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

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1 ESES T2S Update meeting Innovations in settlement services 1

2 Welcome Join the conversation on Twitter #towardst2s 2

3 ESES T2S update meeting Harmonisation Settlement What's your view? Helping you prepare for T2S 3

4 ESES T2S update meeting Harmonisation 4

5 Harmonisation Global prerequisite for T2S no harmonisation => limited benefits Massive effort by Eurosystem and supported by markets and regulation Strong methodology in place Not yet a done deal from an implementation viewpoint Key role of the T2S Harmonisation Steering Group and related taskforces

6 Highly structured approach First step identifying have to have s nice to have s July first harmonisation progress report First two reports identifying T2S-relevant harmonisation issues those needed to act to resolve these issues 6

7 Highly structured approach (cont.) Third report focus on monitoring T2S market compliance of first set of (10) post-trade standards Fourth report updates on definitions monitoring processes Status of 24 activities (priority 1 and 2) as far as definitions, monitoring and compliance processes are concerned Role of the NUGs / gap analysis for corporate actions on flows 7

8 Harmonisation in settlement T2S mandatory matching fields T2S schedule for settlement day and calendar Settlement Finality I Settlement Finality II Settlement Finality III Settlement discipline regime Settlement cycles 8

9 CSDR pivotal role in regulation Outsourcing of core functions T+2 Settlement discipline (CSDR + ESMA standards) Choice of the place of issuance Some issues postponed to the Securities Law Legislation: e.g. conflict of laws 9

10 Main open issues for settlement Optional matching fields Settlement cycles Settlement finality 1 Settlement discipline 10

11 Matching fields Mandatory have to be used by both parties Additional need to be used bilaterally Optional must be identical if both parties use them can match with blank

12 Optional matching fields Consultation not possible to establish a T2S standard at this stage X-MAP to re-asses the issue after the launch of T2S Types of optional matching fields common trade reference client of delivering/receiving CSD delivering/receiving party s securities account Current ESES optional matching field client reference / final beneficiary

13 Harmonisation of settlement cycles Migration to T+2 in all T2S markets Decision already made in most markets October 2014 for Belgium, France, the Netherlands What should be the scope of T+2? T+2 is in CSDR (should logically have been in MIFID) T+2 Task Force guidelines to facilitate a common understanding of the T+2 migration scope voluntary adoption of guidelines not part of the definition of the harmonised standard

14 Settlement finality Distinction SF1 / SF2 / SF3 Agreement on SF2 and SF3 SF2 : no unilateral cancellation after matching SF3 : no possibility to unwind a settled transaction in the SSS (but still possible in a court i.e. outside the SSS) Pending question on SF1 who should declare SF1 for a DVP instruction? two opposite views CSDs declaration for both the seller and the buyer instructions Eurosystem - SF1 for cash transfer instruction sent by the buyer should not be declared by the CSD

15 Settlement discipline Principle same rules across all T2S markets avoiding regulatory arbitrage CSDR article 7 monitoring settlement fails penalty mechanism (consultation with trading venues and CCPs) buy-in process

16 Settlement discipline (cont.) Exemptions to buy-in rules based on asset type and liquidity for operations composed of several transactions. where the timeframe of these operations is sufficiently short. repos or sec lending transactions cannot be identified in T2S Possibility for the trading venues, CCPs and CSDs to disclose identity of participants that fail consistently and systematically provided the relevant authorities are informed No penalties for CCPs CSDs may monitor execution of buy-ins in case of multiple settlement instructions (i.e. cross-csd transactions)

17 ESES T2S update meeting Settlement What s new for you? 17

18 Settlement What s new for you? Introduction ESES and T2S settlement standards Overview of T2S settlement functionalities New T2S functionalities for ESES clients Cross-CSD settlement Hold and release Linking Prioritisation Partial settlement New auto-collat features NCB auto-collat Client auto-collat Limit management ESES information 18

19 Introduction T2S main benefits - settlement ESES - optimal access Harmonised settlement rules and lifecycle Single liquidity management Single connectivity Single access to counterparties in T2S CSDs 19

20 Settlement What s new for you? Introduction ESES and T2S settlement standards Overview of T2S settlement functionalities New T2S functionalities for ESES clients Cross-CSD settlement Hold and release Linking Prioritisation Partial settlement New auto-collat features NCB auto-collat Client auto-collat Limit management ESES information 20

21 ESES CSDs and T2S settlement standards Harmonisation topics - Settlement ESES status T2S mandatory matching fields T2S schedule for the settlement day and calendar Settlement Finality I: moment of entry n/a Settlement Finality II: irrevocability of transfer order Settlement Finality III: irrevocability of transfers Settlement discipline regime Settlement cycles n/a n/a Blue: delivered Green: on track 21

