VERBINDING VAN NBB-SSS MET TARGET2: PROCEDURES

VERBINDING VAN NBB-SSS MET TARGET2: PROCEDURES

1. VEREFFINGSMODEL EN GEBRUIKTE GELDREKENINGEN

1.1 VEREFFENINGSMODEL Het effectenvereffeningsstelsel van de NBB («NBB-SSS» of National Bank of Belgium Securities Settlement System) werkt volgens het geïntegreerd vereffeningsmodel: zowel de effecten- als geldrekeningen worden binnen de NBB beheerd. Het volledige DVP-proces (Delivery Versus Payment) gebeurt m.a.w. in real-time op het IT-platform van de NBB tijdens eenzelfde vereffeningscyclus. Op 8 december 2008 werd NBB-SSS gekoppeld aan het SSP (Single Shared Platform) van TARGET2 via de ASI (Ancillary System Interface) van TARGET2. 1.2 GELDREKENING NBB-SSS Elke deelnemer aan het NBB-SSS moet voor de vereffening van zijn effectentransacties een rekening-courant (geldrekening) bij NBB opgeven die voor alle betalingen binnen NBB-SSS zal gebruikt worden. Technisch worden deze geldrekeningen bijgehouden in de rekeningen-couranttoepassing van de NBB. De NBB-SSS-deelnemer beschikt over twee alternatieven: Hij gebruikt zijn eigen rekening-courant en treedt dus op als NBB-SSS Settlement Bank (hierna SB genoemd); Hij doet een beroep op een andere SB en is dus een NBB-SSS Settlement Bank Client (hierna SBC genoemd) van een SB. Verschillende NBB-SSS-deelnemers kunnen eenzelfde SB gebruiken. Door de verbinding van NBB-SSS met TARGET2 is het voor de SB niet langer mogelijk om de volledige betalingscapaciteit1 van zijn rekening-courant te gebruiken voor de vereffening van de NBB-SSS verrichtingen. De SB moet voor de vereffening van de NBB-SSS verrichtingen een specifieke betalingscapaciteit voorzien. Deze wordt aangeduid als «Dedicated Liquidity for NBB-SSS» (DLNS). Het andere deel is onbeschikbaar voor gebruik in het kader van de activiteiten van NBB-SSS. DLNS kan enkel gevormd worden vanuit een geldrekening in de Payment Module (hierna PM genoemd) van TARGET2. Enkel rechtstreekse deelnemers aan TARGET2 beschikken over een geldrekening in PM.

1.3 GELDREKENING TARGET2 Elke rekening-courant die DLNS wil gebruiken moet hiertoe gekoppeld worden aan een «RTGS-rekening» die beheerd wordt in de Payment Module van TARGET2.

1 Het zogenaamde beschikbaar fonds: het actuele saldo - de blokkeringen + de kredietopening.

Bijlage 20.0 Verbinding met Target2 - v. 12-2008

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De SB heeft 2 mogelijkheden: Indien de SB een rechtstreekse TARGET2-deelnemer is kan hij zelf zijn rekening-courant bevoorraden met DLNS; Indien de SB geen rechtstreekse TARGET2-deelnemer is, moet de SB voor de transfers van DLNS een beroep doen op een andere TARGET2-deelnemer. Deze laatste treedt dan op als Settlement Bank Agent (hierna SBA genoemd).

1.4 FORMALITEITEN De SB deelt de TARGET2-geldrekening mee aan de beheerder van NBB-SSS met formulier SB04 "TARGET2 RTGS account to use in NBB-SSS" opgenomen in bijlage 20.1. De SB (indien de SB zelf over een geldrekening in de PM van TARGET2 beschikt) of zijn Agent bezorgt aan de beheerder van NBB-SSS ook het formulier 2002 "Debit Mandate for Ancillary System Settlement" opgenomen in bijlage 20.2. Dit formulier dient om de TARGET2 deelnemer (NBB-SSS SB of SBA) te registreren in de static data van TARGET2. Op basis hiervan wordt immers in de static data van het Ancillary System "NBB-SSS" op het TARGET2 platform, de TARGET2 deelnemer geregistreerd als " Settlement Bank of the Ancillary System NBB-SSS" (hierna AS NBB-SSS genoemd).

Samengevat zijn volgende gevallen mogelijk: EIGENAAR VAN DE REKENINGEN

geval 1 geval 2 geval 3 geval 4

NBB-SSS effectenrekening rekening-courant/DLNS deelnemer A SB A deelnemer A SB A deelnemer A SB B deelnemer A SB B

