TARGET2-Securities. Frequently Asked Questions. March 2015
|
|
- Rosa Moody
- 8 years ago
- Views:
Transcription
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
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 informationT2S 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 informationKELER 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 information2014 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 informationUser 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 informationΤΑRGET2 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 informationTARGET2-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 informationQ&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 informationTARGET2-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 informationUser Guide SIX x-clear Ltd
xcl-717 January 2016 Table of contents 1.0 Guidelines for completing Form 002 and its annexes 3 2.0 Static data forms 3 3.0 Guidelines for completing Form 002 3 4.0 Guidelines for completing Form 002C
More informationMonte 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 informationClearstream 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 informationOverview 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 informationRules and Regulations SIX x-clear Ltd
Valid as of 1 June 2015 June 2015 Table of contents 1.0 Basis for the pricing model and invoicing 3 1.1 General 3 1.2 Rebate models (individual service level) 3 1.3 Cross-rebate (additional rebate) 4 2.0
More information#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 informationT2S: 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 informationMIGRATION 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 informationAuto-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 informationClearstream Snapshot
Clearstream Snapshot Clearstream a trusted global name Clearstream is a global leader in post-trade securities services with more than EUR 13 trillion in assets under custody, making us one of the world
More informationInformation event for future DCA holders: Euro liquidity management. Introduction T2S: technical challenges and opportunities for liquidity
DEUTSCHE BUNDESBANK Frankfurt, 16 December 2013 Jochen Metzger Head of the department Payments and settlement systems Information event for future DCA holders: Euro liquidity management in view of T2S
More informationTARGET2-Securities maximises settlement efficiency in the European securities market. Department Payments and Settlement Systems
maximises settlement efficiency in the European securities market Department Payments and Settlement Systems Martin Barraud George Doyle Page 2 Definition and classification of TARGET2-Securities TARGET2-Securities
More informationCapital Markets Point of View. TARGET 2 SECURITIES Are YOU on TARGET? Post Trade Services
Capital Markets Point of View TARGET 2 SECURITIES Are YOU on TARGET? Post Trade Services Introduction In an effort to eliminate the Giovanni Barriers tax, legal and other considerations feeding the continued
More informationT2S PROJECT Cross Border Settlement. Version 2.2
T2S PROJECT Cross Border Settlement Version 2.2 1 Contents 2 Document Management... 4 2.1 Document Distribution... 4 2.2 Document History... 4 2.3 Open Issues... 4 2.4 Definition, Acronyms and Abbreviations...
More informationLSEG supporting Collateral Management services
LSEG supporting Collateral Management services Alessandro Zignani Head of Business Development, LSEG Post Trade WFC 2015, Cancun, 20 May 2015 London Stock Exchange Group Page 1 Why Collateral Management
More informationData 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 informationTrading at SIX Repo AG
Guidelines for participation in the CH repo market and OTC spot market January 2015 [Type text] Table of contents 1.0 Swiss Value Chain from a single source 4 2.0 Connection to the Swiss Value Chain 5
More informationTrading at SIX Repo AG
Guidelines for participation in the CH repo market and OTC spot market May 2014 Table of contents 1.0 Swiss Value Chain from a single source 4 2.0 Connection to the Swiss Value Chain 5 3.0 Basic legal
More informationService 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 informationMember s Profile. KELER Ltd. (hereinafter referred to as: KELER) Total Shareholders Equity: USD 121 million
Member s Profile Organization Name: KELER Ltd. (hereinafter referred to as: KELER) Country/ Region: Hungary Name of CEO: György Dudás Capital (US$): Total Shareholders Equity: USD 121 million Share capital:
More informationFrontLine SIX x-clear Ltd
1.0 Overview SIX x-clear offers a new service for OTC cash equity clearing of Traiana transactions SIX x-clear Ltd has launched OTC cash equity clearing services for Traiana, Inc. Members that enrol for
More informationThe Swiss Value Chain
The Swiss Value Chain The Swiss Value Chain The Swiss Value Chain links trading on the Swiss stock exchange with the services of post-trading, which include the clearing and settlement of securities transactions
More informationT2S 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 informationTARGET2-SECURITIES OPERATIONAL FEASIBILITY
