TARGET2-Securities. Frequently Asked Questions. March 2015

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1 March 2015

2 Table of contents 1.0 General questions on T2S What is T2S? Which currencies are eligible in T2S? Which instruments are eligible in T2S? What are the migration wave dates? What is a contingency wave? Which markets will migrate and by when? What are the benefits of T2S? Is settlement in T2S mandatory for the T2S markets concerned? What are the key deadlines for SIX SIS clients? Has SIX SIS published a whitepaper regarding T2S? What is the timeframe for T2S implementation at SIX SIS? What does client readiness mean? What happens if a client is not ready for the implementation of T2S? Has T+2 been implemented for the CH market? Will the new EU harmonization standards for corporate actions be implemented for the CH market? Will SIX SIS continue to use SECOM after the implementation of T2S? Does SIX SIS plan a separate release for T2S migration? Is T2S a new European CSD operating its own settlement system? Which clients of SIX SIS are impacted by T2S? Will SIX SIS migrate all of its business to T2S in migration wave 1? Does T2S have an impact on the Triparty Services of SIX SIS (Repo, TCM, SecLend and COSI)? Technical questions regarding T2S What is an Issuer CSD? What is an Investor CSD? What is a Technical Issuer CSD? What is a Securities Management Entity (SME)? What is an Indirectly Connected Participant (ICP)? What is a Directly Connected Participant (DCP)? What connectivity models will SIX SIS offer in the context of T2S? What cash account models will SIX offer in the context of T2S? What securities account model will SIX SIS offer in the context of T2S? What is the new position type "TS" for? What is the account operating model provided by SIX SIS? What is a Participant Account in T2S? What is a DCA in T2S? How does the funding of a DCA take place in T2S? Can a Swiss-based bank open an account in TARGET2 (T2)? What data is required to open a Participant Account in T2S? What is In-CSD Settlement and Cross-CSD Settlement? What is the difference between application-to-application (A2A) and user-toapplication (U2A) access mode? B7 T2S-FAQ.doc 2 14

3 2.19 Is it possible to become a DCP using the A2A access mode for migration wave 1 after the recording deadline of 3 March 2014? What is the deadline for the application with regard to DCPs using U2A for migration wave 1? What are the deadlines for the application with respect to DCPs for migration waves 2, 3 and 4? What T2S testing phases are relevant for SIX SIS clients? Can I maintain my existing account structure in SECOM with T2S? Is client segregation (end-to-end) still possible with T2S and how does it work? Do I need access to the various applications provided by T2S (T2S Graphical User Interface - GUI) for my day to day work? Can Free of Payment (FOP) transactions be settled in T2S? Are Assigned Business Partner (ABPs) impacted by T2S? How do I know whether an ISIN is T2S-eligible and whether SIX SIS is the Issuer or Investor CSD? B7 T2S-FAQ.doc 3 14

4 1.0 General questions on T2S 1.1 What is T2S? TARGET2-Securities (T2S) is one of the most important infrastructure projects of the ECB. T2S is a pan-european settlement platform which will enable settlement in Central Bank Money (CeBM). 24 CSDs representing 21 pan-european markets signed the T2S Framework Agreement in 2012 with the Eurosystem. As a consequence, these CSDs have committed to bringing their local market into T2S and to implementing the new EU harmonization standards necessary to harmonize processes across the markets. T2S will be implemented in four migration waves and one contingency wave, starting in June Which currencies are eligible in T2S? Currently, only the EUR is eligible in T2S. This means that T2S can only settle in CeBM in EUR for the time being. The Danish krona will be available in T2S as of Settlements in other currencies (e.g. CHF, USD, GBP) cannot take place in T2S. The Eurosystem does not exclude the possibility of accepting other currencies in the future (post 2017). 1.3 Which instruments are eligible in T2S? Almost all securities are eligible in T2S: equities, bonds, eurobonds, notes, money market instruments, derivatives, options, investment funds, ETFs etc. Hedge funds and Kassaobligationen are not eligible in T2S. 1.4 What are the migration wave dates? T2S will be implemented in four migration waves and one contingency wave. - Migration wave 1 22 June Migration wave 2 28 March Migration wave 3 12 September Migration wave 4 6 February Contingency wave May What is a contingency wave? The contingency wave is planned to take place after migration wave 4. Any CSD that could not go live in its foreseen migration wave will automatically be placed in the contingency wave. This plan has been defined to ensure that a CSD does not jeopardize the strict implementation plan as defined by the ECB B7 T2S-FAQ.doc 4 14

