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TARGET2-SECURITIES operating day

The change of the T2S day starts at 18h45 on the D+1. A night-time process is scheduled between 20h00 and 3h00 and afterwards there is a technical maintenance window between 3h and 5h.

The night-time settlement process allows, in particular, the processing of new settlement instructions, settlement restrictions and liquidity transfers, as well as pending settlement instructions, in the settlement cycles.

The real-time settlement process begins at 5 am and ends:

  • at 16h for delivery against payment (DVP) and cash settlement restrictions.
  • at 16h30 for automatic reimbursement of collateral instructions for central bank auto-collateralisation and optional automatic cash sweep.
  • at 17h40 for treasury operations (BATM) and Eurosystem credit operations (CBO).
  • at 17h45 for incoming liquidity transfers and the automatic cash sweep from DCAs to the linked RTGS account.
  • at 18h for securities settlement restrictions and instructions without payment (FOP).

 

The real-time settlement process allows the processing of requests for updates to static data, the settlement of new settlement instructions, settlement restrictions and liquidity transfers. There are also several windows dedicated to partial settlement.

The end of the day is scheduled for 18h.

Phase

Time

Description

Day-time settlement

05h00
- 18h00

Day-time settlement

16h00

Cut-off for DVP and Cash settlement restrictions

Release of unused cash settlement restrictions

Release of unused cash settlement restrictions

16h30

Automatic reimbursement of collateral instructions for central bank auto-collateralisation

Optional automatic cash sweep from DCA to linked RTGS account

17h40

Cut-off for Bilaterally Agreed Treasury Management (BATM) and Central Bank Operation (CBO)

17h45

Inbound liquidity transfer and automated cash sweep from DCA to linked RTGS account

18h

Cut-off FOP and Securities settlement restriction

Change of business day

18h00 – 18h45

End of day processing

End of day processing and night-time settlement


 

18h45 – 20h00

Start of day processing

 

20h00 – 03h00 

Night-time settlement processing

Real-time settlement processing (if night-time settlement ends before 3h)

 

03h00 – 05h00

Maintenance window

 

The connection from T2S to T2 is based on a quasi-new procedure created for T2S (quasi new ancillary system interface model specially designed for T2S (e.g. quasi ASI model 7)).

 

Updated on: 08/10/2017 08:49