8 March 2007 TARGET2-SECURITIES OPERATIONAL FEASIBILITY TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 2 2. OPERATIONAL ROLES FOR T2S STAKEHOLDERS 5 3. OVERVIEW OF T2S FUNCTIONAL BLOCKS AND INTERFACES 8 4. CROSS-CSD
More informationWorkshop for TARGET2 Users - TARGET2-Securities related changes - Frankfurt am Main, 3. Juni 2015
Workshop for TARGET2 Users - TARGET2-Securities related changes - Frankfurt am Main, Agenda 1. Introduction 2. Fundamentals 3. Participation 4. Business day in normal situations 5. Procedures in abnormal
More informationJOINT WORK OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS IN THE FIELD OF CLEARING AND SETTLEMENT
JOINT WORK OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS IN THE FIELD OF CLEARING AND SETTLEMENT RESPONSE TO THE CALL FOR CONTRIBUTIONS FROM INTERESTED PARTIES
More informationCustomer related support on the T2S cash (and collateral) side looking at the Deutsche Bundesbank
INFORMATION EVENT FOR FUTURE DCA HOLDERS: EURO LIQUIDITY MANGEMENT IN VIEW OF T2S Frankfurt, 16 December 2013 TO 5 Operational Framework for the cash side Customer related support on the T2S cash (and
More informationSWIFT for central securities depositories. One solution for all a CSD s communications
SWIFT for central securities depositories One solution for all a CSD s communications Enabling CSDs to compete in a global marketplace SWIFT for central securities depositories Streamlining communication
More informationAssessment 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 informationT2S 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 informationEuropean Central Bank Secretariat Division Kaiserstrasse 29 D-60311 Frankfurt am Main Germany
European Central Bank Secretariat Division Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Milan, April 30 th 2008 Second consultation on CCBM2 ATIC FOREX, The Financial Markets Association of Italy,
More informationClearing Terms SIX x-clear Ltd for SIX Swiss Exchange Ltd
Clearing Terms SIX x-clear Ltd for SIX Swiss Exchange Ltd December 2008 Table of contents 1 Purpose of the Clearing Terms 3 2 List of Securities eligible for Clearing 3 3 Technical and operational specifications
More informationimprovements to commercial bank money (CoBM) settlement arrangements for collateral operations
improvements to commercial bank money (CoBM) settlement arrangements for collateral operations JULY 2014 In 2014 all publications feature a motif taken from the 20 banknote. improvements to commercial
More informationT2-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 informationWhite Paper. T2S Towards post-trade efficiency. Abstract
White Paper T2S Towards post-trade efficiency - Sushama Jaiswal and Prashanth Krishnamoorthy Abstract TARGET2-Securities (T2S) intends to create a pan-european settlement engine that will provide centralized
More informationUSER REQUIREMENTS CHAPTER 16 STATIC DATA REQUIREMENTS
USER REQUIREMENTS CHAPTER STATIC DATA REQUIREMENTS TS Project Team Reference: TS-0-0 Date: July 00 Version:. Status: Draft TS User requirements - Chapter - Static data requirements TABLE OF CONTENTS 0
More informationSIX 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 informationOslo 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 informationInsights 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 informationSecurities Services. Annual Report 2013. SIX x-clear Ltd. Unlocking the potential.
Securities Services SIX x-clear Ltd Unlocking the potential. Content 3 4 5 6 6 9 10 13 13 13 14 16 16 Annual Report Balance sheet Income statement Notes to the financial statements Notes on business activities
More informationCOLLATERAL & REPO NEWS
COLLATERAL & REPO NEWS No. 2 July 2015 Q2/2015 Securities Finance from SIX solid as a rock adaptable as mercury foreword by Nerin Demir, Head Securities Finance As we are all aware, the current macro-economic
More informationTAKASBANK Compliance to Securities Settlement Systems and CPSS-IOSCO Recommendations for Securities Settlement Systems-2008
TAKASBANK Compliance to Securities Settlement Systems and CPSS-IOSCO Recommendations for Securities Settlement Systems-2008 This questionnaire addresses each of the joint CPSS-IOSCO recommendations relating
More information62 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 informationCSD Member s Profile Organization Name: Country/ Region: Name of CEO: Capital (US$): Number of Officers and Employees: Ownership and Governance :
Member s Profile Organization Name: Euroclear Sweden AB Country/ Region: Sweden Name of CEO: Yannic Weber Capital (US$): million 34,5 Number of Officers and Employees: 67 Ownership and Governance : Euroclear
More informationCLARIFICATIONS ON THE T2S PRICING POLICY
T2S PROGRAMME BOARD ECB-UNRESTRICTED 9 March 2012 09.04.01/2012/002625 Item 4.2 CLARIFICATIONS ON THE T2S PRICING POLICY Introduction During the ad-hoc meeting with CSDs on 16 February 2012, it was agreed
More informationNasdaq 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 informationTHE EUROPEAN CENTRAL SECURITIES DEPOSITORIES ASSOCIATION S RESPONSE TO THE GIOVANNINI REPORT
THE EUROPEAN CENTRAL SECURITIES DEPOSITORIES ASSOCIATION S RESPONSE TO THE GIOVANNINI REPORT April 2004 Contents Contents...1 Executive Summary...2 Introduction...8 Settlement Barriers...11 i) Currency...