5 1.6 Which markets will migrate and by when? SIX SIS will go live with T2S in migration wave 1. This means that after 22 June 2015, all securities settlement transactions in EUR for Swiss and Liechtenstein ISINs will automatically have to settle in T2S. Please consult the separate information on migration waves for further details on the deadline for a market to go live with T2S. 1.7 What are the benefits of T2S? Post-trade harmonization is a key objective of T2S. T2S will introduce a single set of rules and standards and therefore reduce the complexity of the current market structure. By harmonizing areas of post-trade activities, T2S can reach its full potential and bring further benefits to European markets. Competition and business benefits: at present CSDs often operate in monopolistic national environments with ample room for increased competition. Safety benefits: in today's environment, reducing counterparty risk and risk on the settlement agent is an important element. T2S will reduce this by only settling in Central Bank Money (CeBM) the safest settlement asset. Operational efficiency benefits: T2S is designed to make cross-border settlement as efficient as domestic settlement and therefore immediately increases the operational efficiency of its users. 1.8 Is settlement in T2S mandatory for the T2S markets concerned? T2S is a settlement platform on which settlement in CeBM EUR will have to take place once a market has gone live with T2S. All CSDs that have signed the Framework Agreement have committed to make their issuer business available in T2S, with the same conditions and without barriers to all T2S participants. 1.9 What are the key deadlines for SIX SIS clients? The following key deadlines apply to SIX SIS clients: Upcoming activities Deadline Communicate your defined T2S set-up (Account Set-up Form) Ensure your operational readiness for T2S Feb 2015 Start of T2S Community Testing ( ) Start of T2S Business Day Testing ( ) GO LIVE with T2S (Swiss market) B7 T2S-FAQ.doc 5 14

6 Please also refer to the separate information concerning Key Deadlines for Client Readiness Has SIX SIS published a whitepaper regarding T2S? No. SIX has chosen a different approach. SIX SIS has discussed specific subjects directly with its clients and through the T2S Direct Working Group. The outcome of the discussions are published on the SIX SIS T2S Private Website. This approach ensures efficient communication of jointly defined solutions What is the timeframe for T2S implementation at SIX SIS? Please refer to the separate Implementation Plan in the FrontLine titled Introduction to the T2S Direct Program at SIX SIS Ltd Update as published at > Login > SIX SIS Private > T2S What does client readiness mean? Each CSD has to ensure that all market participants are ready for the implementation of T2S in their respective market. Client readiness includes all the activities a CSD deploys to comply with this ECB requirement What happens if a client is not ready for the implementation of T2S? Clients that have not implemented the changes on time and have failed to pass the mandatory T2S community tests by 15 May 2015 will not be allowed to settle transactions in the relevant T2S markets Has T+2 been implemented for the CH market? Yes. On 6 October 2014, SIX reduced the settlement cycle from T+3 to T+2. This shortened settlement cycle covers all securities tradable on SIX Swiss Exchange and SIX Structured Products Exchange and settling through SIX SIS. With that, the Swiss settlement cycle was harmonized with other major European markets Will the new EU harmonization standards for corporate actions be implemented for the CH market? Yes. The implementation of the new EU harmonization standards for corporate actions are mandatory for all CSDs that have signed the T2S Framework Agreement. The Swiss SPTC has confirmed the implementation of the standards defined by the Corporate Actions Sub-Group (CASG) and the Corporate Actions Joint Working Group (CAJWG) in the Swiss market by 22 June B7 T2S-FAQ.doc 6 14

