CONNEXION DU À TARGET2 : PROCÉDURES 1. MODELE DE LIQUIDATION ET COMPTES ESPECES UTILISES 1.1. MODELE DE LIQUIDATION Le système de liquidation de titres de la BNB ( ou National Bank of Belgium Securities Settlement System) fonctionne selon le modèle de liquidation intégré: tant les comptes-titres que les comptes espèces sont gérés au sein de la BNB. En d autres termes, le processus DVP complet (Delivery versus Payment) se déroule en temps réel au sein de la plateforme IT de la BNB, durant un même cycle de liquidation. À partir du 8 décembre 2008, le sera connecté à la SSP (Single Shared Platform) de TARGET2 par le biais de l ASI (Ancillary System Interface) de TARGET2. 1.2. COMPTE ESPECES Pour la liquidation de toutes ses opérations sur titres, chaque participant au doit communiquer un compte courant (compte espèces) BNB qui sera utilisé pour tous les paiements au sein du. Sur le plan technique, ces comptes espèces sont gérés dans l application Comptes courants de la BNB. Le participant au dispose de deux possibilités: o o utiliser son propre compte courant et donc intervenir comme Settlement Bank (dénommée ci-après SB); faire appel à une autre SB et être donc le Settlement Bank Client (dénommé ci après SBC) d une SB. Plusieurs participants au peuvent utiliser une même SB. Avec la connexion du à TARGET2, il n est plus possible pour la SB d utiliser sa capacité de paiement complète 1 de son compte courant pour liquider les opérations du. La SB doit prévoir à cet effet une capacité de paiement spécifique. Celle-ci s'appelle la «Dedicated Liquidity for» (DLNS). L autre partie ne peut plus être utilisée dans le cadre des activités du. La DLNS ne peut être constituée qu à partir d un compte espèces dans le Payment Module (dénommé ci-après PM) de TARGET2. Seuls les participants directs à TARGET2 disposent d un compte espèces dans le PM. 1.3 COMPTE ESPECES TARGET2 Pour utiliser la DLNS, tout compte courant doit être couplé à un «compte RTGS» qui est géré dans le Payment Module de TARGET2. 1 Ce qu on appelle les fonds disponibles : le solde actuel - les blocages + l ouverture de crédit. Annexe 20.0 Connexion à Target2 - v. 12-2008 1/6
La SB a deux possibilités : o si la SB est elle-même un participant direct de TARGET2, elle peut approvisionner ellemême son compte courant avec la DLNS ; o si la SB n est pas un participant direct de TARGET2, elle doit faire appel à un autre participant de TARGET2 pour les transferts de DLNS. Ce participant à TARGET2 intervient alors en tant que Settlement Bank Agent (ci-après dénommé SBA). 1.4 FORMALITES La SB communique le compte espèces TARGET2 à l opérateur du au moyen du formulaire SB04 «TARGET2 RTGS account to use in» repris à l annexe 20.1. La SB (si elle dispose elle-même d un compte espèces dans le PM de TARGET2) ou son Agent transmet également à l opérateur du le formulaire 2002 «Debit Mandate for Ancillary System Settlement» repris à l annexe 20.2. Ce formulaire est nécessaire pour enregistrer le participant TARGET2 ( SB ou SBA) dans les static data de TARGET2. Sur cette base, le participant à TARGET2 est en effet enregistré comme «Settlement Bank of the Ancillary System» (ci-après dénommé AS ) dans les static data de l Ancillary System «NBB- SSS» sur la plateforme TARGET2. En résumé, les cas suivants sont possibles: TITULAIRE DES TARGET2 COMPTES Compte-titres Compte courant/dlns Compte RTGS cas 1 participant A SB A SBA A cas 2 participant A SB A SBA B cas 3 participant A SB B SBA B cas 4 participant A SB B SBA C Dans le cas 3, A est un Settlement Bank Client (SBC) de la SB B, qui agit donc comme SB du participant A, dans le et est elle-même participant direct en TARGET2 (SBA B). Dans le cas 4, le participant A est un SBC de la SB B, qui n'est pas participant direct en TARGET2 et fait donc appel au SBA C. Dans les static data de TARGET2, sont enregistrés comme SB de l'as : cas 1: participant A cas 2: participant B cas 3: participant B cas 4: participant C. Annexe 20.0 Connexion à Target2 - v. 12-2008 2/6
