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Adaptation plan to T2S - nbb.be · PDF fileAdaptation plan to T2S ... to TARGET2-Securities (T2S). ... of the participating CSDs as well as the Eurosystem in the development and operation

Mar 29, 2018

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  • NBB-SSS Adaptation plan to T2S

    Phase 1 : Harmonisation and new IT Platform June 2012 Version 1.1

    Changes compared to the previous version

    are indicated by this symbol :

  • National Bank of Belgium

    All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged.

  • 3.

    Table of contents Contact information ....................................................................................................................................................................................................2 Table of contents.........................................................................................................................................................................................................3 Preface .........................................................................................................................................................................................................................5 General overview ........................................................................................................................................................................................................5 1. NBB-SSS participation in T2S ..................................................................................................................................................................................6 2. The 2 phase approach.............................................................................................................................................................................................7 2.1. Introduction .................................................................................................................................................................................................7 2.2. Purpose .........................................................................................................................................................................................................7 2.3. Phase 1 overview ..........................................................................................................................................................................................8 2.4. Phase 2 overview ..........................................................................................................................................................................................9 2.5. Cost implications and pricing .................................................................................................................................................................... 10 3. Phase 1 in detail ................................................................................................................................................................................................... 11 3.1. T2S compliant features ............................................................................................................................................................................. 11 3.1.1. Identification of NBB-SSS participants through their BIC11-codes ................................................................................................. 11 3.1.2. Securities Account Number structure ............................................................................................................................................... 11 3.1.3. STP Messages ...................................................................................................................................................................................... 12 3.1.4. Matching rules .................................................................................................................................................................................... 15 3.1.5. Allegements ........................................................................................................................................................................................ 16 3.1.5.1. Service .......................................................................................................................................................................................... 16 3.1.5.2. Evolution....................................................................................................................................................................................... 17 3.1.5.3. Advantage..................................................................................................................................................................................... 17 3.1.6. Linked instructions ............................................................................................................................................................................. 18 3.1.7. Hold & release .................................................................................................................................................................................... 19 3.1.8. Quasi Real-(day)time settlement....................................................................................................................................................... 19 3.1.9. Partial settlement ............................................................................................................................................................................... 19 3.1.10. Recycling rules .................................................................................................................................................................................. 20 3.1.11. Foreign currency assets settled in Euro .......................................................................................................................................... 20 3.1.12. Prioritisation ..................................................................................................................................................................................... 20 3.2. NBB-SSS specifics ....................................................................................................................................................................................... 21 3.2.1. X/N system .......................................................................................................................................................................................... 21 3.2.1.1. Scope ............................................................................................................................................................................................ 21 3.2.1.2. Dedicated Withholding Taxes Transactions (DWTT) ................................................................................................................. 21 3.1.2.3. Settlement of the Withholding Taxes ........................................................................................................................................ 21 3.2.2. Automatic lending .............................................................................................................................................................................. 21 3.2.3. New NBB-SSS GUI ............................................................................................................................................................................... 22 3.2.4. T2S features not yet adopted by NBB-SSS in phase 1 ...................................................................................................................... 22 3.2.4.1. Night-time settlement ................................................................................................................................................................. 22 3.2.4.2. ISO 15022 - 20022 conversion .................................................................................................................................................... 23 3.2.4.3. Auto-collateralisation .................................................................................................................................................................. 24 3.2.4.4. Activation of cross-border settlement ....................................................................................................................................... 24 3.2.5. Cash accounts - liquidity provision (DLNS) ....................................................................................................................................... 24 3.2.6. Repo ..................................................................................................................................................................................................... 24 3.3 Abandoned features ................................................................................................................................................................................... 25 3.3.1. Settlement cycles................................................................................................................................................................................ 25 3.3.2. Sending number.................................................................................................................................................................................. 25 3.3.3. Unilateral cancellation ....................................................................................................................................................................... 25 3.3.4. Account segregation for foreign currency assets ..........................................................................................................................

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