T2S PROJECT Cross Border Settlement. Version 2.2

Size: px
Start display at page:

Download "T2S PROJECT Cross Border Settlement. Version 2.2"

Transcription

1 T2S PROJECT Cross Border Settlement Version 2.2

2 1 Contents 2 Document Management Document Distribution Document History Open Issues Definition, Acronyms and Abbreviations References Introduction Purpose of the document Type of transactions supported CoSD functionality On Cross-CSD Settlement On External-CSD Settlement Transaction Status Management Hold & Release On Cross-CSD Settlement On External-CSD Settlement Partial Settlement On Cross-CSD Settlement On External-CSD Settlement Functions and Messages Static Data Configuration CSDs external T2S (MT as Investor CSD) CSDs external T2S (MT as Issuer) CSDs internal T2S External-CSD Settlement - Use Cases Overview Matching tolerance management Settlement Parties Receive Instructions Acquisition and Validation Provision External Settlement Posting Page 2 of 32

3 5.3 Deliver Instructions Acquisition and Validation Securities Provision External Settlement Cash Management Posting Allegement from CSDs External-CSD Cancellation Cancellation request by foreign counterparts Cancellation by participant Cancellation by CSDs Cancellation by Monte Titoli External-CSD Partial Settlement Unsettled part cancellation Cross-CSD Settlement - Use Cases Overview Deliver Instructions Settlement Parties Cross-CSD Cancellation Cancellation request by ICP participant Cancellation request by foreign counterparts Cancellation of an instruction identified as CoSD Annex Validation Rules T2S Messages Subscription X-TRM Messages Format T2S Messages Format CSD Links Page 3 of 32

4 2 Document Management 2.1 Document Distribution IT NUG Functional Sub Group Monte Titoli Participants Monte Titoli internal Users 2.2 Document History Date Version Details Initial version Second version based on last meeting with participants ( ) Final version Final version Integrated with additional information requested by participants 2.3 Open Issues Section Description Date Owner Status 2.4 Definition, Acronyms and Abbreviations Name Description 2.5 References Reference Description [1] T2S User Detailed Functional Specifications v2.0 [2] MT-T2S User Requirements v2.3 Page 4 of 32

5 3 Introduction 3.1 Purpose of the document This document describes, through use cases, the proposed management of Cross Border transactions in T2S. Concerning the External-CSD Settlement this document describes the service model accessible via an indirectly connected operative model. The use cases are the following: External-CSD Settlement: transactions instructed by a MT participant for settlement in an issuer CSD that is out of T2S. Cross-CSD Settlement: transactions instructed by a MT participant to settle in T2S with a counterpart that is a participant in another T2S CSD. Intra-CSD Settlement 1 : transactions instructed by a MT participant to settle in T2S Financial Instruments issued by MT itself with a counterpart that is a participant to a CSD that is out of T2S. The transaction will be processed as any other transaction between two MT participants hence this use case won't be described in the document. 3.2 Type of transactions supported - On Cross-CSD and Intra-CSD Settlement all transactions types supported in T2S : DVP, RVP, DWP, RWP, DFP, RFP, PFOD; - On External-CSD Settlement the following types of transaction will be supported: o DVP/RVP: delivering/receiving against payment; o DFP/RFP: delivering/receiving free of payment; 3.3 CoSD functionality T2S will provide the Conditional Settlement functionality (CoSD) 2 for the Settlement of those transactions which require to pass trough processes outside T2S. This functionality permits the cash amount and/or securities blocking and it is activated for Matched transactions at Intended Settlement Date On Cross-CSD Settlement Conditional Settlement is not foreseen On External-CSD Settlement Monte Titoli will use the CoSD functionality to block securities for DVP transactions only. The CoSD is not applicable for RVP transactions: the mere cash amount blocking (Cash CoSD Blocking) is not sufficient for the settlement of this type of transaction as a real transfer of the cash to the foreign Settlement System is required. MT will therefore send T2S two linked settlement instructions: - Cash leg : a PFOD transaction for cash pre-funding - Securities leg : a FOP transaction for the securities transfer. 1 Monte Titoli will set up all counterpart investor CSDs that are outside of T2S as any other participant. 2 Refer to section Conditional Delivery /CoSD) Detection of document [1] Page 5 of 32

6 3.4 Transaction Status Management X-TRM will make available to MT participants all the transactions Settlement Status at the foreign CSD except from the non-matching reasons. The complete list of the status (and related reasons) will also be available trough the Web User Interface MT-X (X-TRM OnLine). 3.5 Hold & Release On Cross-CSD Settlement The T2S s Hold & Release functions will be supported On External-CSD Settlement The Hold and Release function made available by External CSDs will not to be supported. 3.6 Partial Settlement On Cross-CSD Settlement The T2S s Partial Settlement function will be supported On External-CSD Settlement Given that the Provision reserves Securities or Cash equivalent to the entire amount necessary for the Settlement of the whole transaction, the Partial Settlement is not foreseen. However the it might be imposed by the regulation of the Settlement at the counterparty CSD (i.e. Euroclear UK). In order for these cases to be supported, separate transactions will be sent to T2S (each one equivalent to one partial transaction) as replacements of the entire original transaction. It should be noted that the above described Partial Settlement isn t to be considered the equivalent of the Partial Settlement Functionality offered by T2S. Page 6 of 32

7 3.7 Functions and Messages The following table summarizes the technical interaction model with X-TRM. Table 1 Mapping of Operational Functions and communication channels/standards Operational Function Cross Border Settlement RNI SWIFT A2A MT-X (GUI) M.S. F.T. ISO ISO Transaction Acquisition G52 G50 MT Sese.023 X X Transaction Amendment G52 G50 MT530 Sese.030 X X Transaction Cancellation G52 G50 MT Sese.020 X X Responses (Accept, Reject, G53 G51 MT548 Sese.024 Denied, Executed) Allegement Notification n.a. n.a. MT578 Sese.028 X X Allegement Removal n.a. n.a. MT578 Sese.029 X X Allegement Cancellation n.a. n.a. MT578 Semt.020 X X Status Advice n.a. n.a. MT548 Sese.024 X X Settlement Confirmation 71N n.a. MT Sese.025 X X Counterpart Cancellation n.a. n.a. MT548 Sese.024 X X Request Cancellation Confirmation n.a. n.a. MT548 Sese.027 X X Request Report G57 n.a. MT549 Semt.021 X Query Reports (ACB) n.a. G56 MT536 MT537 MT586 Semt.017 Semt.018 semt.019 X Query Response The messages content will be adapted in order to include the new information which are necessary for the Settlement of the transactions in T2S and/or at the Foreign Settlement Platform. DCPs will be allowed to send T2S only Cross-CSD Settlement transactions whilst External-CSD Settlement transactions shall be sent only through Monte Titoli infrastructure (therefore to X-TRM and through the channels described in Table 1 above). Page 7 of 32