TARGET2 RTGS-rekening SBA A SBA B SBA B SBA C

In geval 3 is A een Settlement Bank Client (SBC) van SB B, die dus voor deelnemer A optreedt als SB in NBB-SSS en die zelf rechtstreekse deelnemer is van TARGET2 (SBA B). In geval 4 is deelnemer A een SBC van SB B, maar SB B is zelf geen rechtstreekse TARGET2 deelnemer en doet op zijn beurt een beroep op SBA C. In de static data van TARGET2 wordt als SB van AS NBB-SSS geregistreerd: geval 1 geval 2 geval 3 geval 4

deelnemer A deelnemer B deelnemer B deelnemer C


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2. DLNS, GERELATEERDE LIQUIDITEITENTRANSFERS EN HUN TIMING

2.1 DLNS Dedicated Liquidity for NBB-SSS (DLNS) is het deel van de liquiditeiten op de rekeningen-courant van NBBSSS SB dat exclusief kan gebruikt worden voor de vereffening van NBB-SSS DVP-operaties en de "corporate actions"-operaties. Afgezien van de geldbewegingen veroorzaakt door de vereffening van NBB-SSS transacties, wordt de DLNS uitsluitend gevoed vanuit een TARGET2-rekening. Op het einde van de dag wordt de DLNS automatisch naar de hieraan verbonden TARGET2-rekening teruggeboekt. Voor alle transfers tussen NBB-SSS en TARGET2, maakt NBB-SSS gebruik van de Ancillary System Interface van TARGET2 (hierna ASI genoemd). ASI is de specifieke interface van TARGET 2 bestemd voor Ancillary Systems en voorziet zes gestandaardiseerde vereffingsprocedures. NBB-SSS gebruikt hiervan 3 procedures: Procedure 1: "Liquidity Transfers". Deze wordt gebruikt voor individuele liquiditeitentransfers tussen TARGET2 en NBB-SSS in beide richtingen, via MT202's; Procedure 6: "Dedicated Liquidity Settlement". Deze wordt gebruikt voor individuele liquiditeitentransfers van TARGET2 naar NBB-SSS via een invoer in de "Information Control Module" (hierna ICM genoemd); Procedure 3: "Bilateral Settlement". Deze wordt gebruikt voor automatische en gezamenlijke liquiditeitentransfers van NBB-SSS naar TARGET2 na afloop van de eindvereffeningscyclus van NBB-SSS. 2.2. LIQUIDITEITENTRANSFERS 2.2.1. BEGIN VAN DE DAG

Om verrichtingen in NBB-SSS te vereffenen is het noodzakelijk om over DLNS te beschikken. Aan het begin van elke Targetdag bedraagt de DLNS nul. Daarom is het noodzakelijk om eventueel DLNS van TARGET2 naar NBB-SSS over te schrijven. Het vormen van DNLS kan vanaf de opening van TARGET2, om 07u00. Tussen 07u00 en 08u00 kunnen de NBB-SSS SB, hetzij zelf hetzij via hun SBA, in TARGET2 geld overschrijven van de RTGS-rekening op TARGET2 naar hun geldrekening van NBB-SSS voor het voeden van hun DLNS. Dit verloopt in de volgende stappen: 1. Initiatie door SB(A) via een bericht MT202 «General Financial Institution Transfer» of via de «Information Control Module» (ICM) van TARGET2; 2. Debitering van de RTGS-rekening van SB(A) en creditering van de «Mirror Account» (MA) van NBBSSS in TARGET2; 3. TARGET2 stuurt via ASI een bericht «ASTransferNotice» naar NBB-SSS; 4. Na ontvangst van dit bericht debiteert NBB de overgeschreven sommen op een «Technical Account» (TA) binnen NBB-SSS met gelijktijdige creditering van de DLNS op de geldrekening van de SB; 5. NBB-SSS notificeert de SB via een MT910.


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2.2.2. GEDURENDE DE DAG In de loop van de dag kan de SB(A) nog verdere liquiditeitentransfers in beide richtingen doen, en dit tot de eindvereffeningscyclus van NBB-SSS. De DLNS kan nooit negatief worden. Verhogingen gebeuren analoog aan de procedure bij het begin van de dag. Verlagingen van de DLNS worden altijd door de SB geïnitieerd. Dit verloopt in de volgende stappen: 1. 2. 3. 4. 5. 6.

SB stuurt een bericht MT202 naar NBB-SSS; NBB-SSS debiteert de DLNS op de geldrekening van de SB en crediteert de TA van NBB-SSS; NBB-SSS notificeert de SB via een MT900; NBB-SSS stuurt een bericht «ASTransferInitiation» naar TARGET2; In TARGET2 wordt de MA van NBB-SSS gedebiteerd en de RTGS-rekening van SB of zijn SBA gecrediteerd; TARGET2 stuurt een bericht MT202 naar SB(A).

Het is niet mogelijk rechtstreeks overschrijvingen te doen tussen de DLNS van twee verschillende NBB-SSS SB's. 2.2.3. EINDE VAN DE DAG Tussen ongeveer 16u30 en 16u45, na de eindvereffeningscyclus van het NBB-SSS, wordt de DLNS van alle NBB-SSS SB's automatisch op nul gezet via een terugboeking naar TARGET2. Dit verloopt in de volgende stappen: 1. 2. 3. 4. 5. 6.