2. DLNS, TRANSFERTS DE LIQUIDITES Y AFFERENTS ET TIMING 2.1. DLNS La Dedicated Liquidity for (DLNS) est la partie des liquidités sur les comptes courants de la SB qui peut être exclusivement utilisée pour la liquidation des opérations DVP et des opérations «corporate actions». Indépendamment des flux d espèces occasionnés par la liquidation de transactions, la DLNS est exclusivement approvisionnée au départ d un compte TARGET2. À la fin de la journée, la DLNS est automatiquement retransférée au compte TARGET2 auquel elle est reliée. Pour tous les transferts entre le et TARGET2, le utilise l Ancillary System Interface de TARGET2 (dénommé ci-après ASI). L ASI est l interface spécifique de TARGET 2 destinée aux Ancillary Systems et prévoit six procédures de liquidation standardisées. Le utilise trois de ces procédures : o Procédure 1 : «Liquidity Transfers». Celle-ci est utilisée pour les transferts de liquidités individuels entre TARGET2 et le NBB- SSS dans les deux sens, basés sur des MT202; o Procédure 6 : «Dedicated Liquidity Settlement». Celle-ci est utilisée pour les transferts de liquidités individuels de TARGET2 vers le NBB- SSS par le biais d'une introduction dans le "Information Control Module" (dénommé ciaprès ICM); o Procédure 3 : «Bilateral Settlement». Celle-ci est utilisée pour le transfert automatique et intégral de liquidités du vers TARGET2 à l issue du cycle de liquidation final du. 2.2. TRANSFERTS DE LIQUIDITES 2.2.1. DEBUT DE LA JOURNEE Pour liquider des opérations dans le, il est nécessaire de disposer d'une DLNS. Au début de chaque journée Target, la DLNS est à zéro. Il peut dès lors être nécessaire de transférer une éventuelle DLNS de TARGET2 vers le. La DLNS peut être constituée dès l ouverture de TARGET2 à 07h00. Entre 07h00 et 08h30, les SB peuvent transférer dans TARGET2, soit elles-mêmes, soit par le biais de leur SBA, des espèces du compte RTGS sur TARGET2 à leur compte espèces en pour l approvisionnement de leur DLNS. Ce processus suit les étapes suivantes : 1. Initiation par la SB(A) via un message MT202 «General Financial Institution Transfer» ou via l «Information Control Module» (ICM) de TARGET2 ; 2. Débit du compte RTGS de la SB(A) et crédit du «Mirror Account» (MA) du dans TARGET2; 3. TARGET2 envoie par l ASI un message «ASTransferNotice» au ; 4. Après réception de cet avis, la BNB débite les sommes transférées sur un «Technical account» (TA) au sein du avec crédit simultané de la DLNS sur le compte espèces de la SB ; 5. Le notifie à la SB via un message MT910. Annexe 20.0 Connexion à Target2 - v. 12-2008 3/6
2.2.2. PENDANT LA JOURNEE Au cours de la journée, la SB(A) peut encore faire d autres transferts de liquidités dans les deux sens, et ce jusqu au cycle final de liquidation du. La DLNS ne peut jamais devenir négative. Les augmentations s effectuent de façon analogue à la procédure pour le début de la journée. Les diminutions de la DLNS sont toujours initiées par la SB. Ce processus suit les étapes suivantes: 1. La SB envoie un message MT202 au ; 2. Le débite la DLNS du compte espèces de la SB et crédite le TA du ; 3. Le notifie à la SB via un message MT900; 4. Le envoie un message «ASTransferInitiation» à TARGET2; 5. Dans TARGET2, le MA du est débité et le compte RTGS de la SB ou de son SBA est crédité; 6. TARGET2 envoie un message MT202 à la SB(A). Il n est pas possible de faire des transferts directs entre les DLNS de deux SB différentes. 2.2.3. FIN DE LA JOURNEE Entre environ 16h30 et 16h45, après le dernier cycle de liquidation du, la DLNS de toutes les SB est automatiquement remise à zéro par le biais d'un transfert vers TARGET2. Ce processus suit les étapes suivantes: 1. Après le cycle de liquidation final, le démarre automatiquement la procédure ASI 6 : «Bilateral Settlement»; 2. Le débite la DLNS du compte espèces des SB et crédite le TA du ; 3. Le notifie à la SB via un message MT900 ; 4. Le envoie un message «ASTransferInitiation» à TARGET2; 5. Dans TARGET2, le MA du est débité et les comptes RTGS des SB ou de leur SBA sont crédités; 6. TARGET2 notifie à la SB (A) via un message MT910. Les annexes 20.4 et 20.5 décrivent les avis de paiement qui sont utilisés pour les transferts de liquidités (DLNS) et les ordres de débit et crédit de la DLNS. Annexe 20.0 Connexion à Target2 - v. 12-2008 4/6