8 4 Static Data Configuration 4.1 CSDs external T2S (MT as Investor CSD) The diagram describes the configuration of the accounts for the management of CSDs external to T2S when Monte Titoli acts as Investor-CSD. Figure 1 Static Data configuration for CSDs external to T2S (MT as Investor CSD) Monte Titoli will configure the CSD, in T2S, as External CSD. MT will create on its own accounting position a mirror account which reflects the same account positions of the omnibus account that MT has opened at the External CSD. An inter-csd account will be linked to the mirror account in order to manage the transfer of securities. The CSD operating as Securities Maintaining Entity will be in charge of the configuration and the management of the Financial instruments in T2S (in agreement with the CSDs internal to T2S). 4.2 CSDs external T2S (MT as Issuer) The diagram describes the configuration of the accounts for the management of CSDs external to T2S when Monte Titoli acts as Issuer-CSD. Figure 2 Static Data configuration for CSDs external to T2S (MT as Issuer) Monte Titoli will configure the CSD, in T2S, as a CSD Participant with its securities account (like any other participant): the counterpart CSD will have to realign its mirror account and its participant account. Page 8 of 32

9 4.3 CSDs internal T2S The diagram describes the configuration of the accounts for the management of the link with CSDs internal to T2S ( Issuer CSD) when MT will has the role of investor CSD. Figure 3 Static Data configuration for CSDs internal to T2S Monte Titoli will create on its own accounting positions a mirror account and the issuer CSD (B) will configure Monte Titoli as a CSD Participant and the corresponding omnibus account will be created. The omnibus and mirror accounts will be linked (rif. eligible counterparts CSDs) in order allow T2S to automatically manage their updates via the T2S generated realignment Settlement Instructions. Page 9 of 32

10 5 External-CSD Settlement - Use Cases 5.1 Overview The Settlement lifecycle of these transactions is processed through the following steps: Acquisition: the transmission models available for the participants (exclusively via X-TRM) are described in paragraph 3.7 ; Validation: the transactions pass trough the following processes: o MT Validation o T2S Business Validation Only after passing both validation processes the transaction acquisition is confirmed to the participant. Provision: this process is in charge of the securities (DVP and DFP) or the cash (RVP) reservation of the underlying transactions. This is activated at the Intended Settlement Date and before MT s settlement instructions are sent to the foreign settlement platform. External Settlement: This process manages the exchange of messages between Monte Titoli and the other involved CSDs in order to start and check the settlement of the transactions. This communication is managed trough Swift messages MT54n. Cash Management: this process manages the cash transfer, for the RVP transactions, to the accounts of the participants. Posting: in this process the T2S settlement instructions are released and the accounting positions of MT participants are updated. Cancellation: this process manages the request of cancellation sent by MT Participant, by the counterpart, by the foreign settlement system or by Monte Titoli itself Matching tolerance management As per the current service model the eventual difference between the cash amount blocked for provision purposes and the final settled amount will remain in charge of either Monte Titoli or the participant. No management of delta cash is going to be implemented. Page 10 of 32

11 5.1.2 Settlement Parties The following table shows the information concerning the settlement counterparties which the participant should indicate in the Settlement Instruction message. The current identification for the international counterpart currently used in the X-TRM system in the «settlement account» field of the instruction apply the following format rules: E-C BNKADEPPXXX-235QR In the Appendix an example on how to fill-in the message and its corresponding settlement instruction in T2S are described. Table 2 Settlement Parties on External-CSD Settlement Counterparty Description Old Value New Value External Settlement System where the instruction will be managed System (Euroclear Bank in the example) E 14 CSD Code Place of Settlement in the external settlement system (Clearstram Lux in the example) C CEDE Delivering/Receiving Agent Counterpart s settlement agent s BIC code -- BNKSAFRPPXXX Safekeeping Account Counterpart s settlement agent s Securities Account Client of Delivering/Receiving Counterpart s beneficiary (buyer/seller) BNKAFRPPXXX BNKAFRPPXXX Agent Safekeeping Account of Client Counterpart s beneficiary s Securities Account 235QR6 235QR6 Page 11 of 32

12 5.2 Receive Instructions This use case describes the management of a RVP (Receive Versus Payment) and a RFP (Receive Free of Payment) transactions between a Monte Titoli participant (Part.A) and a Foreign Counterpart ( Part.B). Figure 4 Scenario RVP Acquisition and Validation Figure 5 Schema RVP Validation MT participant (both ICPs and DCPs) instruct through X-TRM with the channels described in paragraph 3.7: - RNI G50/G52; - Swift ISO15022 MT540 or MT541; - Swift ISO20022 Sese.023; MT Validation: the transaction information is validated with respect to the counterparty CSD (CSD eligibility), the security, transaction type, etc.) are verified. The complete list of checks will be provided in the Service Instructions. In case of a negative validation outcome the transaction is rejected and a message is sent to the participant Page 12 of 32

13 In case of a positive validation MT forwards to T2S the settlement instruction. The transaction is sent to T2S as a FOP (Free of Payment) transaction with payment type valued with FREE the type of the original instruction (RVP or RFP) is not relevant. T2S Business Validation : The Settlement Instruction is validated according to T2S validation rules. In case of a negative validation outcome MT (after the receipt of the notification from T2S) rejects the transaction to the participant as described above. In case of a positive validation outcome the transaction is considered as accepted and MT sends the Participant a G53 confirmation message (or its Swift equivalent) which contains the reference assigned by T2S (Market Infrastructure Transaction Identification); Please note that the Validation check managed by MT (and T2S) can t guarantee the transaction s acceptance by the counterparty CSD which could in its turn reject the instruction. The rejection or the acceptance of the instruction is communicated to the participant through this messages: - RNI G51/G53; - Swift ISO15022 MT548; - Swift ISO20022 Sese.024; Provision At 07:00 on Intended Settlement Date (for the previously instructed transactions) and upon the receipt in T2S (for transactions with ISD = Current Business Date) the Cash Provision process is activated for Against Payment instructions. The purpose of this process is to reserve the necessary funds in order to allow the Settlement to occur at the Foreign platform. The Cash Provision process is managed in different ways, depending on the currency: Currency eligible for T2S: the cash provision is made in T2S debiting the Dedicated Cash Account of the participant and crediting MT Dedicated Cash Account; Currency managed by MT and not eligible for T2S: the cash provision is made in the Cash Correspondent Banks (CCB) debiting the Cash Account of the participant and crediting MT Account. In case of lack of money the provision process remains active until the cancellation of the instruction requested by MT participant. The provision of cash is reversed in case of cancellation of the original transaction (refer to section 5.5). Figure 6 Schema RVP Cash Provision in T2S Cash Provision in T2S: in T2S the provision is not managed through a blocking of cash amounts but, instead by cash transfer to MT s DCA account. A Settlement Instruction PFOD is therefore sent to the T2S platform in order to transfer the cash from the participant s to MT DCA. The participant s DCA is the one associated to the participant s Securities account stated in the original RVP instruction. Page 13 of 32