Na de eindvereffingscyclus start NBB-SSS automatisch ASI procedure 6: "Bilateral Settlement"; NBB-SSS debiteert de DLNS op de geldrekening van de SB's en crediteert de TA van NBB-SSS; NBB-SSS notificeert de SB via een MT900; NBB-SSS stuurt een bericht «ASTransferInitiation» naar TARGET2; In TARGET2 wordt de MA van NBB-SSS gedebiteerd en de RTGS-rekeningen van SB's of hun SBA gecrediteerd; TARGET2 notificeert de SB(A) via een MT910.

In de bijlagen 20.4a en 20.4b worden de betalingberichten beschreven die gebruikt worden voor de liquiditeitentransfers (DLNS) en de opdrachten van debitering en creditering van DLNS.


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2.3. SCHEMATISCHE VOORSTELLING VAN DE TIMING VAN LIQUIDITEITENTRANSFERS


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2.4. VOORBEELD VAN EEN LIQUIDITEITENTRANSFER EN EEN DVP-VEREFFENING

Beschrijving: 1. 2. 3. 4.

De Settlement Bank Agent in TARGET2 van Deelnemer 1 in NBB-SSS schrijft € 100 over naar de Mirror account van NBB-SSS in TARGET2. De Ancillary System Interface van TARGET2 informeert NBB-SSS van de transfer. NBB-SSS debiteert haar Technical account en crediteert de DLNS op de geldrekening van de Settlement Bank (SB1) van Deelnemer 1. In een vereffeningscyclus van NBB-SSS wordt een DVP-transactie tussen de Deelnemers 1 en 2 uitgevoerd: de geld- en effectenrekeningen worden tegelijkertijd aangepast. De DLNS van SB1 wordt gedebiteerd voor € 50 en de DLNS van SB2 wordt voor eenzelfde bedrag gecrediteerd. De effecten bewegen in omgekeerde zin van Deelnemer 2 naar Deelnemer 1.

3. TESTS EN CERTIFICATIE Voorafgaand aan de productiefase moeten de NBB-SSS SB een aantal verplichte testen doorlopen. Het succesvol afwerken van deze testen en de certificatie hiervan door de NBB, is een voorwaarde voor de toegang tot NBB-SSS. De betrokken instellingen kunnen op vrijwillige basis en op aanvraag de goede verwerking van de geldtransfers testen. Meer documentatie hierover is beschikbaar op www.nbbsss.be. 4. WIROW NBB-SSS SB kunnen via de module "Current Accounts" van Wirow fin'Markets, de inkomende en uitgaande liquiditeitentransfers opvolgen, alsook de evolutie van DLNS als gevolg van DVP-verrichtingen en liquiditeitentransfers. 5. NOODPROCEDURES De noodprocedures voor de verwerking van de liquiditeitentransfers van DLNS zijn beschreven in bijlage 20.3.


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Financial Markets Department Securities Securities Settlement Unit Boulevard de Berlaimontlaan 14 - BE- 1000 Brussels Phone. +32 2 221 22 17 - Fax +32 2 221 31 20 VAT BE 0203.201.340 - RPM Brussel/Bruxelles Account number: 100-0030000-61

FORM SB04

Target2 RTGS account for use with NBB-SSS Please fax this document to +32.2.221.31.20 or send it to [email protected]. Should you need more information on this form, you can contact +32.2.221.20.45 or [email protected].

Production Data

Create

Update

Settlement Bank's NBB cash account BIC 11 linked to the Settlement Bank's NBB cash account Project manager name email phone fax

Valid from

(dd/mm/yyyy)

BIC 11 linked to the PM cash account (yours or your agent's if you are not a T2 direct participant)

Test Data

Create

Update

BIC linked to the Settlement Bank's NBB cash account BIC linked to the PM cash account (yours or your agent's if you are not a T2 direct participant)

Date, name and signature

Bijlage 20.1 Form SB04 - Target2 RTGS account for use with NBB-SSS - v.12-2008

(dd/mm/yyyy)

- 52A : BIC NBB-SSS settlement bank or empty - 58A : BIC NBB-SSS settlement bank

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Bijlage 20.2 Target2 Debit mandate for AS Settlement-v.12-2008

CONTINGENCY PROCEDURES FOR LIQUIDITY TRANSFERS DLNS1 1.