2.3. PRESENTATION SCHEMATIQUE DU TIMING DES TRANSFERTS DE LIQUIDITES 7:00 window for liquidity transfers Target2 DLNS=0 8:00 DLNS is credited with liquidity transfers first settlement cycle using DLNS window for liquidity transfers Target2 DLNS adapted accordingly 16:00 16:15 final settlement cycle using DLNS 16:30 16:45 window for liquidity transfer Target2 DLNS=0 Annexe 20.0 Connexion à Target2 - v. 12-2008 5/6
2.4. EXEMPLE D UN TRANSFERT DE LIQUIDITES ET D UNE LIQUIDATION DVP Description : 1. Le Settlement Bank Agent dans TARGET2 du Participant 1 dans le transfère 100 au Mirror account du dans TARGET2. 2. L Ancillary System Interface de TARGET2 informe le du transfert. 3. Le débite son Technical account et crédite la DLNS sur le compte espèces de la Settlement Bank (SB1) du Participant 1. 4. Dans le cycle de liquidation du, une transaction DVP entre les Participants 1 et 2 est effectuée: les comptes espèces et comptes-titres sont adaptés simultanément. La DLNS de la SB1 est débitée de 50 et la DLNS de la SB2 est créditée du même montant. Les titres sont transférés en sens inverse du Participant 2 au Participant 1. 3. TESTS ET CERTIFICATION Préalablement à la phase de production, les SB doivent passer une série de tests obligatoires. La réussite de ces tests et la certification de ceux-ci par la BNB conditionnent l accès au. Les institutions concernées peuvent tester le traitement correct des transferts de liquidités sur une base volontaire et à la demande. Vous trouverez plus de documentation à ce sujet sur www.nbbsss.be. 4. WIROW Les SB peuvent, par le biais du module «Current Accounts» de Wirow fin'markets, suivre les transferts de liquidités entrants et sortants ainsi que l évolution de la DLNS suite aux opérations DVP et aux transferts de liquidités. 5. PROCEDURES D URGENCE Les procédures d urgence pour le traitement des transferts de liquidités de la DLNS sont décrites à l annexe 20.3. Annexe 20.0 Connexion à Target2 - v. 12-2008 6/6
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 Please fax this document to +32.2.221.31.20 or send it to sss@nbb.be. Should you need more information on this form, you can contact +32.2.221.20.45 or target2.helpdesk@nbb.be. 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) (dd/mm/yyyy) Date, name and signature Annexe 20.1 Verbinding met Target2 - v. 12-2008
CONTINGENCY PROCEDURES FOR LIQUIDITY TRANSFERS DLNS 1 1. INTRODUCTION The Ancillary System (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 the both 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 for the settlement of the cash leg of the DVP transactions. This solution minimizes the impact of the connection to TARGET2 for the 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 transactions. SB will have to dedicate specific liquidity on their existing account for this kind of operations, called Dedicated Liquidity for (DLNS). During the business day SB are responsible for the management of their DLNS (creation, increase or decrease). As some SB are not direct TARGET2 participant, these 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 SB Agent (SBA) has to send Swift messages MT202 (or ICM messages in one case) to. In case SBA, either acting for its own account or acting for another 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 business day the remaining DLNS is automatically retransferred to the 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 SB itself. In case 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 NBB- SSS business day, the SB has to use the contingency measures described in point 3. 1 Ce document est uniquement disponible en anglais 2 settlement bank = participant settling on its own NBB current account Annexe 20.3 Procédures d'urgence - v. 12-2008 1/9