14 The PFOD Instruction is linked to the original RVP instruction with the processing code INFO 3. Once the cash has been transferred to MT DCA the cash amounts are further moved to MT s RTGS account in Target2 and eventually from this account to MT s account at the CSD (or to a corresponding bank). Figure 7 Schema RVP Cash Provision on Cash Correspondent Banks Cash Provision outside T2S: for currencies (managed by MT) not eligible for T2S the cash amounts are transferred from the participant s cash account to MT s cash account using the message Swift Mt External Settlement Figure 8 Schema RVP Settlement & Posting External Settlement: the communication with the CSD, via Swift MT54n, is activated when the cash amount transfer has been done. Upon the receipt of Status Advice notification from the CSD (matching notification, settlement pending), MT updates the corresponding indicator in X-TRM, the same notifications are made available to the participants through the messages and reports described in section 3.7 and the MT548 notification messages are made available to the Participants, also, in the Web GUI of X-TRM. Note that unmatching reason codes are made available only through this latter interface. 3 This kind of linkage is for information purpose only and does not affect on the settlement process. Page 14 of 32

15 5.2.4 Posting Upon Settlement of the transaction at the CSD the Posting process is activated: MT releases the Conditional Settlement Hold and the transactions are settled in T2S. Once settled MT will update the settlement status in X-TRM. The participant is notified trough the usual channels. Finally MT will align its own inter-csd and Mirror accounts. Page 15 of 32

16 5.3 Deliver Instructions This used case describes the management of a DVP (Deliver Against Payment) and DFP (Deliver Free of Payment) transaction between a Monte Titoli Participant (Part.A) and a Foreign Counterpart (Part.B). Figure 9 Scenario DVP Acquisition and Validation The same validation process described in paragraph 5.2 applies for Deliver Instructions but the settlement instruction is sent to T2S as Against Payment transaction (Payment type valued with APMT) Securities Provision At the Intended Settlement Date (for the transaction previously instructed) and upon the receipt (for transactions with ISD = Current Business Date) the Securities Provision process is activated. Figure 10 Schema DVP Securities Provision This functionality is managed by T2S via the Securities CoSD Blocking process. In case of insufficient securities (Provision failed) the participant is informed trough the messages or reports previously described. The Securities CoSD Blocking process will remain active, even during the following business days, until either the settlement quantity is reached or the participant cancels the transaction. Only once the COsD is activated and the Participant receives the notification via the messages indicated on the above diagram the instruction is sent to the External CSD. Page 16 of 32

17 5.3.3 External Settlement This process is the same described in paragraph Figure 11 Schema DVP Settlement, Cash Management & Posting Cash Management Once the transaction has been settled at the foreign platform, MT transfers the funds from the CSD (or a correspondent bank) to the participant. This process is managed in different ways depending on the currency: Currency eligible for T2S: MT transfers the cash from its RTGS account in Target2 to its DCA Account in T2S and, afterwards, the participant will be credited at the settlement of the transaction (ref.posting); Currency managed by MT and not eligible for T2S: MT transfers the cash from its account at the Cash Correspondent Banks (CCB) directly to the CCB account of the participant; Posting At this point MT releases the Conditional Settlement Hold and the transactions are settled by T2S (including, for currencies eligible to T2S, the crediting of cash amounts to the participant). Once the transaction has been settled MT updates the settlement indicator in X-TRM. The participant is notified trough the usual channels. At the end of the process MT will align its own inter-csd and Mirror accounts. Page 17 of 32

18 5.4 Allegement from CSDs This use case deals with the management of swift message MT578 Allegement sent to Monte Titoli by the CSDs when a transaction has been instructed by a foreign participant and when one of MT participants is identified as the counterparty. The Foreign Participant should provide (on the MT54n messages) all the information which are necessary to univocally identify a participant of Monte Titoli (ABI code, CED code, BIC code and also Securities Account). Monte Titoli processes these messages and inserts the transaction in X-TRM where participants will find the Allegement information (transactions with matching indicator 2 ) trough the messages and reports described at section 3.7 and via the User Interface MT-X. The figure below summarizes the messages: Figure 12 Allegement Page 18 of 32

19 5.5 External-CSD Cancellation The cancellation of a transaction can be done by: - Monte Titoli s Participant; - The counterparty CSD; - Monte Titoli; In all cases, when a cancelation occurs, MT should reverse the effect of the Provision process: - Securities: the blocked Securities will be made availble ; - Cash: the cash amount will be transferred back to the Participant account. Cross Border Settlement Cancellation request by foreign counterparts Monte Titoli is notified trough an MT548 message once a cancellation, for an already matched transaction, is requested by the foreign counterparty. This information is reported in X-TRM and the bilateral cancellation is activated. The participants will be able to instruct their own cancellation request according to the process described in the following paragraphs Cancellation by participant The participants will be able to send a cancellation request trough the messages described at section 3.7 and via the User Interface MT-X. If the transaction to be canceled has yet to be sent to the external CSD, MT, after validation of the request, executes the cancellation in X-TRM and in T2S. The participant receives the cancellation execution notification (or the cancellation request rejection in case the request is not validated). If the transaction has already been forwarded to the CSD, Monte Titoli forwards the cancellation request via the proper swift MT54n message and sends the participant a notification that the cancellation request has been forwarded. Upon the cancellation execution confirmation is received by the CSD the process continues as indicated in paragraph The following diagram describes the above mentioned: Figure 13 Cancellation by participant Page 19 of 32

20 5.5.3 Cancellation by CSDs In cases of cancellation requests executed by the CSD (swift MT548 message), Monte Titoli shall reverse the effects of the Cash or Securities provision phase. The cancellation by CSD is described below: Figure 14 Cancellation by CSDs Deliver Instructions: for the deliver transactions the securities pre-funding was done via the CoSD functionality of T2S. MT will therefore send a CoSD cancellation which has the effect of cancelling the previously instructed Settlement Instruction consequently making the previously blocked securities available again. Receive Instructions: for the receive transactions, the return of cash amounts that were transferred on MT accounts is done via; Currency inside T2S: a PFOD Settlement Instruction sent to T2S which has the effect of returning the cash amount from MT DCA to the DCA of the participant. Currency outside T2S: a Financial Transfer (swift MT202) sent to CCB to transfer the cash amount from the account of MT back to the account of the participant. In both cases MT sends T2S the CoSD cancellation which has the effect of cancelling the previously instructed Settlement Instruction. Page 20 of 32

21 5.5.4 Cancellation by Monte Titoli Settlement Instructions which have not yet been matched at 3 pm of Intended Settlement Date will be automatically cancelled by Monte Titoli. Figure 15 Cancellation by Monte Titoli The reverse of the effects of the provision phase is the same described in the above paragraph. Page 21 of 32

22 5.6 External-CSD Partial Settlement Currently this use case is only applicable for receive instructions done with Euroclear UK (CREST). Taking into consideration the management of this type of transactions described in paragraph Error! Reference source not found., the partially settled transactions received by the CSD are registered in T2S with transactions linked to the original transaction. Once the last partial transactions has been settled, MT sends a cancellation of the original transaction. Figure 16 Partial Settlement Unsettled part cancellation The cancellation management process applied to a partially settled settlement instructions is the same that described in paragraph ( RVP Case). The only difference is the total cash amount returned to the participant, which is calculated as the difference between the amount of the original settlement instruction and the amount indicated on the partially settled transaction. Page 22 of 32

