DCA Info session 9 December 2014

Peter Lagaert 9 December 2014

DCA Info session

Info session DCA 3

CENTRAL BANK

MONEY

Overview T2-T2S

Info session DCA 4

16-09-15

Community

Testing

30-04-15

Multilateral

Testing

wave 2

01-10-14

Bilateral

Testing

22-06-15

Migration

wave 1

28-03-16

Migration

wave 2

|

NBB-SSS

+

ESES

Migration

Testing

wave 2

30-03-15

06-02-17

Migration

wave 4

|

BNYM CSD

We are here

2015 2016 2017

12-09-16

Migration

wave 3

Introduction

Patrick Heyvaert 9 December 2014

DCA Info session

Info session DCA 6

CONTENT

► Dedicated Cash Account

► Settlement Day

► Liquidity

► Connection

► Liquidity monitoring

► Static Data

► Billing

► Auto-collateralisation

► Testing

► Miscellaneous

Info session DCA 7

Dedicated Cash Account - Legal

► DCAs: legal perimeter of TARGET2

► “Harmonized conditions for the opening and operation of a Dedicated Cash Account in TARGET2”→” Harmonized... in TARGET-BE”

► Participation rules for PM-accounts= DCA

► Investment firms in TARGET2-BE

● No participation until now. What as DCA holder?

● Intraday credit Arrangement with a MFI- for coverage end of day debit position

Autocollateralisation T2S→ condition= PM account

Info session DCA 8

DEDICATED CASH ACCOUNT (DCA)

Info session DCA 9

Dedicated Cash Account (DCA)

► DCAs in euro will be in the TARGET2 perimeter and its

operational framework will apply

► DCAs are opened and administered by CBs, which

hold the business relationship with the DCA holders

Participation requirements identical to opening a

TARGET2 RTGS account

► Managed on T2S platform

► DCAs will be used for T2S cash-related operations

► No negative balance

► Start and end of day balance = zero

► Linked to an RTGS account: main RTGS

► Linked to a securities account(s)

Info session DCA 10

Set-up account structure for cash

► DCA ● Own DCA

● DCA of a settlement bank agent

► One or multiple DCA ● Own business and clients

● A DCA per CSD

● …

► Link with RTGS account

► Link with securities account(s)

Info session DCA 11

Set-up account structure for cash

► Own DCA (one or multiple) linked to own RTGS

account

● Auto-collateralisation possible if both DCA and RTGS opened

in same NCB

● Connection DCA via T2S GUI or VAS T2

► Own DCA linked to RTGS settlement bank agent

● No auto-collateralisation

● Liquidity provided by RTGS account holder

● End-of-day liquidity swept back to linked RTGS account

holder (main RTGS)

● Connection DCA via T2S GUI or VAS T2

Info session DCA 12

Set-up account structure for cash

► DCA and linked RTGS account of settlement bank

agent

● Legally no cash account (DCA) in T2S

● No auto-collateralisation

● No connection to T2S GUI or VAS T2

► Each DCA linked to one or multiple securities

account(s)

Info session DCA 13

DCA numbering

Name Format Content Purpose

Account type 1 char. exactly ‘C’ for cash account Helps differentiating between cash and

securities accounts.

Country code of the

Central Bank

2 char. exactly ISO country code Helps identifying the Central Bank in the

books of which the account is held.

Currency code 3 char. exactly ISO currency code Helps differentiating between accounts in

different currencies.

Account holder 11 char. exactly BIC Identifies the holder of the account.

Sub-classification of

the account

Up to 17 char. Free text Description provided by the account holder

for the sub classification of the account.

► DCAs addressed by BIC11 plus BIC of the

respective central bank

► In addition, the following numbering convention for

DCA accounts has been developed by the

Eurosystem and TARGET2 user groups:

e.g. C BE EUR BICBICBICBI FOROWNOPERATIONS_ 1 1 2 1 2 3 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 5 6 7 8 9 10 11 12131415 16 17

Info session DCA 14

SETTLEMENT DAY

Info session DCA 15

6:45 p.m.

Primary

deadlines/

cut-offs

Start of Day

Night-time

Settlement

End of Day

6:45 p.m.

7:30 p.m.

3:00 a.m.

6:00 p.m.

Indicative

Time T2S Period

Start of Day*

Night-time

Settlement*

Maintenance

Window

Day trade

phase

End of Day*

6:45 p.m.

7:00 p.m.

1:00 a.m.

6:00 p.m.

6:45 p.m.