2. LIQUIDITY TRANSFER DEBITING RTGS IN PM AND CREDITING DLNS IN IN CONTINGENCY MODE 2.1. SB IS A TARGET2 DIRECT PARITICIPANT 2.1.1 NORMAL MODE A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 2. XML ASI SB MAcc TAcc SB ASTransferNotice 100 100 100 100 PI Step 1: MT202 to TRGTXEPMASI or ICM Step 3: MT910 to SB T2 Direct Participant / SB (= SB) Settlement bank Step 1: MT202 sent by the settlement bank to the SSP Step 2: XML ASTransferNotice sent by SSP through ASI to (transparent for the settlement bank) Step 3: MT910 sent by the to the settlement bank 2.1.2 CONTINGENCY MODE 2.1.2.1 Case 1: 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 SB ICM menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account Indicating the SB in field 58 Annexe 20.3 Procédures d'urgence - v. 12-2008 2/9
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 SBA/TARGET2 for non-be SBA/TARGET2 domestic procedures transfer debiting RTGS account and crediting DLNS in contingency mode direct participant direct participants for BE SBA/TARGET2 direct participants Fax using form T01 (appendix 1) Annexe 20.3 Procédures d'urgence - v. 12-2008 3/9
2.2. SB IS A NOT A TARGET2 DIRECT PARITICIPANT 2.2.1 NORMAL MODE A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 3: XML ASI SBA MAcc TAcc SB ASTransferNotice 100 100 100 100 PI Step 2: MT202 to TRGTXEPMASI or ICM Step 4: MT910 to SB in case the SB is a SWIFT user T2 Direct Participant / SBA Step 1: SB is not a T2 direct participant Settlement bank Step 1: Message sent by the 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 (transparent for the DB and its Agent) Step 4: MT910 sent by the to the 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 SB STEP Description Who Message /Tool Content / Path Step 1-AR Step 2-AR Instruction sent to SBA Liquidity transfer debiting RTGS account and crediting DLNS of the SB SB fax, email, Swift... to be decided between SB and SBA SBA ICM menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account Indicating the SB in field 58 Annexe 20.3 Procédures d'urgence - v. 12-2008 4/9
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 SB fax, email, Swift... to be decided between SB and SBA Step 2-AR Liquidity transfer debiting RTGS account and crediting DLNS in contingency mode SBA/TARGET2 direct participant For non-be SBA/TARGET2 direct participants For BE SBA/TARGET2 direct participants domestic procedures Fax using form T02 (appendix 2) Annexe 20.3 Procédures d'urgence - v. 12-2008 5/9
3. LIQUIDITY TRANSFER DEBITING DLNS IN AND CREDITING RTGS IN PM IN CONTINGENCY MODE 3.1. NORMAL MODE B. Liquidity transfer debiting DLNS in TARGET2 / PM Step 3: XML ASI SB MAcc TAcc SB ASTransferInitiation PI Step 4: MT202 to SB Step 2: MT900 to SB Step 1: MT202 to NBBEBEBB216 T2 Direct Participant / SB Settlement bank Step 1: MT202 sent by the settlement bank to the Step 2: MT900 sent by the to the settlement bank Step 3: XML ASTransferInitiation sent by through ASI to SSP (transparent for the NBB- SSS settlement bank) Step 4: MT202 sent by the SSP to the 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 Message/contingency channel Step 1-AR Liquidity transfer debiting DLNS and crediting RTGS account in contingency mode SB fax see form T03 (appendix 3) Annexe 20.3 Procédures d'urgence - v. 12-2008 6/9
Appendix 1 FORM T01 DEBITING RTGS ACCOUNT AND CREDITING DLNS TO BE SENT TO THE NATIONAL BANK OF BELGIUM (FOR SB/TARGET2-BE PARTICIPANT ACTING FOR THEIR OWN ACCOUNT) FAX NUMBER: +32 2 221 50 00 Sender BIC 11 of 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 SB/TARGET2 -BE participant as ordering institution field 57A field 58A BIC 11 of the SB/TARGET2 -BE participant field 72 (optional) TRGTXEPMASI TGT HNNN EUR NBBEBEBBMAC (yymmdd) Name and Signature Name and Signature Annexe 20.3 Procédures d'urgence - v. 12-2008 7/9