INTRODUCTION

The Ancillary System NBB-SSS (National Bank of Belgium - Securities Settlement System) is connected to TARGET2 from December 8th, 2008 as a securities settlement system settling according to the integrated settlement model. In this model both the cash leg and the securities leg of the DVP transactions are settled in the books of the SSS. Liquidity to these cash accounts is shifted through the Ancillary System Interface (ASI). As today, the payment system of the NBB (RECOUR) will be used by NBB-SSS for the settlement of the cash leg of the DVP transactions. This solution minimizes the impact of the connection to TARGET2 for the NBBSSS settlement banks (SB)2. Contrary to the current situation, the full payment capacity of the settlements banks' current account will no longer be available for the settlement of NBB-SSS transactions. SB will have to dedicate specific liquidity on their existing account for this kind of operations, called Dedicated Liquidity for NBB-SSS (DLNS). During the NBB-SSS business day SB are responsible for the management of their DLNS (creation, increase or decrease). As some NBB-SSS SB are not direct TARGET2 participant, these NBB-SSS SB are not able to create or increase DLNS on their current account by themselves. For this, these SB has to appoint a direct TARGET2 participant as an agent. This NBB-SSS SB Agent (SBA) has to send Swift messages MT202 (or ICM messages in one case) to NBB-SSS. In case NBB-SSS SBA, either acting for its own account or acting for another NBB-SSS SB, is not able to create or increase DLNS, the SBA has to use the contingency measures described in point 2. At the end of the NBB-SSS business day the remaining DLNS is automatically retransferred to the NBB-SSS SB Agent's RTGS account in the PM module of the SSP (Single share Platform) of TARGET2. The intra-day decrease of DLNS can only be performed by the NBB-SSS SB itself. In case NBB-SSS SB is not able to decrease DLNS using the normal automated channel through SWIFT (MT202) and doesn't want to wait for the automated retransfer of DLNS at the end of the NBBSSS business day, the SB has to use the contingency measures described in point 3.

1 Dit document is alleen in het Engels beschikbaar 2 NBB-SSS settlement bank = NBB-SSS participant settling on its own NBB current account

Bijlage 20.3 Noodprocedures - v. 12-2008

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2. LIQUIDITY TRANSFER DEBITING RTGS IN PM AND CREDITING DLNS IN NBB-SSS IN CONTINGENCY MODE 2.1. NBB-SSS SB IS A TARGET2 DIRECT PARITICIPANT 2.1.1 NORMAL MODE

A. Liquidity transfer crediting DLNS in NBB-SSS

NBB-SSS

TARGET2 / PM SB

MAcc

ASI

Step 2. XML ASTransferNotice

100

100

100

TAcc

SB 100

PI Step 3: MT910 to SB

Step 1: MT202 to TRGTXEPMASI or ICM

T2 Direct Participant / SB (= NBB-SSS SB)

NBB-SSS Settlement bank

Step 1: MT202 sent by the NBB-SSS settlement bank to the SSP Step 2: XML ASTransferNotice sent by SSP through ASI to NBB-SSS (transparent for the NBB-SSS settlement bank) Step 3: MT910 sent by the NBB-SSS to the NBB-SSS settlement bank 2.1.2 CONTINGENCY MODE 2.1.2.1 Case 1: NBB-SSS SB is not able to send MT202 but is still able to use ICM Step 1 is mandatorily done through ICM STEP

Description

Message /Tool

Content / Path

Step 1-AR

Liquidity transfer debiting RTGS account and crediting DLNS of the NBB-SSS SB

ICM

menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account Indicating the NBB-SSS SB in field 58


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2.1.2.2 Case 2: NBB-SB is not able to send MT202 and can not use ICM Step 1 is done using a contingency channel STEP

Description

Who

Message/contingency channel

Step 1-AR

Liquidity transfer debiting RTGS account and crediting DLNS in contingency mode

SBA/TARGET2 direct participant

for non-BE SBA/TARGET2 direct participants

domestic procedures

for BE SBA/TARGET2 direct participants

Fax using form T01 (appendix 1)


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2.2. NBB-SSS SB IS A NOT A TARGET2 DIRECT PARITICIPANT 2.2.1 NORMAL MODE


NBB-SSS

TARGET2 / PM SBA

MAcc

ASI

Step 3: XML ASTransferNotice

100

100

SB

TAcc 100

100

PI Step 4: MT910 to SB in case the SB is a SWIFT user


Step 1: SB is not a T2 direct participant

T2 Direct Participant / SBA

Settlement bank

Step 1: Message sent by the NBB-SSS SB to its SBA (depends on bilateral agreements) Step 2: MT202 sent by SBA to the SSP Step 3: XML ASTransferNotice sent by SSP through ASI to NBB-SSS (transparent for the NBB-SSS DB and its Agent) Step 4: MT910 sent by the NBB-SSS to the NBB-SSS SB 2.2.2 CONTINGENCY MODE 2.2.2.1 Case 1: NBB-SBA is not able to send MT202 but is still able to use ICM Step 2 is mandatorily done through ICM by the SBA for the account of the NBB-SSS SB STEP

Description

Who

Message /Tool

Content / Path

Step 1-AR

Instruction sent to SBA

SB

fax, Swift...

to be decided between SB and SBA

Step 2-AR

Liquidity transfer debiting RTGS account and crediting DLNS of the NBB-SSS SB

SBA

ICM


email,

menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account Indicating the NBB-SSS SB in field 58

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2.2.2.2 Case 2: NBB-SBA is not able to send MT202 and can not use ICM Step 2 is done using a contingency channel STEP

Description

Who

Message/contingency channel

Step 1-AR

Instruction sent to SBA Liquidity transfer debiting RTGS account and crediting DLNS in contingency mode

SB

fax, email, Swift...

to be decided between SB and SBA

SBA/TARGET2 direct participant

For non-BE SBA/TARGET2 direct participants

domestic procedures

For BE SBA/TARGET2 direct participants

Fax using form T02 (appendix 2)