Actual

Time T2 Period

10:00 p.m.

Night-time

Settlement

6:45 a.m.

5:00 a.m.

Real-time

Settlement

Maintenance

Window

* Plus 15 min at last

day of maintenance

period.

Settlement day

Real-time Settlement

Info session DCA 16

Time

(CET)

T2S Settlement day events/processes TARGET2 aspects

16:00 DVP cut-off DCA holders are recommended to pay

back auto-collateralisation earlier or to

provide sufficient liquidity on DCA for

16:30 reimbursement; collateral

relocation as last measure and

penalised!

16:00 Cash restriction cut-off

Release of unused cash restriction

16:30 Automatic reimbursement TARGET2 intraday credit available until

18:00

Optional cash sweep (standing liquidity

transfers)

To facilitate liquidity management and

bring liquidity on PM accounts

17:40 BATM cut-off TARGET2 unsecured MM transactions

possible until 18:00

17:40 CBO cut-off

17:45 Inbound liquidity transfer cut-off Cut-off for LTs from PM accounts to

DCAs

Automated cash sweep All liquidity sent to main PM accounts

18:00 FOP cut-off

Settlement day

Info session DCA 17

LIQUIDITY

Info session DCA 18

Liquidity flows

TARGET2 RTGS accounts Cash accounts for T2S

DCAH B

NCB

DCAH A

Client ABC

Uses

DCA

of Bank B

RTGS A

RTGS X

Link for EoD

retransfer

NCB

Notation Description

NCB National Central Bank

DCAH A DCA holding bank A

(with both cash and securities account)

DCAH B DCA holding bank B

(provides cash for securities settlements of CSD participant,

client ABC)

Client ABC CSD Participant using the services of Bank B

Notation Description

NCB National Central Bank

RTGS A T2 RTGS Account holder which would receive

liquidity at EoD from DCAH A

RTGS X T2 RTGS Account holder which would receive

liquidity at EoD from DCAH B

RTGS Q RTGS account holder without T2S business

ECB T2

TRANSIT

ECB T2S

TRANSIT

RTGS Q

Cash Flow

T2 to DCA

DCAH A

1

NCB B

Cash Flow

DCA to T2 Cash Flow

DCA to T2

Cash Flow

T2 to DCA

Link for EoD

retransfer

Link for EoD

retransfer

Info session DCA 19

Liquidity flows

Info session DCA 20

Liquidity flows

► DCA start with zero balance

● Liquidity transfer from RTGS to DCA at start of day

● Multiple liquidity providers

Reimbursement RTGS accounts at end of night-time settlement

► Liquidity transfers DCA ↔ RTGS

● Inbound: from RTGS to DCA

● Outbound: from DCA to RTGS

► Liquidity transfers DCA ↔ DCA

● Internal transfers between DCA only possible if

Same payment bank OR

DCA linked to same RTGS

20

Info session DCA 21

Liquidity flows

► Liquidity from Securities settlement related cash

transactions

● DvP

● Corporate actions

► Liquidity related to auto-collateralisation with NCB

► End-of-day sweep

● Optional cash sweep

● Automated cash sweep from DCA to “main” RTGS

DCA balance set to zero

Info session DCA 22

Liquidity

Info session DCA 23

Liquidity

Info session DCA 24

Liquidity

Info session DCA 25

3:00 - 5:00

Maintenance

Window

5:00 - 16:00

Real time

Settlement period

16:00 - 18:00

Real time settl.

Closure

Inbound L

liquidity transfers

(SOs)

(preparation for

Night-time

settlement

period)

1. In-/outbound

liquidity transfers in

all sequences

(Inbound: T2 COs)*

Last Cycle:

2. Predefined &

standing liquidity

outbound transfers

3. Multiple liquidity

provider reimb. at

end of the cycle

No Liquidity

Transfers

service

available

1.Continuous Real-

Time Settlement

2.In-/outbound

liquidity transfers

3.Predefined &

standing liquidity

transfer orders

1.In-/outbound

liquidity transfers

2. Release cash

restrictions

3. Autocol auto

reimb.