Appendix 2 FORM T02 DEBITING RTGS ACCOUNT AND CREDITING DLNS TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR SBA/TARGET2-BE PARTICIPANT NBBEBEBB ACTING FOR THE ACCOUNT OF AN ANOTHER 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 SB as ordering institution field 57A field 58A BIC 11 of SB as beneficiary institution field 72 (optional) TRGTXEPMASI TGT HNNN EUR NBBEBEBBMAC (yymmdd) Name and Signature Name and Signature Annexe 20.3 Procédures d'urgence - v. 12-2008 8/9
Appendix 3 FORM T03 DEBITING DLNS AND CREDITING RTGS ACCOUNT TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR ALL SB) FAX NUMBER: +32 2 221 50 00 Sender BIC 11 of the SB Receiver BIC 11 NBBEBEBB216 tag 103 --- tag 113 --- field 20 field 21 field 32A date field 32A currency and amount EUR field 52A BIC 11 of SB as ordering institution field 57A NBBEBEBBMAC field 58A BIC 11 of the SB as beneficiary institution field 72 (optional) (yymmdd) Name and Signature Name and Signature Annexe 20.3 Procédures d'urgence - v. 12-2008 9/9
PAYMENT AND NOTIFICATION FORMATS TO BE USED BY SETTLEMENT BANKS THAT ARE TARGET2 DIRECT PARTICIPANT 1 1. INTRODUCTION The Ancillary System (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 for the settlement of the cash leg of the DVP transactions. This solution minimizes the impact of the connection to TARGET2 for the 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 transactions. SB will have to dedicate specific liquidity on their existing account for this kind of operations, called Dedicated Liquidity for (DLNS). During the 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 business day the remaining DLNS is automatically retransferred to the 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. The role of the 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 settlement bank = participant settling on its own NBB current account Annexe 20.4 Notification formats Target2 Direct Participant - v. 12-2008
A. LIQUIDITY TRANSFER CREDITING DLNS IN : A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 2. XML ASI SB MAcc TAcc SB ASTransferNotice 100 100 100 100 PI Step 1: MT202 to TRGTXEPMASI or ICM Step 3: MT910 to SB T2 Direct Participant / SB (= SB) Settlement bank Step 1: MT202 sent by the settlement bank to the SSP Step 2: XML ASTransferNotice sent by SSP through ASI to (transparent for the NBB- SSS settlement bank) Step 3: MT910 3 sent by the to the settlement bank STEP Description Message /Tool Content / Path Step 1-AR MT202 Alternative 1 Step 1-AR Alternative 2 Step 3-PR Liquidity transfer debiting RTGS account and crediting DLNS Liquidity transfer debiting RTGS account and crediting DLNS Notification of credit DLNS ICM MT910 B. B. LIQUIDITY TRANSFER DEBITING DLNS IN : - 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 settlement bank (optional) - 57A : NBBEBEBEMAC - 58A : BIC settlement bank menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account - sender : NBBEBEBB216 - receiver : BIC settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202-52A : NBBEBEBB216-72 : /REC/NLIC 3 The settlement bank receives always notifications MT900/MT910 from the. Annexe 20.4 Notification formats Target2 Direct Participant - v. 12-2008 2 / 4
B. Liquidity transfer debiting DLNS in TARGET2 / PM Step 3: XML ASI SB MAcc TAcc SB ASTransferInitiation PI Step 4: MT202 to SB Step 2: MT900 to SB Step 1: MT202 to NBBEBEBB216 T2 Direct Participant / SB Settlement bank Step 1: MT202 sent by the settlement bank to the Step 2: MT900 sent by the to the settlement bank Step 3: XML ASTransferInitiation sent by through ASI to SSP (transparent for the NBB- SSS settlement bank) Step 4: MT202 sent by the SSP to the settlement bank STEP Description Message /Tool Content / Path Step 1-AR Liquidity transfer debiting DLNS and crediting RTGS account MT202 - sender : BIC settlement bank - receiver : NBBEBEBB216 - tag 103 and tag 113 : empty - 20 : your reference - 21 : your reference - 52A : BIC settlement bank or empty - 57A : NBBEBEBBMAC - 58A : BIC settlement bank Step 2-PR Notification of debit DLNS MT900 - sender : NBBEBEBB216 - receiver : BIC as settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202-52A : BIC settlement bank 72 : /REC/NLIC Step 4-PR Notification of credit RTGS MT202 - 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 settlement bank or empty - 58A : BIC settlement bank Annexe 20.4 Notification formats Target2 Direct Participant - v. 12-2008 3 / 4
