linked settlement instructions via MT54x You can link settlement instructions during their lifecycle via MT530 Our added-value service to outperform T2S will enable you to: Control the chain of your linked instructions. In case the target instruction is missing we will advise you via MT548 Receive help in the pool creation. We will control the coherence between your pool counter and your pooled instructions Be advised via MT548 in the event that the pool is not completed or your pool counter exceeded To receive MT548 messages enriched with Swift reason codes belonging to link and pool functionalities 12

13 Prioritisation T2S service T2S allows parties (i.e. custodian and settlement agent) to set two levels of priority: normal and high priority. T2S uses priority levels in case several settlement instructions, belonging to the same ISIN code, compete for the same securities position. T2S priority model is fairly basic. It does not provide multiple levels of priority for precise manipulation of the settlement sequence. Our added-value service to outperform T2S will enable you to: Book a quantity of securities needed for a specific settlement instruction. The other transactions with lower priority will be eligible for settlement in T2S only if your securities position can satisfy them Instruct us with your preferred sequence of release among your settlement instructions Opt for a default set up of permanent priorities per counterpart or per beneficiary Hold and release T2S service The T2S hold and release process provides T2S actors with the functionality to hold and release over the counter settlement instructions at any time during their lifecycle until they are settled or cancelled. We offer you two different services: Hold and release for early matching We will submit all your settlement instructions to T2S as soon as they are received in status hold We will release them for settlement in T2S according to your position management model Hold and release on your request You can specify your own hold indicator directly in the MT54x settlement instruction message You can instruct us to change the status indicator via MT530 We will release your instructions for settlement in T2S according to your position management model Our reporting for both hold and release services We will report to you hold and release indicators via MT548 when T2S transmits it. As said for other T2S functionalities MT548 will be enriched with proper Swift reason codes dedicated to hold and release. 13

14 Corporate actions Corporate events on stock T2S will not have any direct impact on our corporate action services. All processes for the execution of corporate events remain under the responsibility of the CSD. Events are processed by the CSD based on the eligible securities position existing on record date in the securities account. The issuer CSD applies the existing rules to verify the entitlement of the securities account. Corporate events on flows This process is managed outside T2S by each CSD. The Corporate Action Joint Working Group (CAJWG) has defined a consistent and coherent set of market standards for the operational processing of all categories of corporate actions, including transaction management. Corporate events on flows are applied on pending settlement instructions across a corporate event. They trigger the creation of market claims and transformations. This concept is not new to some markets but will be extended to all T2S countries. Market claim: is the process to reallocate the proceeds of a cash or securities distribution to the contractually entitled party Transformation: is the process by which pending transactions, on or after key dates, are cancelled and replaced by new transactions in accordance with the terms of the reorganisation CSDs generate market claims and transformations and send them in T2S as settlement instructions. CSDs are still defining their operating model. We plan to introduce an harmonized reporting service among T2S countries. We will report the creation of market claims and transformations linked to the parent settlement instruction. Please refer to the previous section regarding additional matching fields. Liquidity and financing services To support the settlement process BNP Paribas will continue to extend credit and liquidity to its clients as it does today. The night-time settlement process will require participants to have adequate purchasing power to allow settlement during the night period. T2S sophisticated auto-collateralisation mechanisms will allow participants to benefit from the intraday financing services offered by the central bank. To reduce the liquidity cost and constraints we will extend such auto-collateralisation mechanisms to our clients. This will be formalised in a dedicated auto-collateral annex to the custody agreement. We will continue to offer both fail coverage and opportunity securities lending services. The current local deadlines will be reviewed and harmonised according to the new T2S settlement day schedule. 14

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16 Follow us on For more information, please visit securities.bnpparibas.com The information contained within this document ( information ) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request. BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and supervised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers). BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas Securities Services, London branch is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of BNP Paribas Securities Services), incorporated in the UK is authorised and regulated by the Financial Conduct Authority. In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited liability. Services provided under this business line, including the services described in this document, if offered in the U.S., are offered through BNP Paribas, New York Branch (which is duly authorized and licensed by the State of New York Department of Financial Services); if a securities product, through BNP Paribas Securities Corp. or BNP Paribas Prime Brokerage, Inc., each of which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association. Printed on recycled paper by Edit overso Designed by the graphics department, corporate communications, BNP Paribas Securities Services June 2014

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