4.Sweeps to T2

T2 RTGS acc

to DCA

1. T2 RTGS acc

to DCA

2. DCA

to T2 RTGS acc

3. DCA to DCA Dir

ectio

n L

iqu

idity

Tra

nsfe

r T

yp

es o

f L

iqu

idity T

ran

sfe

rs

Se

ttle

me

nt

Sch

ed

ule

1. T2 RTGS acc

to DCA

2. DCA

to T2 RTGS

acc

3. DCA to DCA

1. T2 RTGS acc

to DCA

2. DCA

to T2 RTGS acc

3. DCA to DCA

DCA related liquidity flows in a T2S settlement day

Liquidity flows

18:45 – 19:30

Start-of-day

19:30 - 3:00

Night-time

Settlement

period

*T2 maintenance window 10 pm – 1am

Info session DCA 26

Cash restrictions

► Blocking and reservation of cash

● Move an amount in a specific cash balance of DCA

● Available for specific purposes

e.g. Settlement instruction

► Blocking

● Amount cannot be higher than cash balance

► Reservation

● Amount can be higher than cash balance

Partial execution

New incoming liquidity used till amount reservation

reached

Info session DCA 27

CONNECTION

Info session DCA 28

TARGET2 participant’s interaction with T2S

ICM

U2A

A2A

GUI

A2A

Indirectly connected

DCA holder Directly connected

DCA holder

€

DCA RTGS

Via

T2S

In

terf

ace

€

FIN

MT

+ Core services

+ Value added

services

IBP www X

+ Value added

services

ECB-RESTRICTED

Info session DCA 29

Connection to DCA

► Value added services T2SInterface

● Optional service TARGET2

● Only if own RTGS account

► T2SGUI

● Only for DCA

● A2A

Via VAN (SIA-COLT or SWIFT)

Only ISO20022 messages

● U2A

SWIFTNet browse

SIA-COLT solution

Info session DCA 30

Binding declaration DCA

Info session DCA 31

LIQUIDITY MONITORING

Info session DCA 32

Liquidity monitoring

► T2S

● A2A – only ISO20022 messages

● U2A via T2SGUI

► Information available in

● Real-time (queries) (U2A and A2A)

● Sent to DCA holder based on defined parameters or

business events (reports) (only A2A)

► Information available on

● Settled amounts

● Cash balance

● Blockings and reservations

● …

Info session DCA 33

TARGET2- Adaptations in view of T2S

Info session DCA 34

Legacy sta

nd

ard

s

Conversion by TARGET2

Central

Bank

Money RTGS DCA

TARGET2- Adaptations in view of T2S

• Possibility for participants to initiate pushed

liquidity transfers (T2T2S) and pulled

liquidity transfers (T2ST2) via MT202-

messages;

• Possibility for participants to initiate pulled

liquidity transfers (T2ST2) via the ICM

(U2A) or via LiquidityCreditTransfer

messages (A2A);

• Translation services ISO15022 <=>

ISO20022

• Provision of intraday balances on DCAs via

ICM

Value Added Services in T2SInterface: optional service

VAS T2SInterface

Info session DCA 35

Liquidity monitoring

VAS TARGET2

• Core Service:

Opening function Liquidity Transfer Dedicated Cash Account enabled via button.

• Additional Value Added Service:

Participants will be provided with information about T2S DCA liquidity.

Fees for Display Liquidity T2S DCAs will only be charged if this part of screen is opened.

With help of marked arrow right screen links to function DISPLAY CURRENT LIQUIDITY DCA T2S.

Info session DCA 36

Liquidity monitoring

VAS TARGET2

•Only Value Added Service:

Function available for single participants and group of accounts (GoA) manager.

Provisioning of information about

o aggregated RTGS liquidity,

o the liquidity on the DCA linked to the participant’s RTGS account,

o the ordered and executed amount of standing order transfers from RTGS to DCA,

o pending RTGS transfers to DCA, i.e. RTGS debits to DCA and

o settled RTGS transfers to DCA, i.e. RTGS credits from DCA and RTGS debits to DCA will

be displayed.

Opening function Liquidity Transfer T2S DCA.

Info session DCA 37

Liquidity transfer DCA

VAS TARGET2

• Function is used for liquidity transfers between RTGS account and DCAs in T2S.

• Selection of linked DCAs or entering of other DCAs is enabled.

• Core Service:

Liquidity transfers from RTGS to Dedicated Cash Accounts.

BIC of RTGS account is default value and not editable.

• Additional Value Added Service:

Function only available for single participants and group of accounts (GoA) manager.

Additionally Liquidity transfers from RTGS to Dedicated Cash Accounts possible, i.e. the

arrows direction can be turned from DCA to RTGS.

Fees for Display Liquidity T2S DCAs will only be charged if in section Dedicated Cash

Account a linked DCA is selected and part Display Information is opened.