7 1.16 Will SIX SIS continue to use SECOM after the implementation of T2S? Yes. SIX SIS will provide settlement on two technical platforms: SECOM and T2S. SIX SIS participants will continue to benefit from a single access to all services in SECOM Does SIX SIS plan a separate release for T2S migration? Yes. SIX SIS will have a separate release for T2S. The production release date is 22 June The test release date is December The mandatory Community Testing will take place from March to May Is T2S a new European CSD operating its own settlement system? No. T2S does not constitute a new European CSD operating its own Securities Settlement System (SSS). It is a settlement platform operated by the Eurosystem to which participating CSDs outsource their final settlement in Central Bank Money (CeBM) in EUR Which clients of SIX SIS are impacted by T2S? Every client carrying out any of the following transactions will be impacted by T2S: - Transactions in EUR of CH & LI ISINs (SIX SIS Issuer CSD business) - Cross-border transactions re. other T2S-eligible ISINs (SIX SIS Investor CSD business) - FOP transactions (e.g. collateral transfers) from a T2S market to SIX SIS Client who only settle CH & LI ISINs in CHF are not impacted by T2S. Clients only using Collateral Management (CM) services are not impacted by changes relating to T2S settlement as of MW1. Therefore, no T2S participant account is needed and the Community Testing phase is no longer mandatory for clients with such a profile. Nevertheless, it is strongly recommended to validate the corporate action events/flows executed by SIX SIS as the T2S Corporate Action Harmonization Standards will apply to the whole Swiss market (EUR and CHF-settled trades alike) Will SIX SIS migrate all of its business to T2S in migration wave 1? SIX SIS will only migrate its SIX SIS Issuer CSD business (i.e. CH & LI ISINs) to T2S in migration wave 1 (22 June 2015). SIX SIS will migrate its cross-border business (SIX SIS Investor CSD business) to T2S on a per CSD basis, i.e. at the time when a T2S CSD is migrating to T2S according to its migration wave (2, 3, 4). EXCEPTION: For SIX SIS participants, transactions concerning the other markets included in migration wave 1 (Italy, Malta, Romania, Greece) will continue to settle outside of T2S until further notice B7 T2S-FAQ.doc 7 14

8 Changes will be communicated well in advance to allow participants to prepare for it accordingly Does T2S have an impact on the Triparty Services of SIX SIS (Repo, TCM, SecLend and COSI)? No. SIX SIS Triparty Services remain unchanged. 2.0 Technical questions regarding T2S 2.1 What is an Issuer CSD? The Issuer CSD issues and distributes securities on behalf of the issuer. SIX SIS as the Issuer CSD makes CH and LI ISINs available in T2S (called SIX SIS Issuer CSD business). There can only be one Issuer CSD per market in T2S. 2.2 What is an Investor CSD? SIX SIS as the Investor CSD provides settlement and safekeeping services in T2S with regard to the cross-border business of its clients (called SIX SIS Investor CSD business). There can be many Investor CSDs in T2S. 2.3 What is a Technical Issuer CSD? A Technical Issuer CSD performs settlement and safekeeping services in T2S for other CSDs (role of a secondary depository) which are outside T2S. Therefore a Technical Issuer CSD makes ISINS available that do not belong to the actual T2S markets (e.g. USA, Japan, UK). In T2S, more than one Technical Issuer CSD can issue and distribute the same ISIN. 2.4 What is a Securities Management Entity (SME)? A Securities Management Entity (SME) is a CSD that is responsible for maintaining the static data of a securities in T2S. In T2S, there can only be one SME assigned to an ISIN. 2.5 What is an Indirectly Connected Participant (ICP)? Participants have the choice between two connectivity models in T2S: as Indirectly Connected Participants (ICPs) or as Directly Connected Participants (DCPs). ICPs will connect to T2S via SIX SIS (for instance). Settlement instructions are placed with SIX SIS, which in turn takes care of settlement in T2S B7 T2S-FAQ.doc 8 14