23 6 Cross-CSD Settlement - Use Cases 6.1 Overview These transactions are entirely managed by T2S which regulates their Settlement and automatically updates the Mirror and Omnibus accounts of the CSDs involved (T2S generated realignment Settlement Instructions). The indirect participant instructs their transactions via X-TRM : the messages involved are described in paragraph 3.7. The Direct Connected Participant (DCP) can instruct their transactions directly to T2S : for the messages involved please refer to ECB s document [1]. 6.2 Deliver Instructions This used case describes the management of a Deliver Against Payment transaction between a Monte Titoli participant (Part.A) and a Foreign Counterpart ( Part.B) of a CSD inside T2S. Figure 17 Scenario DVP For the management scheme of the Settlement Instructions by T2S please refer to the documents [1] in chapter 2.3 Send Settlement Instructions. 6.3 Settlement Parties In T2S the Settlement Parties are identified (for matching purpose) by: - Depository; - Settlement Agent (alias Party1); as mandatory matching fields and by: - Client of Settlement Agent (alias Party2) as additional matching field. Page 23 of 32

24 6.4 Cross-CSD Cancellation The cancellation of a transaction is differentiated in: Unmatched instruction : the unmatched transactions can be unilaterally cancelled by the participant Matched instruction : the matched transactions require a bilateral cancellation, meaning that both participants should send their own cancellation request. CoSD : The cancellation of transactions subjected to Conditional Settlement can be cancelled only by the CSD who applied the condition (or by an authorized patrticipant). For the cancellation request management in T2S please refer to the document [1] in Chapter 2.11 Send Cancellation Instruction of a Settlement Instruction Cancellation request by ICP participant The participants will be able to send a cancellation request trough the messages described at section 3.7 and via the User Interface MT-X. Monte Titoli forwards the cancellation request to the T2S platform at which this is validated : in case of a rejection MT sends the G53 message (or its equivalent) to the participant. This message contains the reason of the rejection. If the transaction to be cancelled hasn t yet been matched, T2S proceeds with the cancellation and MT sends a G53 message (or its equivalent) to the participant confirming the cancellation. If the transaction to be cancelled has been matched, T2S forwards the bilateral cancellation request to the foreign counterpart. MT sends a G53 message (or its equivalent) to the participant confirming the activation of the bilateral cancellation. Once the cancellation has been done in T2S, MT updates the cancellation indicator in X-TRM. The indirect participant will receive the notification via the messages or reports described at section 3.7 and via the User Interface MT-X. The above mentioned is described below: Figure 18 Cancellation by indirect participant Page 24 of 32

25 6.4.2 Cancellation request by foreign counterparts Monte Titoli is notified, trough a Securities Settlement Transaction Status Advice [sese.024], once a cancellation request for a matched transactions is sent by the foreign counterpart. This information is reported in X-TRM and the bilateral cancellation is activated. The participants will receive the notification via the messages or reports described at section 3.7 and via the User Interface MT-X. The participants will be able to send their own cancellation request as described in the previous paragraph Cancellation of an instruction identified as CoSD The cancellation of transactions subjected to the CoSD process is exclusively done via an administrative way with a specific request made by the participant and after a feasibility check by Monte Titoli. This feasibility check is also extended to the counterpart CSD when this is part of the CoSD activation. Page 25 of 32

26 7 Annex 7.1 Validation Rules - T2S Business Validation For the T2S validation checks information please refer to the below mentioned documents: o General Functional Specification (GFS) ; o User Detailed Functional Specification (UDFS) ; - MT Business Validation Monte Titoli will integrate the T2S validation checks with the below information : o The Participant should be adherent to the External-CSD Settlement Service ; o The counterpart CSD should be valid and should have a link with MT ; o The financial instrument which is object of the transaction should be congruent with the counterpart CSD ; o o The Currency used should be supported by the service. The Intended Settlement Date is valid within the cut-off times for free or against payment transaction. 7.2 T2S Messages Subscription In order to avoid the receipt from T2S of the messages related to External-CSD instructions (which according to the operative model described in this document shall be managed only through Monte Titoli infrastructure X-TRM system), the Direct Connected Participant will have to set up the following subscription rules: RuleSet Name: NO_EXT_MSG Description: Avoid the receipt of messages related to External Settlement Positive/Negative Set: Negative Interested Party (parent BIC): MOTIITMMXXX Interested Party (party BIC): BIC of DCP Rules Message Type: Sese.024, sese.025, ect.. (one rule for each message) Transaction Code: OWNE Page 26 of 32

T2S Direct: A Swiss solution to an international challenge April 4th, 2014. Christophe Lapaire T2S Program Director

T2S Direct: A Swiss solution to an international challenge April 4th, 2014. Christophe Lapaire T2S Program Director 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

More information

ΤΑRGET2 Securities/BOGS BOGS functionalities in T2S

ΤΑRGET2 Securities/BOGS BOGS functionalities in T2S ΤΑRGET2 Securities/BOGS BOGS functionalities in T2S APRIL 2014 1 ΤΑRGET2 Securities/BOGS Items to be discussed 1. Static Data Management 2. Matching 3. Mapping of current operation types in T2S 4. Additional

More information

#towardst2s ESES T2S. Update meeting. Innovations in settlement services

#towardst2s ESES T2S. Update meeting. Innovations in settlement services ESES T2S Update meeting Innovations in settlement services 1 Welcome Join the conversation on Twitter #towardst2s 2 ESES T2S update meeting Harmonisation Settlement What's your view? Helping you prepare

More information

TARGET2-Securities. Settlement services quick guide

TARGET2-Securities. Settlement services quick guide TARGET2-Securities Settlement services quick guide Contents Introduction 05 T2S is getting closer. What you need to know 06 Settlement day schedule 06 Your securities account setup 06 Your connectivity

More information

Monte Titoli T2S Handbook. Your global Post Trade partner

Monte Titoli T2S Handbook. Your global Post Trade partner Monte Titoli Handbook Your global Post Trade partner Contents 1 How LSEG will unlock the benefits of for its customers 02 1.1 LSEG and the post trade business 03 1.2 Monte Titoli: fostering a low risk

More information

Borsa Italiana market for open-end funds. Borsa Italiana

Borsa Italiana market for open-end funds. Borsa Italiana Borsa Italiana market for open-end funds Page 1 Borsa Italiana A new market for open-end fund trading Objective: creating a new electronic market where investors can buy and sell open-end funds New segment

More information

TARGET2-Securities. Frequently Asked Questions. March 2015

TARGET2-Securities. Frequently Asked Questions. March 2015 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?

More information

2014 Cash management in TARGET2-Securities with the Banque de France Blueprint Version 1 February 2014

2014 Cash management in TARGET2-Securities with the Banque de France Blueprint Version 1 February 2014 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...

More information

T2S: Settling without borders in Europe

T2S: Settling without borders in Europe 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

More information

T2S Direct: The Swiss solution to an international challenge

T2S Direct: The Swiss solution to an international challenge 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.