Info session DCA 38

Standing order DCA

VAS TARGET2

•Core Service:

Possibility to define and modify Standing Order Liquidity Transfers to Dedicated Cash

Accounts.

Changes will be valid from the next TARGET2 business day on.

Info session DCA 39

STATIC DATA

Info session DCA 40

Static Data

► Each payment bank/DCA holder will have to register

multiple times

● 2x for test environment

T2S community

pre-production

● 1x for production environment

► The standard DCA forms will be available via the

TARGET2-BE website of the NBB

● Paper based forms

► The forms must be duly signed before forwarded to the

responsible CB

Info session DCA 41

Static Data

► The NBB can assist on filling in the forms

► We advise to send the forms at least 2 weeks before

the activation date

● Check forms

● Entering forms in static data

● Links must be entered by other CSDs or NCBs

● Check by DCA holder

Info session DCA 42

Static Data

► The DCA holder is responsible for:

● Completing the DCA forms

● Forwarding all the necessary forms to the responsible CB

► The CBs are responsible for:

● Entering the static data into the system

● Providing a direct point of contact for all questions

● Forwarding the forms to another CB whenever appropriate

► In addition the participants will be invited to double-

check via the T2S GUI the static data entered by the

CB

Info session DCA 43

Static Data

► Two types of forms have been developed in TARGET2

● Forms for Cash Directly Connected Parties (DCPs) linked to

T2S via a Value Added Network service provider (A2A and

U2A)

● Forms for Cash Indirectly Connected Parties (ICPs) linked to

T2S via the Target2 Value Added Services for T2S

Info session DCA 44

Static Data Forms for Directly connected

DCA holders

(directly /Indirectly connected)

DCA Holders

Forms for Indirectly

connected DCA holders

The registration process for DCA holders follows the process currently in place for

PM account holders:

Central Bank

CB enters the static data into T2S

(after validation) and grants

access rights (pre-defined roles)

Info session DCA 45

BILLING

Info session DCA 46

Billing of T2S related services

Central

Bank

(Main) PM

account

holder

Invoice for T2 related services Invoice for T2S related services

Monthly invoices are sent no later than the 5th business

day of the following month - Payment shall be made on

the 10th business day, at the latest

Includes fees currently in place

plus the fee for TARGET2 Value

added services for T2S

(if subscribed) and fee for each

linked DCA.

Invoice for T2S relate services is sent to the main PM

account holder (and not to the DCA holder);

Includes T2S services fees (internal liquidity transfers;

A2A reports; U2A/A2A queries; messages bundled into files;

transmissions).

Info session DCA 47

Billing

► TARGET2 invoice

● Monthly fee of € 250/DCA linked to your RTGS

● Value Added Services

Option A: monthly fee € 50

Option B: monthly fee € 625

► T2S invoice

● U2A enquiries on DCA via T2SGUI

● A2A messages related to DCA

Info session DCA 48

Billing

Info session DCA 49

Billing

Yvan Timmermans 9 December 2014

DCA Info session

Info session DCA 51

AUTO-COLLATERALISATION

Info session DCA 52

What is T2S auto-collateralisation?

► Intraday credit operation

► Automatically triggered by T2S (no instructions

to be sent by parties)

► When a buyer lacks funds for settling a

securities transaction

► Solely created for the settlement of the

underlying transaction

► During day-time and night-time settlement

Info session DCA 53

Why is auto-collateralisation needed?

►To reduce

● Settlement failures due to lack of liquidity

● Gridlocks (when one party cannot deliver assets to another as

it has not settled the assets)

● Intraday liquidity needs for the settlement of assets

►To ease the settlement especially during the night time

period

Info session DCA 54

Central Bank auto-collateralisation

► Central Bank auto-collateralisation ● T2S core settlement optimization procedure automatically

providing the buyer with collateralised liquidity in case the buyer lacks liquidity on the T2S Dedicated Cash Account to settle the underlying DvP transaction

● On flow (credit secured by purchased securities) or on stock

(credit secured by securities already held by the buyer in an

“earmarked” position)

● No limits set by the NCBs

● To be reimbursed before close-of-day with an automated reimbursement triggered by T2S

Info session DCA 55

Client Collateralisation

► Client collateralisation

● Payment Bank A’s ability to provide intraday credit to a

Payment Bank B making use of its DCA

● Triggered by T2S when the PB B is exceeding the headroom

limits set by PB A

● Payment Bank A must provide list of assets and prices to

T2S

Info session DCA 56

Reimbursement on the initiative of the

credit taker

► At the moment of triggering of auto-collateralisation

T2S will also create reverse settlement instructions

and puts them “on Party hold”