9 ICPs can benefit from a service range that minimizes their operational/technical impact. SIX SIS clients will continue to place their instructions using the existing SWIFT ISO format. 2.6 What is a Directly Connected Participant (DCP)? SIX SIS clients have the choice between two Connectivity Models in T2S: as Indirectly Connected Participants (ICPs) or as Directly Connected Participants (DCPs). DCPs will connect to T2S via SIX SIS (for instance), but place settlement instructions directly in T2S. DCPs will have to implement SWIFT ISO in order to connect to T2S. 2.7 What connectivity models will SIX SIS offer in the context of T2S? SIX SIS will offer both ICP and DCP connectivity models and the full range of existing/new services to its clients. 2.8 What cash account models will SIX offer in the context of T2S? SIX SIS will offer three distinct cash account models. The SIX SIS cash model (SCM): Clients use the DCA (Dedicated Cash Account) of SIX SIS sponsored by the Swiss Euro Clearing Bank (SECB). The client's Participants Account(s) are linked to the DCA account of SIX SIS in T2S. The payment bank cash model (PCM): Clients use the DCA account of a payment bank (PB) of their choice. SIX SIS will link the client s Participant Account(s) to the DCA account of the PB. The National Central Bank cash model (NCM): Clients use their own DCA account in T2S (linked to their own cash account at the National Central Bank (NCB)). SIX SIS will link the client s Participant Account(s) to the client s DCA account. 2.9 What securities account model will SIX SIS offer in the context of T2S? Clients will use their Participant Account(s) in T2S. The Participant Account(s) can be used for domestic (CH & LI ISINs) and cross-border settlement in T2S. As a default, SIX SIS will open one Participant Account in T2S per Ordinario Account opened in SECOM. Participant Account(s) are set up and operated by SIX SIS in T2S. Participant Accounts are maintained in the name of the client in T2S B7 T2S-FAQ.doc 9 14

10 New T2S services will be recorded at the Participant Account level as per the client s instructions What is the new position type "TS" for? Transactions that have settled in T2S (SIX SIS Issuer and Investor CSD business) will be flagged with the new position type "TS" in the client s "ordinario" account in SECOM. "TS" positions may require a re-alignment. SIX SIS Auto Position Realignment services for the Issuer CSD business are available for both, settlement and collateral management transactions What is the account operating model provided by SIX SIS? The account operating model allows SIX SIS clients to select services required in an unbundled manner, by market, with the agent of their choice. Registry, safekeeping and settlement services belong to the core CSD services. These services cannot be offered by a CSD in an unbundled manner What is a Participant Account in T2S? Each client needs a Participant Account in T2S. Participant Accounts are owned by the CSD which opens the account in the name of the client in T2S. The name of the client Bank XYZ is visible in T2S. Participant Accounts are linked by the CSD to a Dedicated Cash Account (DCA) to enable CeBM settlement What is a DCA in T2S? Each client needs to have its Participant Account linked to a Dedicated Cash Account (DCA) in T2S. DCAs are linked to PM accounts in TARGET2 (T2). SIX SIS clients can maintain multiple DCAs in T2S when opting for the PCM or NCM cash account model. Participant Accounts need to be linked to a default DCA How does the funding of a DCA take place in T2S? The funding of dedicated cash account (DCA) in T2S takes place via the PM account of TARGET2 (T2) Can a Swiss-based bank open an account in TARGET2 (T2)? No. The maintenance of an account in T2 is reserved for financial institutions domiciled in the EU or in the EEA (European Economic Area) B7 T2S-FAQ.doc 10 14

11 2.16 What data is required to open a Participant Account in T2S? The opening of a Participant Account requires a valid SWIFT BIC (11 characters), the bank s name and the bank s address What is In-CSD Settlement and Cross-CSD Settlement? In-CSD Settlement and Cross-CSD Settlement constitute new T2S terminology and indicate that securities settlement will take place in T2S. In the case of In-CSD Settlement, both trading parties are clients of the same CSD in T2S and settle T2S-eligible securities in EUR. In the case of Cross-CSD Settlement, the two trading parties are clients of different CSDs in T2S What is the difference between application-to-application (A2A) and user-toapplication (U2A) access mode? DCPs have two options to develop their interface with T2S: A2A (application-to-application) or U2A (user-to-application). The U2A access involves the usage of the T2S Graphical User Interface (T2S GUI) Is it possible to become a DCP using the A2A access mode for migration wave 1 after the recording deadline of 3 March 2014? Both the Eurosystem and SIX SIS will consider such an application on a best effort basis due to the impact on the T2S implementation schedule What is the deadline for the application with regard to DCPs using U2A for migration wave 1? The deadline is 3 December What are the deadlines for the application with respect to DCPs for migration waves 2, 3 and 4? The application deadlines with regard to DCPs for the subsequent migration waves are the following: 1. via A2A access mode: - migration wave 2: 19 September 2014, - migration wave 3: 16 February 2015, and - migration wave 4: 9 October via U2A access mode: - migration wave 2: 19 June 2015, - migration wave 3: 16 November 2015, and B7 T2S-FAQ.doc 11 14