Step 2-AR


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3. LIQUIDITY TRANSFER DEBITING DLNS IN NBB-SSS AND CREDITING RTGS IN PM IN CONTINGENCY MODE 3.1. NORMAL MODE

B. Liquidity transfer debiting DLNS in NBB-SSS

NBB-SSS

TARGET2 / PM SB

MAcc

80

Step 3: XML ASIASTransferInitiation

TAcc 80

80

SB 80


Step 2: MT900 to SB

Step 1: MT202 to NBBEBEBB216


T2 Direct Participant / SB

Step 1: MT202 sent by the NBB-SSS settlement bank to the NBB-SSS Step 2: MT900 sent by the NBB-SSS to the NBB-SSS settlement bank Step 3: XML ASTransferInitiation sent by NBB-SSS through ASI to SSP (transparent for the NBB- SSS settlement bank) Step 4: MT202 sent by the SSP to the NBB-SSS settlement bank

3.2. CONTINGENCY MODE Step 1 can not be performed using SWIFT MT202. An alternative channel has to be used. STEP

Description

Who

Step 1-AR

Liquidity transfer debiting DLNS and crediting RTGS account in contingency mode

SB


Message/contingency channel fax see form T03 (appendix 3)

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Appendix 1 FORM T01

DEBITING RTGS ACCOUNT AND CREDITING DLNS TO BE SENT TO THE NATIONAL BANK OF BELGIUM (FOR NBB-SSS SB/TARGET2-BE PARTICIPANT ACTING FOR THEIR OWN ACCOUNT) FAX NUMBER: +32 2 221 50 00

Sender BIC 11 of NBB-SSS SB/TARGET2 -BE participant Receiver tag 103 tag 113 field 20 field 21 field 32A date field 32A currency and amount field 52A BIC 11 of NBB-SSS SB/TARGET2 -BE participant as ordering institution field 57A field 58A BIC 11 of the NBB-SSS SB/TARGET2 -BE participant field 72 (optional)

Name and Signature


TRGTXEPMASI TGT HNNN

(yymmdd) EUR

NBBEBEBBMAC

Name and Signature

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Appendix 2 FORM T02

DEBITING RTGS ACCOUNT AND CREDITING DLNS TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR NBB-SSS SBA/TARGET2-BE PARTICIPANT NBBEBEBB ACTING FOR THE ACCOUNT OF AN ANOTHER NBB-SSS SB) FAX NUMBER: +32 2 221 50 00

Sender BIC 11 of SBA/TARGET2-BE participant Receiver BIC 11 tag 103 tag 113 field 20 field 21 field 32A date field 32A currency and amount field 52A BIC 11 of NBB-SSS SB as ordering institution field 57A field 58A BIC 11 of NBB-SSS SB as beneficiary institution field 72 (optional)

Name and Signature


TRGTXEPMASI TGT HNNN

(yymmdd) EUR

NBBEBEBBMAC

Name and Signature

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Appendix 3

FORM T03

DEBITING DLNS AND CREDITING RTGS ACCOUNT TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR ALL NBB-SSS SB) FAX NUMBER: +32 2 221 50 00

Sender BIC 11 of the NBB-SSS SB Receiver BIC 11 tag 103 tag 113 field 20 field 21 field 32A date field 32A currency and amount field 52A BIC 11 of NBB-SSS SB as ordering institution field 57A field 58A BIC 11 of the NBB-SSS SB as beneficiary institution field 72 (optional)

Name and Signature


NBBEBEBB216 -----

(yymmdd) EUR

NBBEBEBBMAC

Name and Signature

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- 52A : BIC NBB-SSS settlement bank or empty - 58A : BIC NBB-SSS settlement bank

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PAYMENT AND NOTIFICATION FORMATS TO BE USED BY NBB-SSS SETTLEMENT BANKS THAT ARE TARGET2 DIRECT PARTICIPANT1 1. INTRODUCTION The Ancillary System NBB-SSS (National Bank of Belgium - Securities Settlement System) is connected to TARGET2 from December 8th, 2008 as a securities settlement system settling according to the integrated settlement model. In this model both the cash leg and the securities leg of the DVP transactions are settled in the books of the SSS. Liquidity to these cash accounts is shifted through the Ancillary System Interface (ASI). As today, the payment system of the NBB (RECOUR) will be used by the NBB-SSS for the settlement of the cash leg of the DVP transactions. This solution minimizes the impact of the connection to TARGET2 for the NBB-SSS settlement banks (SB)2. Contrary to the current situation, the full payment capacity of the settlements banks' current account will no longer be available for the settlement of NBB-SSS transactions. SB will have to dedicate specific liquidity on their existing account for this kind of operations, called Dedicated Liquidity for NBB-SSS (DLNS). During the NBB-SSS business day SB are responsible for the management of their DLNS (creation, increase or decrease) by sending Swift messages MT202 (or ICM messages in one case). At the end of the NBB-SSS business day the remaining DLNS is automatically retransferred to the NBB-SSS SB's RTGS account in the PM module of the SSP (Single share Platform) of TARGET2. 2. FORMATS OF PAYMENTS AND NOTIFICATIONS A Swift message MT202 (or in one case, the input of payment in ICM) initiates a transfer of liquidity crediting or debiting DLNS. Only this action is performed by the SB. These first steps are followed by some automatic exchanges of instructions and messages involving the SSP and the NBB-SSS. The role of the NBB-SSS settlement bank - active or passive - is indicated in the tables by the suffix AR (active role) or PR (passive role).