► It is up to the credit taker to release the “on hold”

transactions to trigger reimbursement

► Cut-off for reimbursement: 4pm

Info session DCA 57

Conditions for T2S auto-collateralisation

► NCB offers auto-collateralisation

► Buyer

● eligible counterparty (same conditions as for TARGET2 intraday credit => T2 Guideline)

► Agreement with its NCB (Reglement betreffende intraday-

kredietverlening en monetaire beleidsoperaties / Règlement des crédits

intrajournaliers et des opérations de politique monétaire)

► Own RTGS account and own DCA

► Used collateral is eligible

► For non-domestic collateral: ● Domestic CSD of the NCB has links

● Specific case of the NBB: will open a receiving securities account in more than one CSD

Info session DCA 58

Collateralisation techniques (repo/pledge)

► Repo: underlying collateral transferred to NCB’s securities account

► Pledge: underlying collateral booked in favour of NCB but staying on the account of the counterparty

● Variant 1: so called “pledge” Collateral transferred to counterparty’s pledge securities

account

● Variant 2: so called “pledge-sub” Collateral earmarked on a counterparty’s main securities

account

Info session DCA 59

Collateralisation technique with NBB

► Technical setup: repo

● NBB will open a dedicated NCB auto-collateralisation

securities account in NBB-SSS and possibly in Euroclear

France/BNYMellon CSD

● NBB will open an auto-collateralisation cash account as

credit giver

► Legal setup: transfer on a pledge account of the NBB

Info session DCA 60

Static Data: roles of the counterparties

► Earmarking of the securities

● On flow

At the level of:

the securities account

the settlement instruction (account level overrides instruction level)

● On stock

At the level of:

the securities account

the securities position in a securities account

No earmarking of securities with close links =

responsibility of the counterparty

Info session DCA 61

Static Data: roles of the NCB

► To provide to T2S:

● Eligible assets

● Valuation of the assets

► To check the close links (ex-post)

Info session DCA 62

Substitution (lack of securities)

► T2S will substitute securities used as collateral in an

auto-collateralisation operation if they are needed for

settling a settlement transaction

► T2S will release the “on hold” transaction

► If enough liquidity: OK

► If lack of liquidity: generation of a new auto-

collateralisation operation

Info session DCA 63

Automated reimbursement (rebalancing

of cash on DCAs)

► If reimbursement is not done by credit taker on its own

initiative => mandatory/automated reimbursement of

the intraday credit

► T2S will automatically use all the liquidity available on

the DCAs (liquidity rebalancing)

Info session DCA 64

Automated reimbursement (relocation of

collateral)

► Exceptional case: procedure when insufficient liquidity

after rebalancing

● Relocation of the equivalent collateral to the regular NCB

collateral securities account

● Increase of the credit line in T2

● Reimbursement of the NCB in T2

● If liquidity on the PM account in T2 is still missing: intraday

credit => marginal lending facility

Info session DCA 65

T2S Pricing for auto-collateralisation

► Auto-collateralisation transactions (Provision of

liquidity, rebooking of securities): free in T2S

► End of day relocation of collateral (exceptional case):

1.000 EUR

► Reporting (as reporting messages): depending on

message and report subscription

Info session DCA 66

Belgian specificities

► 3 CSDs in T2S: NBB-SSS, Euroclear Belgium and

BNYMellon CSD

● Euroclear Belgium (EBE) is not an Eurosystem eligible CSD:

NBB can therefore not receive collateral in EBE

● NBB-SSS has no links

► Consequence: in principle only eligible assets issued

in NBB-SSS are currently usable for auto-

collateralisation by Belgian payment banks

Info session DCA 67

Belgian specificities (examples)

► Belgian DCA Holder is participant in Monte-Titoli (MT)

● No auto-collateralisation using Italian securities (no link NBB-

SSS with MT)

● Auto-collateralisation (on stock) using eligible securities held

in the NBB-SSS possible

► Belgian DCA Holder is participant in Euroclear Belgium

● Auto-collateralisation (on stock) using eligible securities held

in the NBB-SSS possible

Info session DCA 68

NBB participant in Euroclear France /

BNY Mellon CSD

► Euroclear France (EF) has links with non-ESES CSDs

► NBB could open a receiving securities account in EF

► NBB could then receive collateral through the eligible

links held by EF

► Same process could be applied when BNYMellon CSD

will:

● Be in T2S

● Have eligible links with other T2S CSDs

Info session DCA 69

Normal mobilisation with NBB

► Besides auto-collateralisation, the current

collateralisation procedures of monetary policy

operations and intraday credit remain as is after

migration to T2S

► Counterparty will still:

● Send a mobilization instruction to NBB Back Office

● Send a transfer instruction to the CSD (NBB-SSS, Euroclear

Bank, BNYMellon CSD or a foreign CSD (CCBM))

Rudi Verschaeren 9 December 2014

DCA Info session

Info session DCA 71

TESTING

Info session DCA 72

User testing: general issues

► No DCA’s will be opened by payment banks connected

via the NBB in wave 1

► Testing with the community as from 21 September

2015

► Testing will be performed on 2 different environments:

● Community

● Pre-production

► Parties defined with set of production BIC’s: BIC11 of

system entity & own BIC11

Info session DCA 73

Set-up of the test environments

► Static data: pre-migration dress rehearsal:

● Upload production like set of static data

● By system entities (NBB in close cooperation with the

migrating CSD’s)

Example interaction needed:

NBB to create payment bank and DCA;

CSD to create CSD client and securities account;

CSD to link securities account and DCA

● By DCP’s: connectivity testing at the latest 1 month before

start testing activities

● Start of the pre-migration activities (proposal):

Community: 21/06/2015

Pre-production: 14/11/2015

Info session DCA 74

Set-up of the test environments (2)

► Dynamic data:Migration weekend dress rehearsal

● Testing of migration weekend playbook

● Upload by system entities:

All transactional data and positions by CSD’s;

NBB to provide CMS feeds and monitor liquidity transfers

● Timing:

Community:

19-20 September 2015

16-17 January 2016 (backup)

Pre-production: 13-14 February 2016

Info session DCA 75

Set-up of users by payment bank

► NBB to create administrator user for each party

► This user is able to create it’s own users and grant

them privileges or roles in 2 or 4 eyes

● Privilege: capability of triggering T2S functions

● Role: set of privileges

● At Eurosystem level there is an agreement to provide

payment banks with a set of predefined roles

Eg: Liquidity manager 2 or 4 eyes grouping all privileges to

query a DCA, initiate liquidity transfers, create-delete-modify

liquidity transfer order, …

► NBB can always act on behalf of its parties

Info session DCA 76

Testing on the community environment ► Connectivity

► DCP certification: only by participants connecting in

A2A mode

● Prove not to harm the system

● Limited set of test cases

● During first 4 weeks following the migration weekend dress

rehearsal

Info session DCA 77

Testing on the community environment

► Authorisation:

● Test cases defined by Eurosystem

● Mandatory/Conditional based on business activity in

production environment includes:

Access right management

Liquidity management

Auto / client collateralisation

Reports

Queries

● Monitoring by NBB

► End-to-end testing possible: T2 connected

Info session DCA 78

Business day testing stage

► Objective: verify correct functioning of T2S under

production-like conditions

► Includes simulation of several consecutive business

days after migration

► Includes testing of operational procedures described in

the MOP

► Run for 2 to 4 weeks with the T2S live timing

Info session DCA 79

MISCELLANEOUS

Info session DCA 80

Useful documents

► Discussion paper on cash and collateral aspects

● Legal

● Liquidity management

● Billing

● Technical

● Registration

● Testing

● Auto-collateralisation

http://www.ecb.europa.eu/paym/t2/shared/pdf/professionals/disc

ussion_paper_on_cash_and_collateral_aspects_related_to_TA

RGET2-Securities.pdf?3b42633254a197d14776f4201426d29e

► UDFS TARGET2

● Value Added Services TARGET2

Info session DCA 81

Useful documents

► T2 Infoguide

► T2S Infoguide

► Registration guide

► Pricing guide

► TARGET2 guideline

► …

Published on website ECB

● TARGET2

● T2S

http://www.ecb.europa.eu/paym/t2/html/index.en.html

Info session DCA 82

Contacts

► T2S user testing

● Rudi Verschaeren: rudolf.verschaeren@nbb.be

» 02/221 37 36

► T2/T2S cash aspects

● Patrick Heyvaert: patrick.heyvaert@nbb.be

» 02/221 38 98

► T2S Auto-collateralisation

● Yvan Timmermans: yvan.timmermans@nbb.be

» 02/221 33 68

► Collateral Management

● Renan van der Wolf: renan.vanderwolf@nbb.be

» 02/221 21 96

Info session DCA 83

Q & A