C. END-OF-DAY LIQUIDITY TRANSFER SQUARING DLNS IN This process is fully automated and no active intervention of the SB is needed. C. End-of-day liquidity transfer squaring DLNS in TARGET2 / PM Step 2: XML ASI SB MAcc TAcc SB ASTransferInitiation PI Step 3: MT910 to SB Step 1: MT900 to SB T2 Direct Participant / SB Settlement bank Step 1: MT900 sent by the to the settlement bank Step 2: XML ASTransferInitiation sent by through ASI to SSP (transparent for the NBB- SSS settlement bank) Step 3: Optional 4 : MT910 sent by the SSP to the settlement bank STEP Description Message /Tool Content / Path Step 1-PR Notification of debit DLNS MT900 - sender : NBBEBEBB16 - receiver : BIC as settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202-52A : BIC settlement bank 72 : /REC/NLIC Step 3-PR MT910 Notification of credit RTGS account after EOD -------------------------------------------------------------------- - sender : TRGTXEPMASI - receiver : BIC addressee of the SB from the Target2 directory - 20 : "AS..." (ref created by SSP - 21 : BIC 11 of settlement bank followed by "+EOD" - 52A : NBBEBEBB216 4 The 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. Annexe 20.4 Notification formats Target2 Direct Participant - v. 12-2008 4 / 4
PAYMENT AND NOTIFICATION FORMATS TO BE USED BY SETTLEMENT BANKS THAT ARE NON TARGET2 DIRECT PARTICIPANT 1 1. INTRODUCTION The Ancillary System (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 for the settlement of the cash leg of the DVP transactions. This solution minimizes the impact of the connection to TARGET2 for the 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 transactions. SB will have to dedicate specific liquidity on their existing account for this kind of operations, called Dedicated Liquidity for (DLNS). During the business day SB are responsible for the management of their DLNS (creation, increase or decrease). As some SB are not a direct TARGET2 participant, these 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 SB Agent (SBA) will provide DLNS for the NBB-SS SB by sending Swift messages MT202 (or ICM messages in one case) to. At the end of the business day the remaining DLNS is automatically retransferred to the 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 SB himself. The NBB- SSS SBA is not involved in this process. 2. FORMATS OF PAYMENTS AND NOTIFICATIONS This chapter contains information about the messages exchanged between - the SB Agent and TARGET2 - the SB and. 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. The role of the 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 settlement bank = participant settling on its own NBB current account. Annexe 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008 1/6
A. LIQUIDITY TRANSFER CREDITING DLNS IN : A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 3: XML ASI SBA MAcc TAcc SB ASTransferNotice 100 100 100 100 PI Step 2: MT202 to TRGTXEPMASI or ICM Step 4: MT910 to SB in case the SB is a SWIFT user T2 Direct Participant / SBA Step 1: SB is not a T2 direct participant Settlement bank Step 1: Message sent by the 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 (transparent for the NBB- SSS DB and its Agent) Step 4: MT910 3 sent by the to the SB STEP Description Who Message /Tool Content / Path Step 1-AR Step 2-AR Altern. 1 Step 2-AR Altern. 2 Step 4-PR Instruction sent to SBA Liquidity transfer debiting RTGS account and crediting DLNS Liquidity transfer debiting RTGS account and crediting DLNS Notification of credit DLNS SB fax, email, Swift... to be decided between SB and SBA SBA MT202 - 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 settlement bank - 57A : NBBEBEBEMAC - 58A : BIC settlement bank SBA ICM menu RTGS, Ancillary systems, Liquidity, Liquidity Transfer Mirror Account SB if it uses SWIFT MT910 Indicating the SB in field 58 - sender : NBBEBEBB216 - receiver : BIC settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202-52A : NBBEBEBB216-72 : /REC/NLIC 3 The SB receives always notifications MT900/MT910 from the if it uses SWIFT. Annexe 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008 2/6