More information

SEGREGATION AND PORTABILITY

SEGREGATION AND PORTABILITY SEGREGATION AND PORTABILITY 19 th July 2013 Version 1.0 Contents 1. Introduction 4 2. New account structure 5 3. The individual segregated account (ISA) 6 4. Omnibus accounts 7 5. Non-Clearing Member

More information

SIX Swiss Exchange FaQ s

SIX Swiss Exchange FaQ s SIX Swiss Exchange FaQ s SCOPE & BACKGROUND SB1. What is the go-live date? The additional ISIN s made available by Liquidnet is expect to commence from April 2011 SB2. What does the flow look like? Who

More information

UPDATING OF THE SETTLEMENT ACCOUNT FOR FREE OF PAYMENT INSTRUCTIONS WITH THE SWISS CSD SIX-SIS; TEST PLAN

UPDATING OF THE SETTLEMENT ACCOUNT FOR FREE OF PAYMENT INSTRUCTIONS WITH THE SWISS CSD SIX-SIS; TEST PLAN CBS123 May 22nd 2012 UPDATING OF THE SETTLEMENT ACCOUNT FOR FREE OF PAYMENT INSTRUCTIONS WITH THE SWISS CSD SIX-SIS; TEST PLAN Monte Titoli is glad to inform its customers that free of payment (FOP) instructions

More information

Data Migration Tool Requirements and Related Procedures

Data Migration Tool Requirements and Related Procedures Data Migration Tool Requirements and Related Procedures Version V1.2 Date 16/04/2014 Table of Content Preface... 5 1 Scope of the Data Migration Tool... 7 2 Procedural Aspects... 8 2.1 Data Migration

More information

KELER A Gateway to TARGET2-Securities

KELER A Gateway to TARGET2-Securities KELER A Gateway to TARGET2-Securities T2S Info Session Amsterdam, 27 June 2014 Peter Csiszer Director, Strategy and Client Relations KELER Ltd. INTRODUCTION TO KELER GROUP KELER Group Ownership Structure

More information

ETFplus Migration to Millennium platform

ETFplus Migration to Millennium platform ETFplus Migration to Millennium platform Evolution of the Italian ETF market 2002 First ETF listed on Affari platform (managed by SIA) November 2007 Borsa Italiana becomes manager of Affari platform 2002

More information

Market claims in T2S

Market claims in T2S Market claims in T2S Introduction This document aims at clarifying the market claim models in the context of the T2S implementation and recommending a course of actions. Much has been discussed in various

More information

MIGRATION PREPARATION SCHEDULE

MIGRATION PREPARATION SCHEDULE MIGRATION PREPARATION SCHEDULE T2S PROJECT Version 1.0 1 Contents 1 DOCUMENT MANAGEMENT 6 1.1 Document History 6 1.2 Acronyms and abbreviations 6 1.3 Reference documentation 7 2 PURPOSE OF THE DOCUMENT

More information

Rules and Regulations SIX x-clear Ltd

Rules and Regulations SIX x-clear Ltd xcl-601 November 2012 Client info Table of contents 1.0 Introduction 3 2.0 Late settlement procedure 4 2.1 Overview 4 2.2 Procedure 4 3.0 Buy-in procedure 5 3.1 Overview 5 3.2 Procedure 5 4.0 Buy-in schedule

More information

AIM Italia/Mercato Alternativo del Capitale. Note for Investing Companies

AIM Italia/Mercato Alternativo del Capitale. Note for Investing Companies AIM Italia/Mercato Alternativo del Capitale 1 st March 2012 31 August 2015 The Italian text of these Rules shall prevail over the English version Note for investing companies Contents 1. Introduction...

More information

AIM Italia/Mercato Alternativo del Capitale. Note for Investing Companies

AIM Italia/Mercato Alternativo del Capitale. Note for Investing Companies AIM Italia/Mercato Alternativo del Capitale 31 August 2015 The Italian text of these Rules shall prevail over the English version Note for investing companies Contents 1. Introduction... 1 2. Appropriateness

More information

IDEX. Italian Derivatives Energy Exchange: where power meets transparency

IDEX. Italian Derivatives Energy Exchange: where power meets transparency IDEX Italian Derivatives Energy Exchange: where power meets transparency IDEX Overview IDEX is the Energy Derivatives segment of IDEM, the Italian derivatives market managed by Borsa Italiana, a company

More information

Insights on T2S billing and invoicing

Insights on T2S billing and invoicing Insights on T2S billing and invoicing Creation date June 2014 Last updated April 2016 T2S Programme Office European Central Bank 1 Table of contents 1 T2S invoice 2 Query of billing data 3 Billing data

More information

Overview of CSD links in Europe

Overview of CSD links in Europe 26 January 2015 Overview of CSD links in Europe Executive Summary A "CSD link" is an arrangement allowing a central securities depository to give its clients access to securities maintained in another

More information

BIt Club website guide: documentation for participating in the Services offered by Borsa Italiana, CC&G and Monte Titoli. London Stock Exchange Group

BIt Club website guide: documentation for participating in the Services offered by Borsa Italiana, CC&G and Monte Titoli. London Stock Exchange Group BIt Club website guide: documentation for participating in the Services offered by Borsa Italiana, CC&G and Monte Titoli London Stock Exchange Group Introduction BIt Club is a site reserved to those who,

More information

Rules and Regulations SIX x-clear Ltd

Rules and Regulations SIX x-clear Ltd xcl-601 July 2014 Client info Table of contents 1.0 Introduction 3 2.0 Late settlement procedure 4 2.1 Overview 4 2.2 Procedure 4 3.0 Buy-in procedure 5 3.1 Overview 5 3.2 Procedure 5 4.0 Buy-in schedule

More information

PORTUGAL : ENHANCEMENTS ON SETTLEMENT, TAX AND INFORMATION SERVICES

PORTUGAL : ENHANCEMENTS ON SETTLEMENT, TAX AND INFORMATION SERVICES CBS109 30 December 2011 PORTUGAL : ENHANCEMENTS ON SETTLEMENT, TAX AND INFORMATION SERVICES Monte Titoli is pleased to share with its customers some significant enhancements to its service offering on

More information

MATCHING AND SETTLEMENT Standards (ISO15022) SLOVENIA Market Practice

MATCHING AND SETTLEMENT Standards (ISO15022) SLOVENIA Market Practice MATCHING AND SETTLEMENT Standards (ISO15022) SLOVENIA Market Practice Date: May 2012 Update date: - Update. Impl. date: - Author: SI NMPG - 1 - 1 INTRODUCTION... 4 1.1 PURPOSE... 4 1.2 AUDIENCE... 4 1.3

More information

T2S High Level Proposals The view of a CSD

T2S High Level Proposals The view of a CSD T2S High Level Proposals The view of a CSD Paolo Carabelli Monte Titoli Spa June 25, 2007 Frankfurt, T2S Tri-Party Meeting Background - Starting point Current Monte Titoli settlement system is: extremely

More information

Q&A Implementation of T+2 standard settlement cylce on Swiss market. of 2 September 2014

Q&A Implementation of T+2 standard settlement cylce on Swiss market. of 2 September 2014 Implementation of T+2 standard settlement cylce on Swiss market of 2 September 2014 Table of Content 1. Introduction... 5 1.1. Purpose and Scope... 5 1.2. Definitions and Abbreviations... 5 1.3. References...