12 - migration wave 4: 11 July What T2S testing phases are relevant for SIX SIS clients? ICP clients will have to participate in the following T2S testing stages for migration wave 1: - Community Testing stage, scheduled from 5 March 2015 to 15 May 2015 (mandatory); and - Business Day Testing stage, scheduled from 18 May 2015 to 12 June For details please see the SIX SIS T2S Community Test Concept published at > Login > SIX SIS Private > T2S > T2S Testing & Migration. DCP clients will also have to participate in the "Eurosystem Certification Testing". DCPs should ideally plan their Eurosystem Certification Testing during the first two to four weeks of the Community Testing Stage, but no later than 7 May DCPs will also have to complete authorization testing with SIX SIS, taking place during the Community Testing stage Can I maintain my existing account structure in SECOM with T2S? Yes. SIX SIS clients do not need to amend their existing account structure because of the implementation of T2S Is client segregation (end-to-end) still possible with T2S and how does it work? Yes. Client segregation will continue to be provided by SIX SIS with T2S. Segregated holdings will be maintained in a segregated manner at the according issuer CSD / Agent Do I need access to the various applications provided by T2S (T2S Graphical User Interface - GUI) for my day to day work? No. SIX SIS clients do not need any access to the T2S GUI or other applications. Participants Accounts and balances in T2S will be reflected online in SECOM. Clients will have access to this information via existing User Interfaces (e.g. Webmax, SWS-Portal, etc) Can Free of Payment (FOP) transactions be settled in T2S? Yes. Both Delivery Free of Payment transactions (FOP) as well as Delivery versus Payment transactions (DVP) are processed in T2S Are Assigned Business Partner (ABPs) impacted by T2S? For T2S settlements, Assigned Business Partners (ABPs) must adapt their settlement instructions to reach settlement in the name of the Business Partner (BP, i.e. client). Allegements will be received by the BP. T2S does not allow for ABPs to settle transactions in their name on a BP s account B7 T2S-FAQ.doc 12 14

13 In T2S the Settlement Party and the Account Owner (Participant Account) must be identical, otherwise the transaction will be rejected. The Trading Party can be different from the Settlement Party How do I know whether an ISIN is T2S-eligible and whether SIX SIS is the Issuer or Investor CSD? The T2S eligibility of a security will be communicated using two SIX SIS reports: - RDME100: Complete download of all securities master data - RDME 110: Incremental changes to securities master data The keyword T2SELIG indicates the T2S eligibility of an ISIN. The keyword SIS SegaInterSettle AG Eligibility indicates whether SIX SIS is the Issuer or Investor CSD for that security. Keyword SIX SIS is Issuer CSD SIX SIS is Investor CSD T2SELIG Yes Yes SIS SegaInterSettle AG Eligibility 3 2 In this context, SIX SIS Ltd draws the participant's attention to articles 9a, 27 c and f of the General Terms and Conditions of SIX SIS Ltd stipulating that the participant is responsible for compliance with all applicable laws (in particular domestic and foreign tax, foreign exchange and stock market regulations as well as with company law and articles of association) with respect to the securities held in custody or booked for the participant B7 T2S-FAQ.doc 13 14

14 SIX Securities Services Brandschenkestrasse 47 CH-8002 Zurich Mailing address: P.O. Box 1758 CH-8021 Zurich T F

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