More informationClearstream 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 informationRules and Regulations SIX x-clear Ltd
Valid as of 1 November 2014 September 2014 Table of contents 1.0 Pricing SIX x-clear Ltd 3 1.1 Collection of Charges 3 2.0 CCP Clearing Services 3 2.1 Membership Fees 3 2.2 Clearing Fees Cash Products
More informationThe assessment report on the kdpw_stream s compliance with the ESCB-CESR recommendations for securities settlement systems
The assessment report on the kdpw_stream s compliance with the ESCB-CESR recommendations for securities settlement systems 1 I. Introduction General Presented assessment of securities settlement system
More informationQ u i c k R e f e r e n c e G u i d e
Q u i c k R e f e r e n c e G u i d e Client clearing: segregation, porting and collateral management Version 2, December 2014 Contents 1 Introduction... 3 2 Clearing models introduction... 3 3 Definitions
More informationRegister ID number: 3373670692 24
EFAMA reply to European Commission consultation paper on Central Securities Depositories (CSDs) and on the Harmonisation of Certain Aspects of Securities Settlement in the European Union Register ID number:
More informationMarket Standards for Corporate Actions Processing
Revised version 2012 Prioritised standards marked Market Standards for Corporate Actions Processing 1 Table of contents Introduction 3 Glossary 6 Sequence of dates graphs 10 Distributions Cash Distributions
More informationFREQUENTLY ASKED QUESTIONS
FREQUENTLY ASKED QUESTIONS The following Frequently Asked Questions (FAQ) are drafted based on TSX Private Markets current business model and operations. The responses to the FAQ are subject to change
More informationUPDATING 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 informationREFORM OF SPANISH POST-TRADING SYSTEMS
LEGAL UPDATE I CORPORATE PRACTICE AREA July 2015 REFORM OF SPANISH POST-TRADING SYSTEMS CONTENTS INTRODUCTION 2 MAIN ASPECTS OF THE REFOMR AND OF THE ACT 11/2015 3 INTRODUCTION The amendment to the Spanish
More informationCOLLATERAL MANAGEMENT SERVICE. Service Description
COLLATERAL MANAGEMENT SERVICE Service Description LEGAL DISCLAIMER The content of this document is subject to change without notice. Although this document has been prepared on the basis of the best information
More informationCentral 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 informationElimination of Technical Barriers in European Securities Settlement. Torsten Schaper
International Review of Business Research Papers Vol. 5 No. 1 January 2009 Pp. 428-441 Elimination of Technical Barriers in European Securities Settlement Torsten Schaper Securities settlement in Europe
More information1. 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 informationEesti Pank policy for the operation and oversight of payment systems and for facilitating the payment market
Eesti Pank policy for the operation and oversight of payment systems and for facilitating the payment market Under the Eesti Pank strategy for 2014 2018, it is part of Eesti Pank's mission to promote a
More informationEquityClear 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 informationHow To Harmonize Tax Processing On Flows In Euro Zone
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 informationDISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SITEME. Markets and Reserve Management Department
DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS SITEME Markets and Reserve Management Department SEPTEMBER 2004 DISCLAIMER This document comprises the answers given by Banco de Portugal (the Portuguese
More informationAnnual Report 2014. SIX Securities Services Ltd. Unlocking the potential.
SIX Securities Services Ltd Unlocking the potential. Contents 3 Preface 4 Annual report 7 Consolidated balance sheet 8 Consolidated income statement 9 Consolidated cash flow statement 10 Notes to the financial
More informationCentral Securities Depository of Lithuania
Central Securities Depository of Lithuania Answers to the questionnaire included in the Disclosure Framework for Securities Settlement System prepared by the Committee on Payment and Settlement Systems
More informationEuroclear UK & Ireland. Becoming a client. What you need to know about the CREST system and how to become a member
What you need to know about the CREST system and how to become a member Why become a client of? 1 Who can become a client of? 2 How to become a client of 3 How does the CREST system work? 5 Tariff 9 Further
More informationDisclosure Framework for. Securities Settlement Systems
Disclosure Framework for Securities Settlement Systems Updated version December 2014 Table of Contents Introduction... 3 I. Basic information... 4 II. Rules and procedures of the SSS... 13 III. Relationships
More informationSection 9 Overview of Clearing and Settlement in CCASS
9/1 Section 9 Overview of Clearing and Settlement in CCASS 9.1 TRANSACTIONS ACCEPTED FOR SETTLEMENT IN CCASS In brief, subject to the Rules, transactions in Eligible Securities accepted for settlement
More informationExchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd
Exchange Specific General Terms and Conditions of Business concerning SIX Swiss Exchange Ltd Exchange Specific GTCB SIX Swiss Exchange November 2009 1 15 Table of contents 1 Scope 3 2 Definitions 3 3 Securities
More informationPost 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 informationADDENDUM I REASONS FOR THIS ADDENDUM:
ADDENDUM I to the Programme of Leonteq Securities AG dated 5 October 2013 (the "Programme") regarding Triparty Collateral Management Secured Structured Products (TCM) REASONS FOR THIS ADDENDUM: Under the
More informationA safe investment since ancient times. The exclusive manager of Julius Baer Funds. A member of the GAM group.