More information

EquityClear Service Description Cash Equities. Version subject to EMIR reauthorisation

EquityClear Service Description Cash Equities. Version subject to EMIR reauthorisation EquityClear Service Description Cash Equities Version subject to EMIR reauthorisation www.lchclearnet.com Issued : 27/11/2013 For any questions regarding the EquityClear service please contact: Ian Mackenzie

More information

Updated January 2011. a n o p p o r t u n i t y t o s t r e n g t h e n t h e e q u i t y. Growth Shares

Updated January 2011. a n o p p o r t u n i t y t o s t r e n g t h e n t h e e q u i t y. Growth Shares Updated January 2011 a n o p p o r t u n i t y t o s t r e n g t h e n t h e e q u i t y Growth Shares Growth Shares Thanks With thanks to Studio Legale Bonelli Erede Pappalardo and Mediobanca Banca di

More information

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems 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

More information

The daily settlement price is determined by CC&G according to the quantity-weighted average of the last 10% of contracts traded

The daily settlement price is determined by CC&G according to the quantity-weighted average of the last 10% of contracts traded IDEM Italian Derivatives Market Thanks to the listing of several equity-linked products, the IDEM market provides members with the best product offering on Italian and Pan-European equity derivatives,

More information

Clearstream s approach to TARGET2-Securities

Clearstream s approach to TARGET2-Securities 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

More information

T2S Dedicated Info Session on Getting Ready for Cross-CSD Settlements

T2S Dedicated Info Session on Getting Ready for Cross-CSD Settlements T2S Dedicated Info Session on Getting Ready for Cross-CSD Settlements Issue #2: Tax Processing Marcello Topa Citi Global Transaction Services EMEA 15/03/2012 Milan, Italy Issue #2: Tax Processing Scope

More information

MIV Market for Investment Vehicles

MIV Market for Investment Vehicles give the right direction to your investment Vehicle MIV Market for Investment Vehicles Overview MIV (Market for Investment Vehicles) is the regulated market of Borsa Italiana created with the scope to

More information

NEW 0,2% TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS UPDATE

NEW 0,2% TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS UPDATE CBS128 31 July 2012 NEW 0,2% TRANSACTION TAX (FTT) ON FRENCH BLUE CHIPS UPDATE Monte Titoli is pleased to provide its customers with AN UPDATE on information regarding the forthcoming Financial Transaction

More information

Strate Special Gazette No S6-2014 DIRECTIVE SE.4. Electronic Trade Reporting, Matching, Clearing, Commitment and Settlement Money Market Securities

Strate Special Gazette No S6-2014 DIRECTIVE SE.4. Electronic Trade Reporting, Matching, Clearing, Commitment and Settlement Money Market Securities DIRECTIVE OF STRATE PROPRIETARY LIMITED Strate Special Gazette No S6-2014 DIRECTIVE SE.4 Electronic Trade Reporting, Matching, Clearing, Commitment and Settlement Money Market Securities To provide the

More information

CENTRAL BANK OF CYPRUS

CENTRAL BANK OF CYPRUS APPENDIX 2 NOTIFICATION BY A BANK INCORPORATED IN CYPRUS, WHICH WISHES TO PROVIDE SERVICES, ON A CROSS BORDER BASIS, IN OTHER EUROPEAN UNION (E.U.) MEMBER STATES IN ACCORDANCE WITH ARTICLE (28) OF THE

More information

The Association of Global Custodians - Questionnaire

The Association of Global Custodians - Questionnaire The Association of Global Custodians - Questionnaire Name Italy- Monte Titoli S.P.A. Contact Name Umberto Granata Address Piazza degli Affari, 6 20123 Milano Italy Country Italy Phone +39 02 33635 301

More information

Discover MTS Cash. Interdealer electronic market for fixed income rates products

Discover MTS Cash. Interdealer electronic market for fixed income rates products Discover MTS Cash Interdealer electronic market for fixed income rates products MTS Cash, our comprehensive & professional cash securities trading environment for the interdealer marketplace, delivers

More information

SeDeX. The Certificates and Covered Warrants market: innovation and diversification

SeDeX. The Certificates and Covered Warrants market: innovation and diversification SeDeX The Certificates and Covered Warrants market: innovation and diversification SeDeX This regulated electronic market allows investors to trade efficiently thousands of listed instruments in real time.

More information

REGULATION FEES AND PENALTIES

REGULATION FEES AND PENALTIES 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

More information

Auto-collateralisation service with payment bank

Auto-collateralisation service with payment bank Auto-collateralisation service with payment bank Change Review Group meeting 6 February 2015 T2S Programme Office European Central Bank 1 T2S generated auto-collateralisation instructions T2S triggers

More information

T2S Perspectives. 12 Migration watch Migration Challenges. Issue 2 2014. Markets and Securities Services

T2S Perspectives. 12 Migration watch Migration Challenges. Issue 2 2014. Markets and Securities Services 14 Spotlights The DCP Group Corporate Actions: Compromising Harmonisation T2S Perspectives 1 Issue 2 214 Country watch A View from the Ground: Greece 12 Migration watch Migration Challenges 14 THE WATCH

More information

Market Switzerland SWIFT Usage Guide Settlement Formatting Specialities

Market Switzerland SWIFT Usage Guide Settlement Formatting Specialities UBS Switzerland AG Postfach 8098 Zürich Group Operations / Securities SWIFT Usage Guide Settlement Fmatting Specialities Fmats are compliant with SWIFT Standards Release 2014 and T2S requirements Classification

More information

Direct Settlement Advanced (DS.A) Functional Guide

Direct Settlement Advanced (DS.A) Functional Guide Direct Settlement Advanced (DS.A) Functional Guide 12 September 2015 2 Table of Contents 1 Introduction 6 1.1 Objective of the Functional Guide 6 1.2 Contents of the Functional Guide 6 2 Communication

More information

Central Securities Depository Regulation

Central Securities Depository Regulation Central Securities Depository Regulation Alignment of T+2 Settlement Period Central Securities Depository Regulation Alignment of T+2 Settlement Period The European Commission has proposed new legislation

More information

MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency

MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency MOT and ExtraMOT: the fixed income markets for retail and professional investors. MOT and ExtraMOT European leaders in terms

More information

Oslo Bors Frequently asked Questions

Oslo Bors Frequently asked Questions Oslo Bors Frequently asked Questions SCOPE & BACKGROUND SB1. What is the expected go-live date? Expected launch Quarter 3, 2013 subject to regulatory approval SB2. What does the flow look like? Who are

More information

Block/Bulk Trade Settlement Market Practice

Block/Bulk Trade Settlement Market Practice Block/Bulk Trade Settlement Market Practice Disclaimer The Securities Market Practice Group is a group of experts who devote their time on a voluntary basis to define global and local market practices

More information

Standard Settlement Instructions

Standard Settlement Instructions Standard Settlement Instructions Market Default SSI Global Clearer Account International CBL of SIS (83320) I.C:S.D = International Central Security Depository = default instructions This information maybe