B. LIQUIDITY TRANSFER DEBITING DLNS IN : B. Liquidity transfer debiting DLNS in TARGET2 / PM Step 2: XML ASI SBA MAcc TAcc SB ASTransferInitiation PI Step 3: MT202 to SBA Step 2: MT900 to SB if SWIFT user Step 1: MT202 to NBBEBEBB216 or fax T2 Direct Participant / SBA Step 4: only if SB is not a T2 direct participant Settlement bank Step 1: MT202 sent by the SB to the Step 2: MT900 sent by the to the SB Step 3: XML ASTransferInitiation sent by through ASI to SSP (transparent for the NBB- SSS 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 Step 1-AR Altern. 2 Step 2-PR Liquidity transfer debiting DLNS and crediting RTGS account Liquidity transfer debiting DLNS and crediting RTGS account Notification of debit DLNS SB if it uses SWIFT SB if it does not use SWIFT SB if it uses SWIFT MT202 Content / Path - sender : BIC settlement bank - receiver : NBBEBEBB216 - tag 103 and tag 113 : empty - 20 : your reference - 21 : your reference - 52A : BIC settlement bank or empty - 57A : NBBEBEBBMAC - 58A : BIC settlement bank fax see form T04 (appendix 1) MT900 - sender : NBBEBEBB216 - receiver : BIC as settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202-52A : BIC settlement bank - 72 : /REC/NLIC Annexe 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008 3/6
Step 3-PR Step 5-PR Notification of credit RTGS Instruction received by SB from SBA SBA MT202 - 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 settlement bank or empty - 58A : BIC settlement bank SB fax, email, Swift... to be decided between SB and SBA Annexe 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008 4/6
C. END-OF-DAY LIQUIDITY TRANSFER SQUARING DLNS IN. 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 TARGET2 / PM Step 2: XML ASI SBA MAcc TAcc SB ASTransferInitiation PI Step 3: MT910 to SBA Step 1: MT900 to SB in case SB is SWIFT user T2 Direct Participant / SBA Step 4: SB is not a T2 direct participant Settlement bank Step 1: MT900 sent by the to the SB Step 2: XML ASTransferInitiation sent by through ASI to SSP (transparent for the NBB- SSS SB and its Agent) Step 3: Optional 4 : 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 Description Who Message / Tool Content / Path Step 1-PR Step 3-PR Step 4-PR Notification of debit DLNS Notification of credit RTGS account after EOD Instruction received by SB from SBA SB if it uses SWIFT MT900 - sender : NBBEBEBB216 - receiver : BIC as settlement bank - 20 : NBB reference - 21 : field 20 of the initial MT202-52A : BIC settlement bank - 72 : /REC/NLIC SBA MT910 - sender : TRGTXEPMASI - receiver : BIC addressee of the SBA from the Target2 directory - 20 : "AS..." (ref created by SSP - 21 : BIC 11 of settlement bank followed by "+EOD" - 52A : NBBEBEBB216 SB fax, email, Swift... to be decided between SB and SBA 4 The 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. Annexe 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008 5/6
Appendix 1 FORM T04 DEBITING DLNS AND CREDITING RTGS ACCOUNT TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR SB NOT USING SWIFT) FAX NUMBER : +32 2 221 50 00 Sender NON SWIFT BIC 11 of the SB Receiver BIC 11 NBBEBEBB216 tag 103 --- tag 113 --- field 20 field 21 field 32A date field 32A currency and amount EUR field 52A NON SWIFT BIC 11 of the SB as ordering institution field 57A NBBEBEBBMAC field 58A NON SWIFT BIC 11 of the SB field 72 (optional) (yymmdd) Name and Signature Name and Signature Annexe 20.5 Notification formats Target2 Non-Direct Participant - v. 12-2008 6/6