22 Settlement What s new for you? Introduction ESES and T2S settlement standards Overview of T2S settlement functionalities New T2S functionalities for ESES clients Cross-CSD settlement Hold and release Linking Prioritisation Partial settlement New auto-collat features NCB auto-collat Client auto-collat Limit management ESES information 22

23 Overview of T2S functionalities Interaction ESES T2S ISO ISO ISO

24 Overview of T2S functionalities Matching process Mandatory in T2S Matching criteria Allegement messages sent to counterparty for unmatched transactions Already matched instructions do not follow standard T2S matching process subject to T2S rules 24

25 Overview of T2S functionalities Core messages sese.023 Settlement instruction MT or 543 SecuritiesSettlementTransactionInstruction Status advice sese.024 Validation & Matching ESES Client SecuritiesSettlementTransactionStatusAdvice MT 548 Settlement Confirmation sese.025 Settlement SecuritiesSettlementTransactionConfirmation MT or 547 ESES / T2S 25

26 Overview of T2S functionalities Core messages sese.030 MT530 MT , 542 or 543 Amendment SecuritiesSettlementConditionModification Request Status advice sese.031 SecuritiesSettlementConditionModification StatusAdvice MT 548 Maintenance ESES Client sese.020 MT , 542 or 543 Cancellation SecuritiesSettlementConditionModification Request Status advice SecuritiesSettlementConditionModification StatusAdvice sese.027 MT 548 ESES / T2S 26

27 Overview of T2S functionalities Settlement lifecycle 27

28 Overview of T2S functionalities Operational Day Deadlines/events Timeline Start-of-day 18:45-19:30 Night-time sequence 19:30-03:00 Overnight real-time settlement N/A Maintenance window 03:00-05:00 Real-time settlement window 05:00-16:00 Optional sweep 17:00-17:40 Partial settlement windows Three windows: - Overnight batch - 14:00 (with deactivation at 14:15) - 15:45 (with deactivation at 16:00) DVP cut-off 16:00 Additional matched FOP between parties 16:00-18:00 Additional CBO (NCBoperations) window 16:00-17:40 BATM, intraday FOP trades, securities restriction cut-off 17:30 Mandatory end-of-day sweeps 17:45-18:00 End-of-day process 18:00 28

29 New T2S functionalities Introduction ESES and T2S settlement standards Overview of T2S settlement functionalities New T2S functionalities for ESES clients Cross-CSD settlement Hold and release Linking Prioritisation Partial settlement New auto-collat features NCB auto-collat Client auto-collat Limit management ESES information 29

30 New functionalities T2S will provide a number of new functionalities to ESES clients allowing the use of ESES for a larger scope of markets providing increased flexibility to manage and control your instructions optimise your settlement 30

31 Cross-CSD settlement Settle transactions with counterparties with accounts in non-eses T2S CSDs Cross-CSD DVP settlement available through existing links Italy (Monte Titoli) Belgium (NBB) Bank of Greece (BOGS) Germany (CBF) Austria (OeKB) Spain (Iberclear) New links and increased securities coverage implemented with ESES single CSD offer Further extension of Eurobonds admission 31

32 Cross-CSD Settlement Processing Cross-CSD settlement 32

33 Cross-CSD Settlement Processing Cross-CSD instructions - party and counterparty in 2 different CSDs Upon matching of instructions, T2S identifies the need to create realignment instructions between participant accounts and relevant mirror, omnibus and inter-csd accounts Realignment instructions and original settlement instructions are linked internally to settle on an all-or-none basis Realignment is transparent to the client 33

34 Cross-CSD Settlement How to proceed Standard settlement instructions Same formats Same matching rules Same settlement lifecycle as intra-csd transactions Main specificities To be matched transactions only - no already matched After matching, transactions are subject to the specific rules set by the CSDs involved, at the time of realignment 34

35 Hold & Release Objective: to prevent an instruction settling before an external condition is met Use Custodians - to ensure underlying internal client has the required securities or cash provision before committing to settle CSDs - to implement controls Release CSD Hold CSD validation hold Custodian verifies its client has the provision CSD has checked settlement instruction consistency with its rules

36 Hold & Release Processing #towardst2s You Direct sending of settlement instruction on Party Hold ESES CSD validation hold functionality for checking transactions on French and Belgian Registered shares control of account manager for pure registered securities compatibility between some account natures check the buying/selling power for BRS T2S Auto-collateralisation a reverse collateral is created by T2S with a hold status 36

37 Hold & Release Processing Main features Throughout lifecycle Change indicator until final status of instruction Hold & Release Option to define hold status in the static data Counterparties informed after 1 st settlement attempt Matching of on hold instructions Continuous recycling of matched on hold instructions until released 37