More information

AGREX - Durum Wheat Futures

AGREX - Durum Wheat Futures AGREX - Durum Wheat Futures Agenda Introduction Futures Description How to operate on AGREX The Central Counterparty System 2 Introduction 3 AGREX the new Agricultural Derivatives segment Borsa Italiana

More information

International Hints and Tips

International Hints and Tips International Hints and Tips Content Q: What is the cut off time for processing International payments? A: International payments must be submitted and fully approved within the cut off time indicated

More information

Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities. For more information. nasdaqdubai.com

Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities. For more information. nasdaqdubai.com Nasdaq Dubai Operating Procedures Clearing, Settlement and Risk management for securities For more information Nasdaq Dubai Ltd Level 7 The Exchange Building No 5 DIFC PO Box 53536 Dubai UAE +971 4 305

More information

EquityClear Service Description Cash Equities

EquityClear Service Description Cash Equities EquityClear Service Description Cash Equities www.lchclearnet.com Issued : 23/10/2014 For any questions regarding the EquityClear service please contact: Ian Mackenzie Client Relationship Manager, EquityClear

More information

SETTLEMENT PROCEDURES FOR EUROSYSTEM CREDIT OPERATIONS

SETTLEMENT PROCEDURES FOR EUROSYSTEM CREDIT OPERATIONS 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),

More information

Direct Settlement. Advanced (DS.A) Multicurrency settlement

Direct Settlement. Advanced (DS.A) Multicurrency settlement Direct Settlement Advanced (DS.A) Multicurrency settlement February 2014 2 Contents 1 Introduction 4 2 Basic Principles 5 2.1 Cash settlement... 5 2.1.1 Safekeeping Account Structure... 5 2.1.2 Available

More information

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA The Single Euro Payments Area (SEPA) stands for a European Union (EU) payments integration

More information

International ACH: Payment Gateway to Europe

International ACH: Payment Gateway to Europe International ACH: Payment Gateway to Europe Treasury Symposium St. Petersburg Florida Tuesday, January 27 Concurrent Session 16 10:15am 11:30am International ACH: Payment Gateway to Europe Presenters:

More information

62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 III

62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 III 62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I II III Iv annual report 2002 IV PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 63 Payment and securities settlement systems iv Payment and securities

More information

Transfer of Assets Form For use for account transfers from non-us brokers and banks

Transfer of Assets Form For use for account transfers from non-us brokers and banks Transfer of Assets Form For use for account transfers from non-us brokers and banks This form authorizes the transfer of assets from a bank or broker to Interactive Brokers. If you are transferring more

More information

Clearstream Complete settlement solutions

Clearstream Complete settlement solutions Clearstream Complete settlement solutions 2 Complete settlement solutions Reaching across the globe Content 3 Reaching across the globe 4 Exceptional, fully-optimised settlement solutions 5 Efficiency

More information

Service Overview 1 June 2012

Service Overview 1 June 2012 Service Overview 1 June 2012 Contents 1.0 Preface 3 1.1 About European Central Counterparty Limited 3 2.0 Introduction 4 2.1 About European Central Counterparty Limited 4 2.2 Benefits of participation

More information

MARKET PRACTICE GUIDE FOR SECURITIES SETTLEMENT

MARKET PRACTICE GUIDE FOR SECURITIES SETTLEMENT MARKET PRACTICE GUIDE FOR SECURITIES SETTLEMENT 2014 TABLE OF CONTENTS 1. Introduction... 4 1.1. The purpose of the market practice guide... 4 2. Market practice for securities settlement in Estonia...

More information

Operating rules for Settlement Systems (EXPRESS II) and related activities

Operating rules for Settlement Systems (EXPRESS II) and related activities Monte Titoli Operating rules for Settlement Systems (EXPRESS II) and related activities 9 S e p t e m b e r 2 0 1 3 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r

More information

Information concerning Terms and Conditions of Provision of Payment Services by Citibank Europe plc, pobočka zahraničnej banky

Information concerning Terms and Conditions of Provision of Payment Services by Citibank Europe plc, pobočka zahraničnej banky Information concerning Terms and Conditions of Provision of Payment Services by Citibank Europe plc, pobočka zahraničnej banky I. Introductory Provisions 1. This Information concerning Terms and Conditions

More information

Transfer of Assets Form For use for account transfers from non-us brokers and banks

Transfer of Assets Form For use for account transfers from non-us brokers and banks Transfer of Assets Form For use for account transfers from non-us brokers and banks This form authorizes the transfer of assets from a bank or broker to Interactive Brokers. If you are transferring more

More information

THE USE OF CENTRAL BANK MONEY FOR SETTLING SECURITIES TRANSACTIONS

THE USE OF CENTRAL BANK MONEY FOR SETTLING SECURITIES TRANSACTIONS 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

More information

1. Legal/business importance parameter: Critical 2. Market implementation efforts parameter: Low

1. Legal/business importance parameter: Critical 2. Market implementation efforts parameter: Low General Information (Origin of Request) User Requirements (URD) Other User Functional or Technical Documentation (SYS) Request raised by: Migration Sub-group Institute: ECB Date raised: Request title:

More information

EUROPEAN DIRECT DEBIT. ING Luxembourg s SEPA Direct Debit. European Direct Debit 1

EUROPEAN DIRECT DEBIT. ING Luxembourg s SEPA Direct Debit. European Direct Debit 1 EUROPEAN DIRECT DEBIT ING Luxembourg s SEPA Direct Debit European Direct Debit 1 EUROPEAN DIRECT DEBIT OR SEPA DIRECT DEBIT 3 Introduction to the European direct debit 3 Which countries are part of SEPA?

More information

TARGET2-România. The RTGS system for interbank and customer payments in euro

TARGET2-România. The RTGS system for interbank and customer payments in euro 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

More information

SSI - T/NT KBC SECURITIES NV 12 B- 1080 BRUSSELS BELGIUM AUSTRALIA

SSI - T/NT KBC SECURITIES NV 12 B- 1080 BRUSSELS BELGIUM AUSTRALIA SSI Details Custody - T/NT KBC SECURITIES NV Havenlaan 12 B- 1080 BRUSSELS BELGIUM AUSTRALIA CITIBANK Pty Ltd - Sidney BIC : CITIAU3X ABN 37 000 809 030 Chess PID 20018 HIN 607339 Austraclear address :

More information

Single Euro Payments Area

Single Euro Payments Area Single Euro Payments Area Overview SEPA (Single Euro Payments Area) is a European payments initiative which aims to create one single, integrated, standardised payments market in Europe. It is an area

More information

AGREX - Durum Wheat Futures

AGREX - Durum Wheat Futures AGREX - Durum Wheat Futures Introduction 2 Durum Wheat Market: Highlights Durum Wheat is primarily used to produce pasta in Europe and Cous Cous in North Africa and the Middle East. Cultivated in limited