1 Dit document is enkel in het Engels beschikbaar 2 NBB-SSS settlement bank = NBB-SSS participant settling on its own NBB current account

Annexe 20.4 Notification formats Target2 Direct Participant - v. 12-2008

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A. LIQUIDITY TRANSFER CREDITING DLNS IN NBB-SSS:


NBB-SSS

TARGET2 / PM SB

MAcc

ASI

Step 2. XML ASTransferNotice

100

100

SB

TAcc 100

100



T2 Direct Participant / SB (= NBB-SSS SB)


Step 1: MT202 sent by the NBB-SSS settlement bank to the SSP Step 2: XML ASTransferNotice sent by SSP through ASI to NBB-SSS (transparent for the NBBSSS settlement bank) Step 3: MT9103 sent by the NBB-SSS to the NBB-SSS settlement bank STEP

Description

Message /Tool

Step 1-AR Alternative 1

Liquidity transfer debiting RTGS account and crediting DLNS

MT202

Step 1-AR Alternative 2

Liquidity transfer debiting RTGS account and crediting DLNS Notification of credit DLNS

ICM

menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account

MT910

- sender : NBBEBEBB216 - receiver : BIC NBB-SSS settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202 - 52A : NBBEBEBB216 - 72 : /REC/NLIC

Step 3-PR

Content / Path - sender : BIC addressee of the SB from the Target2 directory - receiver : TRGTXEPMASI - tag 103 : TGT - tag 113 : HNNN or HYNN - 20 : your reference - 21 : your reference - 52A : BIC NBB-SSS settlement bank (optional) - 57A : NBBEBEBBMAC - 58A : BIC NBB-SSS settlement bank

B. B. LIQUIDITY TRANSFER DEBITING DLNS IN NBB-SSS:

3 The NBB-SSS settlement bank receives always notifications MT900/MT910 from the NBB-SSS.


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NBB-SSS

TARGET2 / PM SB

MAcc

80


SB

TAcc 80

80

80



Step 2: MT900 to SB

Step 1: MT202 to NBBEBEBB216


Step 1: MT202 sent by the NBB-SSS settlement bank to the NBB-SSS Step 2: MT900 sent by the NBB-SSS to the NBB-SSS settlement bank Step 3: XML ASTransferInitiation sent by NBB-SSS through ASI to SSP (transparent for the NBBSSS settlement bank) Step 4: MT202 sent by the SSP to the NBB-SSS settlement bank STEP

Description

Message /Tool

Step 1-AR

Liquidity transfer debiting DLNS and crediting RTGS account

MT202

Step 2-PR

Notification of debit DLNS

MT900

Step 4-PR

Notification of credit RTGS

MT202


Content / Path - sender : BIC NBB-SSS settlement bank - receiver : NBBEBEBB216 - tag 103 and tag 113 : empty - 20 : your reference - 21 : your reference - 52A : BIC NBB-SSS settlement bank or empty - 57A : NBBEBEBBMAC - 58A : BIC NBB-SSS settlement bank - sender : NBBEBEBB216 - receiver : BIC as NBB-SSS settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202 - 52A : BIC NBB-SSS settlement bank 72 : /REC/NLIC - sender : TRGTXEPMASI - receiver : BIC addressee of the SB from the Target2 directory - tag 103 : TGT - tag 113 : - 20 : "AS............." (SSP reference) - 21 : field 20 of the initial MT202 - 52A : BIC NBB-SSS settlement bank or empty - 58A : BIC NBB-SSS settlement bank

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C. END-OF-DAY LIQUIDITY TRANSFER SQUARING DLNS IN NBB-SSS This process is fully automated and no active intervention of the SB is needed.

C. End-of-day liquidity transfer squaring DLNS in NBB-SSS

NBB-SSS

TARGET2 / PM SB

MAcc

80


TAcc 80

80

SB 80


Step 1: MT900 to SB



Step 1: MT900 sent by the NBB-SSS to the NBB-SSS settlement bank Step 2: XML ASTransferInitiation sent by NBB-SSS through ASI to SSP (transparent for the NBBSSS settlement bank) Step 3: Optional4: MT910 sent by the SSP to the NBB-SSS settlement bank

STEP

Description

Message /Tool

Step 1-PR

Notification of debit DLNS

MT900

Step 3-PR

Notification of credit RTGS account after EOD NBB-SSS

MT910

Content / Path - sender : NBBEBEBB16 - receiver : BIC as NBB-SSS settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202 - 52A : BIC NBB-SSS settlement bank 72 : /REC/NLIC - sender : TRGTXEPMASI - receiver : BIC addressee of the SB from the Target2 directory - 20 : "AS................." (ref created by SSP - 21 : BIC 11 of NBB-SSS settlement bank followed by "+EOD" - 52A : NBBEBEBB216

--------------------------------------------------------------------

4 The NBB-SSS settlement bank opts to receive or not the notifications MT900/MT910 from the SSP on basis

of a general flag in the Static Data Module of the SSP.