38 Hold & Release How to proceed #towardst2s Hold options at account level - default hold status for all your transactions per initial settlement instruction Amend/Release EuroclearConnect for screen or T2S GUI STP message ISO Hold MT 530 Release MT 540, 541, 542 or 543 ISO Hold & Release sese.030 SecuritiesSettlementConditionModificationRequest 38

39 Linking Objective: to secure and organise settlement of instructions Examples of situations delivery redelivery market intermediation baskets of collateral securities exchanges lending borrowing Also used in some ESES processes: government bonds stripping T2S processes: cross CSD realignment, auto-collateralisation,. 39

40 Linking Processing Settlement instructions linked by: Processing position code BEFO (Before) to be settled before or at least at the same time as the linked instruction AFTE (After) to be settled after or at least at the same time as the linked instruction WITH (All-or-none) to be settled at the same time as the linked instruction INFO (Information) for information purposes - there is no processing in T2S behind this code Pool reference - to be settled all-or-none 40

41 Linking How to proceed Creating a link send initial settlement instruction including processing indicator (BEFO, AFTE, WITH) reference of linked instruction send an amendment instruction with the same information for an existing unlinked transaction Using a pool reference assign the same collective reference to all instructions include a pool counter detailing total number of transactions Cancel or modify a link using amendments instructions 41

42 Prioritisation Objective: to ensure that certain transactions are presented for settlement before others Examples in case of insufficient resources to increase settlement efficiency 42

43 Prioritisation Processing #towardst2s 1- Reserved 2- Top 3- High 4- Normal CSDs and NCBs Trading platforms and CCP All clients All clients 43

44 Prioritisation Processing Prioritisation in T2S settlement process Primary in the Night-Time-Settlement In the Real-Time-Settlement only for pending Instructions Matched instructions differing priorities - highest level applies no priority indicated default applies - if defined normal priority applies if no default defined Same level of priority T2S gives the preference to the oldest one based on the intended settlement date 44

45 Prioritisation How to proceed Set priority level in your initial settlement instruction If no indication, default or normal priority applies Send amendment to change priority Through EuroclearConnect for screen or T2S GUI STP message ISO MT530 ISO sese.030 SecuritiesSettlementConditionModificationRequest 45

46 Partial settlement Generated by T2S when there are insufficient securities or cash to settle a transaction Only generated if a certain number of conditions are met Use NPAR indicator to opt out at instruction level

47 Partial settlement Processing #towardst2s Partial Settlement window Night-time: sequence X Real Time: 14:00-14:15 & 15:45-16:00 Partial indicator Both settlement instruction contain either: PART: Partial allowed PARC: Partial allowed with cash threshold, PARQ: Partial allowed with quantity threshold Neither settlement instruction contains: NPAR: Partial not allowed Conditions for partial settlement Threshold Depending on applicable threshold: Quantity Cash : >= for equities >= for bonds No link Settlement instructions not linked to another settlement instruction 47

48 Partial settlement Reporting Settled part Securities Settlement Transaction Confirmation Sese025 MT 544, 545, 546 or 547 Unsettled part Securities Settlement Status Advice Sese024 MT548 partial settlement status with pending status quantity/amount settled quantity/amount settled previously quantity/amount remaining to settle last partial status n/a when the last remaining part is settled 48

49 Partial settlement How to proceed Indicate Partial settlement indicator in initial settlement instruction PART (partial Settlement allowed) NPAR (no partial settlement allowed) PARC (taking CASH threshold into account) PARQ (taking QUANTITY threshold into account) No indicator = partial by default You can amend the partial indicator before settlement Through EuroclearConnect for screen or T2S GUI STP message ISO MT530 ISO sese.030 SecuritiesSettlementConditionModificationRequest 49

50 New auto-collateral features 2 kinds of auto-collateralisation in T2S #towardst2s Central bank auto-collateralisation Triggered when a payment bank lacks cash to process a Settlement Instruction Central Bank Payment Bank Client auto-collateralisation Payment bank client uses cash account of its payment bank - limit equal to amount guaranteed outside T2S Client collateralisation - triggered when payment bank client lacks external guarantee headroom Payment Bank Payment Bank Client 50

51 New auto-collateral features Processing - main features Both on-flow and on-stock Automatic substitution Reverse collateral created immediately with a hold status Intra day reimbursement only at the initiative of the Payment Bank End-of-day reimbursement forced for NCBs auto-collateralisation at the initiative of the Payment Bank for client autocollateralisation End of day procedures DCAs rebalancing Relocation 51

52 New auto-collateral features Parameters #towardst2s Central bank auto-collateralisation Central bank Define eligible collateral, valuation, close links Choose management procedure: repo, pledge, sub-pledge Define receiving securities account (repo) Define regular securities account for relocation Cash account providing the intraday credit Auto-collateralisation limit Max credit percentage Payment bank As credit consumer Links between securities account for collateral supply and cash account Identification of securities positions eligible for collateral Securities accounts pledged for collateral management in PLEDGE procedure 52