More information

Clearing, Settlement and Registry Reform in Spain. London April 24 th, 2014

Clearing, Settlement and Registry Reform in Spain. London April 24 th, 2014 Clearing, Settlement and Registry Reform in Spain London April 24 th, 2014 Introduction Jesús Benito CEO Iberclear - 2 - Current situation EXCHANGE (SIBE platform) Trading IBERCLEAR Clearing & Settlement

More information

CLEARING EQUIDUCT Service Offer. 14 April 2008

CLEARING EQUIDUCT Service Offer. 14 April 2008 CLEARING EQUIDUCT Service Offer 14 April 2008 Disclaimer This document is solely intended as information for clearing members and others who are interested in the Equiduct s project. It is a commercial

More information

User Guide SIX x-clear Ltd

User Guide SIX x-clear Ltd xcl-715 January 2016 Table of contents 1.0 Market overview 3 2.0 Settlement guide 3 2.1 Settlement process 3 2.2 Handling of unmatched trades 4 2.3 Handling of unsettled trades 4 2.4 Transaction splitting

More information

SEPA - Frequently Asked Questions

SEPA - Frequently Asked Questions SEPA - Frequently Asked Questions Contents SEPA Overview Questions... 2 What is SEPA?... 2 What is the aim of SEPA?... 3 Where did SEPA come from?... 3 What countries are included in SEPA?... 3 What currencies

More information

A low cost access to pan-european single payment processing

A low cost access to pan-european single payment processing A low cost access to pan-european single payment processing Overview is a payment service for individual commercial payments, complementary to EURO1. It enables small and medium-sized banks to benefit

More information

Capital Market Linkages: How to facilitate cross border trading?

Capital Market Linkages: How to facilitate cross border trading? Capital Market Linkages: How to facilitate cross border trading? OIC Member States Stock Exchanges Forum Dr. Jochen Biedermann Istanbul, 02 October 2010 Agenda 1. About Deutsche Börse 2. Capital Market

More information

Post Trade. Business Process Requirements Document Broker Matching Solution

Post Trade. Business Process Requirements Document Broker Matching Solution Business Process Requirements Document Broker Matching Solution Disclaimer This document is intended for discussion purposes only and does not create any legally binding obligations on the part of AFME.

More information

T2S and SWIFT Where do we stand?

T2S and SWIFT Where do we stand? T2S and SWIFT Where do we stand? Oreste Di Francesco T2S Info Session, Stockholm December 21, 2011 Agenda SWIFT and Securities Market Infrastructures T2S SWIFT Involvement so far SWIFT solution for T2S

More information

CONSULTATION PAPER MARCH 2010. Corporate Actions Processing on the International Order Book

CONSULTATION PAPER MARCH 2010. Corporate Actions Processing on the International Order Book CONSULTATION PAPER MARCH 2010 Corporate Actions Processing on the International Order Book Contents 1 Introduction... 3 1.1 Purpose of this document...3 1.2 Readership...4 1.3 Contact details...4 2 Corporate

More information

Annex 4 T2S Community CROSS CSD SETTLEMENT AND EXTERNAL CSD SETTLEMENT Test Plan

Annex 4 T2S Community CROSS CSD SETTLEMENT AND EXTERNAL CSD SETTLEMENT Test Plan T2S Test Plan Annex 4 T2S Community CROSS CSD SETTLEMENT AND EXTERNAL CSD SETTLEMENT Test Plan 1 July 2015 Version 2.1 Index 1.0 Introduction 4 2.0 TESTING PURPOSE 5 3.0 STAKEHOLDERS 5 4.0 GUIDELINES

More information

RULES FOR FOREIGN PAYMENTS

RULES FOR FOREIGN PAYMENTS RULES FOR FOREIGN PAYMENTS The terms used in these Rules have the following meaning: 1. Bank mbank S.A., 2. Client a natural person, legal person or organisational unit without legal personality, provided

More information

T2S Special Series I Issue No 1 I April 2012 I T2S benefits: much more than fee reductions

T2S Special Series I Issue No 1 I April 2012 I T2S benefits: much more than fee reductions T2S Special Series 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,

More information

Securities Settlement System Cash - iesecuri

Securities Settlement System Cash - iesecuri Securities Settlement System Cash - iesecuri April 2010 NBB-SSS SETTLEMENT BANKS TESTING GUIDE FOR TARGET2 DIRECT PARTICIPANT 1. 1. INTRODUCTION The Ancillary System NBB-SSS (National Bank of Belgium -

More information

T2-T2S: Cash aspects. Brussels, 7 June 2012. Patrick HEYVAERT Chairman T2UG

T2-T2S: Cash aspects. Brussels, 7 June 2012. Patrick HEYVAERT Chairman T2UG T2-T2S: Cash aspects Brussels, 7 June 2012 Patrick HEYVAERT Chairman T2UG Background on TARGET2 and T2S From a T2S perspective: Bank Bank Bank Bank Bank NCBS CSDs CSDs CSDs Securities securities securities

More information

SEPA. Frequently Asked Questions

SEPA. Frequently Asked Questions SEPA Frequently Asked Questions Page 1 of 13 Contents General SEPA Questions... 4 What is SEPA?... 4 What is the aim of SEPA?... 4 What are the benefits of SEPA?... 4 What countries are included in SEPA?...

More information

Clearstream Complete settlement solutions

Clearstream Complete settlement solutions Clearstream Complete solutions 2 Complete solutions Reaching across the globe Content 3 Reaching across the globe 4 Exceptional, fully-optimised solutions 5 Efficiency through netting algorithms 6 Clearstream

More information

INTERNATIONAL SERVICES TARIFF

INTERNATIONAL SERVICES TARIFF INTERNATIONAL SERVICES TARIFF Supporting your international business Our service promise. If you experience a problem, we will always try to resolve it as quickly as possible. Please bring it to the attention

More information

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers MSCI World High Dividend Yield Index UCITS

More information

Securities services fees and commissions

Securities services fees and commissions Securities services fees and commissions EQUITIES TRADING LITHUANIA, LATVIA, ESTONIA, trading shares on-line AB Nasdaq OMX Vilnius, AB Nasdaq OMX Riga, AB Nasdaq OMX Tallinn stock exchanges http://www.omxgroup.com

More information

ETFplus. The ETF and ETC/ETN market: transparency and liquidity

ETFplus. The ETF and ETC/ETN market: transparency and liquidity ETFplus The ETF and ETC/ETN market: transparency and liquidity ETFplus is the Borsa Italiana market entirely dedicated to the real-time trading of Exchange Traded Funds (ETF), Exchange Traded Commodities

More information

Turquoise Equities & Derivatives Membership Application Form

Turquoise Equities & Derivatives Membership Application Form Turquoise Equities & Derivatives Membership Application Form Updated November 2012 version 3.1 This application form is being distributed by Turquoise Global Holdings Limited only to, and is directed only

More information

Offshore CNY Guidelines. for. SWIFT MT and ISO 15022 Messages

Offshore CNY Guidelines. for. SWIFT MT and ISO 15022 Messages Offshore CNY Guidelines for SWIFT MT and ISO 15022 Messages Offshore CNY guidelines v 3.0 August 2014 Page 1 August 2014 Version 3 Legal Notices Disclaimer The information in this publication may change

More information