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PAYMENT AND NOTIFICATION FORMATS TO BE USED BY NBB-SSS SETTLEMENT BANKS THAT ARE NON TARGET2 DIRECT PARTICIPANT1 1. INTRODUCTION The Ancillary System NBB-SSS (National Bank of Belgium - Securities Settlement System) is connected to TARGET2 from December 8th, 2008 as a securities settlement system settling according to the integrated settlement model. In this model both the cash leg and the securities leg of the DVP transactions are settled in the books of the SSS. Liquidity to these cash accounts is shifted through the Ancillary System Interface (ASI). As today, the payment system of the NBB (RECOUR) will be used by the NBB-SSS for the settlement of the cash leg of the DVP transactions. This solution minimizes the impact of the connection to TARGET2 for the NBB-SSS settlement banks (SB)2. Contrary to the current situation, the full payment capacity of the settlements banks' current account will no longer be available for the settlement of NBB-SSS transactions. SB will have to dedicate specific liquidity on their existing account for this kind of operations, called Dedicated Liquidity for NBB-SSS (DLNS). During the NBB-SSS business day SB are responsible for the management of their DLNS (creation, increase or decrease). As some NBB-SSS SB are not a direct TARGET2 participant, these NBB-SSS SB are not able to create or increase DLNS on their current account by themselves. For this reason, these SBs have to appoint a direct TARGET2 participant as an agent. This NBB-SSS SB Agent (SBA) will provide DLNS for the NBB-SS SB by sending Swift messages MT202 (or ICM messages in one case) to NBB-SSS. At the end of the NBB-SSS business day the remaining DLNS is automatically retransferred to the NBB-SSS SB Agent's RTGS account in the PM module of the SSP (Single share Platform) of TARGET2. The intra-day decrease of DNLS can only be performed by the NBB-SSS SB himself. The NBBSSS SBA is not involved in this process. 2. FORMATS OF PAYMENTS AND NOTIFICATIONS This chapter contains information about the messages exchanged between - the NBB-SSS SB Agent and TARGET2 - the NBB-SSS SB and NBB-SSS. There is no further information concerning the messages exchanged between your institution and its SBA. These messages fall outside the scope of this document. A Swift message MT202 (or in one case, the input of payment in ICM) initiates a transfer of liquidity crediting or debiting DLNS. This action is performed by the SBA (for creating/crediting DLNS) or by the SB itself (for decreasing/debiting DLNS). These first step are followed by some automatic exchanges of instructions and messages involving the SSP and the NBB-SSS. The role of the NBB-SSS settlement bank or its Agent - active or passive - is indicated in the tables by the suffix AR (active role) or PR (passive role).

1 Dit document is alleen in het Engels beschikbaar. 2 NBB-SSS settlement bank = NBB-SSS participant settling on its own NBB current account.

Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008

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A. LIQUIDITY TRANSFER CREDITING DLNS IN NBB-SSS:


NBB-SSS

TARGET2 / PM SBA

MAcc

ASI

Step 3: XML ASTransferNotice

100

100

100

SB

TAcc

100

PI Step 4: MT910 to SB in case the SB is a SWIFT user



Step 1: SB is not a T2 direct participant

Settlement bank

Step 1: Message sent by the NBB-SSS SB to its SBA (depends on bilateral agreements) Step 2: MT202 sent by SBA to the SSP Step 3: XML ASTransferNotice sent by SSP through ASI to NBB-SSS (transparent for the NBBSSS DB and its Agent) Step 4: MT9103 sent by the NBB-SSS to the NBB-SSS SB STEP Step 1-AR Step 2-AR Altern. 1

Step 2-AR Altern. 2

Step 4-PR

Description Instruction sent to SBA Liquidity transfer debiting RTGS account and crediting DLNS

Who SB

Message /Tool fax, email, Swift...