A safe investment since ancient times Julius BAEr PRECIOUS METALS FUNDS The exclusive manager of Julius Baer Funds. A member of the GAM group. 2 Swiss & Global Asset Management Precious metals success
More informationFOUNDATION MODULE 1) FINANZANALYTIKER UND VERMÖGENSVERWALTER 2) FINANZ- UND ANLAGEEXPERTEN 3) EXPERTEN IN FINANZMARKTOPERATIONEN. Copyright 2014, AZEK
FOUNDATION MODULE 1) FINANZANALYTIKER UND VERMÖGENSVERWALTER 2) FINANZ- UND ANLAGEEXPERTEN 3) EXPERTEN IN FINANZMARKTOPERATIONEN Copyright 2014, AZEK AZEK, Feldstrasse 80, 8180 Bülach, T +41 44 872 35
More informationService Description SIX x-clear Ltd
xcl-800 May 2015 Table of contents 1.0 Introduction 5 1.1 Scope of the document 5 2.0 Concept of the Central Counterparty (CCP) 5 2.1 Clearing 5 2.2 Clearing model for trades executed on SIX Swiss Exchange
More informationMarket 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 informationIf time equals risk, settle quickly
FEATURE MI FORUM / 2014 If time equals risk, settle quickly In investment, time equals money, while in operations time equals risk, but both ultimately mean the same thing. Time both makes and costs money,
More informationSeptember 2014. The CSD Regulation A guide for clients
September 2014 The CSD Regulation A guide for clients 1 Contents Introduction 3 About this guide 3 Background 3 Provisions for securities settlement (Title II) 4 Provision of banking-type ancillary services
More informationElimination of Technical Barriers in European Securities Settlement
Elimination of Technical Barriers in European Securities Settlement Torsten Schaper Johann Wolfgang Goethe-University Frankfurt, Chair of e-finance, Robert-Mayer-Str. 1 60054 Frankfurt, Germany Schaper
More informationSECOM, the securities settlement system
SECOM, the securities settlement system May 2009 By Philipp Haene 1 SECOM is the Swiss securities settlement system operated by SIX SIS Ltd and stands for Settlement Communication System. It provides custody
More informationREGULATION 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 informationThe Eurosystem's Collateral Framework General Principles and Recent Developments
The Eurosystem's Collateral Framework General Principles and Recent Developments Evangelos Tabakis Eloi Espargilière DG-Market Operations Financial Market and Collateral Money Market Contact Group meeting
More informationMARKET 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 informationClearing, 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 informationHow To Settle A Fund In European Stock Exchange Trading
Dealing Guide for Distributors and Intermediaries Capital Group Luxembourg funds Last update: November 2015 Table of contents About this document Important information Funds Contact details information
More informationCOMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document
EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament
More informationCommittee on Payments and Market Infrastructures. Developments in collateral management services
Committee on Payments and Market Infrastructures Developments in collateral management services September 2014 This publication is available on the BIS website (www.bis.org). Bank for International Settlements
More informationPAYMENT AND SETTLEMENT SYSTEMS IN SPAIN
Francisco Linares Payment Settlement Systems Unit Manager Jesús Pérez Bonilla Securities Settlement Systems Unit Manager Payments Week 2005 Madrid 20 June 2005 PAYMENT SYSTEMS DEPARTMENT AGENDA PAYMENT
More information2013-03-01. Participation in Euroclear Sweden AB
2013-03-01 Participation in Euroclear Sweden AB TABLE OF CONTENTS 1 INTRODUCTION... 3 2 CLEARING AND SETTLEMENT... 3 AM SUB-MARKET... 3 PM SUB-MARKET... 3 3 SAFEKEEPING... 3 OWNER- REGISTERED ACCOUNT...
More informationCHF. Thanks to its cutting-edge technology, SIX sets global standards for securities trading in terms of speed and capacity.
Annual Report 2013 At a glance Millions of financial transactions pass through the SIX infrastructure every day: se curities are traded and settled, and cashless payments with or without cards are facilitated
More information