53 New auto-collateral features Parameters (cont.) #towardst2s Client auto-collateralisation Payment bank As credit provider Define eligible collateral & valuation Define receiving securities account Define cash account providing the intraday credit Auto-collateralisation limit Payment bank Client Links between securities account for collateral supply and cash account of its payment bank Identification of securities positions eligible for collateral 53

54 New auto-collateral features Limit management #towardst2s NCB CB CMB Repo Relocation NCB Receiving SA NCB Regular SA CB auto-collateralisation limit CB Collat CMB PB SA providing PB SA providing collat collat External Guarantee Client auto-collateralisation limit Payment Bank Repo PB SA Receiving collat Unsecured credit Client Collat CMB PB Client SA PB Client SA Providing collat Providing collat 54

55 New auto-collateral features Flagging securities for auto-collateralisation Send already matched instruction to / from Sub position AWAS or ICPG 0 for non-collateralised holdings Sub position EXXX or ICPG 3 for holdings eligible for autocollateralisation ESES service end-of-day rebalancing 55

56 Settlement What s new for you? #towardst2s Introduction ESES and T2S settlement standards Overview of T2S settlement functionalities New T2S functionalities for ESES clients Cross-CSD settlement Hold and release Linking Prioritisation Partial settlement New auto-collat features NCB auto-collat Client auto-collat Limit management ESES information 56

57 ESES T2S DSD Matching and settlement services #towardst2s Overview General principles T2S instruction types (settlement & maintenance instructions) Other T2S concepts (Intra, cross, external CSD Settlement & already matched) Settlement in non-eur currencies Validation & matching Technical & business validation Matching fields, matching tolerance, matching period Allegement process Validation & matching reporting Settlement Cross-CSD settlement and realignment Posting (settlement eligibility & provision checks, booking) Optimising (Technical netting, Prioritisation, Partial settlement, Auto-collateralisation Other processes related to settlement (Linked instructions, Amendment, Hold/Release, Cancelling unsettled settlement instructions, Recycling pending instructions) ESES-specific services Pre-settlement processes (CCP instructions, Other pre-settlement services) Other ESES-specific processes (Dedicated ESES offer for FOP without matching, Automatic transfer of balances, ISIN conversion, Stripping/Reconstitution) Instructions created on the ESES platform Operational day Operational day generic framework Settlement reporting Start-of-day Night-time settlement process Maintenance window Real-time settlement process End-of-day Deadlines 57

58 ESES information Other deliverables linked to settlement #towardst2s ESES T2S DSDs ESES interaction with Payment systems International links with CSDs outside T2S ESES T2S Data Dictionnaires Settlement & Reconciliation Settlement & Reconciliation Payment Payment ESES T2S training Settlement 58

59 ESES T2S update meeting Helping you prepare for T2S 59

60 Agenda Introducing the ESES T2S Implementation Committee Documentation delivery plan Training 60

61 ESES T2S Implementation Committee What is it? Help you prepare for testing and migration Monitor and communicate on client readiness Who can attend? All ESES clients (SPOC) Third party providers How often? 2014: every 3 months 2015: every 2 months Where? Paris (in French) Brussels and Amsterdam on a rotating basis (in English) Ad-hoc per location if required 61

62 ESES T2S Implementation Committee Scope ESES testing and migration: planning and status Client documentation: planning and status Training schedule and other events related to T2S Actions/decisions you need to take in order to be ready: Account structure and mapping in T2S Connectivity Message subscription Risks and issues Topics for first committee meeting Main client impacts of T2S Clients testing calendar Euroclear s support 62

63 Documentation delivery plan Published December 2013 White Paper V3.1 Adaptation of ESES CSD services to Target2- Securities December 2013 New! New! Just published DSD: ESES matching & settlement services By end March 2014 Account structure & subscription management Communications means First Data Dictionaries Settlement & Reconciliation Settlement (main messages) March 2014 Where to find info? A FAQ and much more can be found on euroclear.com Go to MyEuroclear > Knowledge base and search for T2S See the page All you need to know about T2S for ESES 63

64 Documentation delivery plan 64

65 ESES training Domain As from Settlement 3-4 April 2014 Connectivity June 2014 Payment Q Corporate actions Q Issuers services Q First trainings sessions on settlement are planned: 3-4 April Paris April Amsterdam April Brussels April London May Paris May Brussels 5-6 June Amsterdam June - Paris To register On euroclear.com go to MyEuroclear > Training app to find a session in your location In Q3, the training will also be available via our WebEx Training Centre, so you can attend from your desk 65

66 Conclusion 66

67 Reaching new opportunities 67

68 Stay in contact euroclear.com/t2s 68

69 Cocktail 69

70 70

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