Content / Path to be decided between SB and SBA

SBA

MT202

Liquidity transfer debiting RTGS account and crediting DLNS Notification of credit DLNS

SBA

ICM

- sender : BIC addressee of the SBA from the Target2 directory - receiver : TRGTXEPMASI - tag 103 : TGT - tag 113 : HNNN or HYNN - 20 : your reference - 21 : your reference - 52A : BIC NBB-SSS settlement bank - 57A : NBBEBEBBMAC - 58A : BIC NBB-SSS settlement bank menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account

SB if it uses SWIFT

MT910

Indicating the NBB-SSS SB in field 58 - sender : NBBEBEBB216 - receiver : BIC NBB-SSS settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202 - 52A : NBBEBEBB216 - 72 : /REC/NLIC

3 The NBB-SSS SB receives always notifications MT900/MT910 from the NBB-SSS if it uses SWIFT.


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B. LIQUIDITY TRANSFER DEBITING DLNS IN NBB-SSS:


NBB-SSS

TARGET2 / PM SBA

MAcc

80


SB

TAcc 80

80

80

PI Step 3: MT202 to SBA


Step 2: MT900 to SB if SWIFT user

Step 4: only if SB is not a T2 direct participant

Step 1: MT202 to NBBEBEBB216 or fax

Settlement bank

Step 1: MT202 sent by the NBB-SSS SB to the NBB-SSS Step 2: MT900 sent by the NBB-SSS to the NBB-SSS SB Step 3: XML ASTransferInitiation sent by NBB-SSS through ASI to SSP (transparent for the NBBSSS SB and its Agent) Step 4: MT202 sent by the SSP to SBA Step 5: Message sent by SBA to SB

STEP

Description

Who

Message Tool

Step 1-AR Altern. 1

Liquidity transfer debiting DLNS and crediting RTGS account

SB if it uses SWIFT

MT202

Step 1-AR Altern. 2

Liquidity transfer debiting DLNS and crediting RTGS account Notification of debit DLNS

SB if it does not use SWIFT SB if it uses SWIFT

fax

Step 2-PR

MT900

/

Content / Path - sender : BIC NBB-SSS settlement bank - receiver : NBBEBEBB216 - tag 103 and tag 113 : empty - 20 : your reference - 21 : your reference - 52A : BIC NBB-SSS settlement bank or empty - 57A : NBBEBEBBMAC - 58A : BIC NBB-SSS settlement bank see form T04 (appendix 1)

- sender : NBBEBEBB216 - receiver : BIC as NBB-SSS settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202 - 52A : BIC NBB-SSS settlement bank - 72 : /REC/NLIC


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Step 3-PR

Notification of credit RTGS

SBA

MT202

Step 5-PR

Instruction received by SB from SBA

SB


- sender : TRGTXEPMASI - receiver :BIC addressee of the SBA from the Target2 directory - tag 103 : TGT - tag 113 : - 20 : "AS............." (SSP reference) - 21 : field 20 of the initial MT202 - 52A : BIC NBB-SSS settlement bank or empty - 58A : BIC NBB-SSS settlement bank to be decided between SB and SBA


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C. END-OF-DAY LIQUIDITY TRANSFER SQUARING DLNS IN NBB-SSS. This process is fully automated and no active intervention of the SB or SBA s needed.

C. End-of-day liquidity transfer squaring DLNS in NBB-SSS

NBB-SSS

TARGET2 / PM SBA

MAcc

80


TAcc 80

80

SB 80

PI Step 3: MT910 to SBA


Step 1: MT900 to SB in case SB is SWIFT user Step 4: SB is not a T2 direct participant

Settlement bank

Step 1: MT900 sent by the NBB-SSS to the NBB-SSS SB Step 2: XML ASTransferInitiation sent by NBB-SSS through ASI to SSP (transparent for the NBBSSS SB and its Agent) Step 3: Optional4 : MT910 sent by the SSP to SBA Step 4: Message sent by SBA to SB (depending on the bilateral relation between SBA and SB) STEP Step 1-PR

Description Notification of debit DLNS

Who SB if it uses SWIFT

Message / Tool

Content / Path

MT900

Step 3-PR

Notification of credit RTGS account after EOD NBB-SSS

SBA

MT910

Step 4-PR

Instruction received by SB from SBA

SB


- sender : NBBEBEBB216 - receiver : BIC as NBB-SSS settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202 - 52A : BIC NBB-SSS settlement bank - 72 : /REC/NLIC - sender : TRGTXEPMASI - receiver : BIC addressee of the SBA from the Target2 directory - 20 : "AS................." (ref created by SSP - 21 : BIC 11 of NBB-SSS settlement bank followed by "+EOD" - 52A : NBBEBEBB216 to be decided between SB and SBA

4 The NBB-SSS settlement bank opts to receive or not the notifications MT900/MT910 from the SSP on basis

of a general flag in the Static Data Module of the SSP.


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Appendix 1 FORM T04

DEBITING DLNS AND CREDITING RTGS ACCOUNT TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR NBB-SSS SB NOT USING SWIFT) FAX NUMBER : +32 2 221 50 00

Sender NON SWIFT BIC 11 of the NBB-SSS SB Receiver BIC 11 tag 103 tag 113 field 20 field 21 field 32A date field 32A currency and amount field 52A NON SWIFT BIC 11 of the NBB-SSS SB as ordering institution field 57A field 58A NON SWIFT BIC 11 of the NBB-SSS SB field 72 (optional)

Name and Signature

NBBEBEBB216 -----

(yymmdd) EUR

NBBEBEBBMAC

Name and Signature


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VERBINDING VAN NBB-SSS MET TARGET2: PROCEDURES

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