VERBINDING VAN NBB-SSS MET TARGET2: PROCEDURES

Transcriptie

1 VERBINDING VAN MET TARGET2: PROCEDURES 1. VEREFFINGSMODEL EN GEBRUIKTE GELDREKENINGEN 1.1 VEREFFENINGSMODEL Het effectenvereffeningsstelsel van de NBB ( 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 gekoppeld aan het SSP (Single Shared Platform) van TARGET2 via de ASI (Ancillary System Interface) van TARGET GELDREKENING Elke deelnemer aan het moet voor de vereffening van zijn effectentransacties een rekening-courant (geldrekening) bij NBB opgeven die voor alle betalingen binnen zal gebruikt worden. Technisch worden deze geldrekeningen bijgehouden in de rekeningen-couranttoepassing van de NBB. De -deelnemer beschikt over twee alternatieven: Hij gebruikt zijn eigen rekening-courant en treedt dus op als Settlement Bank (hierna SB genoemd); Hij doet een beroep op een andere SB en is dus een Settlement Bank Client (hierna SBC genoemd) van een SB. Verschillende -deelnemers kunnen eenzelfde SB gebruiken. Door de verbinding van met TARGET2 is het voor de SB niet langer mogelijk om de volledige betalingscapaciteit 1 van zijn rekening-courant te gebruiken voor de vereffening van de verrichtingen. De SB moet voor de vereffening van de verrichtingen een specifieke betalingscapaciteit voorzien. Deze wordt aangeduid als «Dedicated Liquidity for» (DLNS). Het andere deel is onbeschikbaar voor gebruik in het kader van de activiteiten van. 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 /6

2 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 met formulier SB04 "TARGET2 RTGS account to use in " opgenomen in bijlage De SB (indien de SB zelf over een geldrekening in de PM van TARGET2 beschikt) of zijn Agent bezorgt aan de beheerder van ook het formulier 2002 "Debit Mandate for Ancillary System Settlement" opgenomen in bijlage Dit formulier dient om de TARGET2 deelnemer ( SB of SBA) te registreren in de static data van TARGET2. Op basis hiervan wordt immers in de static data van het Ancillary System "" op het TARGET2 platform, de TARGET2 deelnemer geregistreerd als " Settlement Bank of the Ancillary System " (hierna AS genoemd). Samengevat zijn volgende gevallen mogelijk: EIGENAAR VAN DE TARGET2 REKENINGEN effectenrekening rekening-courant/dlns RTGS-rekening geval 1 deelnemer A SB A SBA A geval 2 deelnemer A SB A SBA B geval 3 deelnemer A SB B SBA B geval 4 deelnemer A SB 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 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 geregistreerd: geval 1 deelnemer A geval 2 deelnemer B geval 3 deelnemer B geval 4 deelnemer C Bijlage 20.0 Verbinding met Target2 - v /6

3 2. DLNS, GERELATEERDE LIQUIDITEITENTRANSFERS EN HUN TIMING 2.1 DLNS Dedicated Liquidity for (DLNS) is het deel van de liquiditeiten op de rekeningen-courant van NBB- SSS SB dat exclusief kan gebruikt worden voor de vereffening van DVP-operaties en de "corporate actions"-operaties. Afgezien van de geldbewegingen veroorzaakt door de vereffening van 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 en TARGET2, maakt 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. gebruikt hiervan 3 procedures: Procedure 1: "Liquidity Transfers". Deze wordt gebruikt voor individuele liquiditeitentransfers tussen TARGET2 en in beide richtingen, via MT202's; Procedure 6: "Dedicated Liquidity Settlement". Deze wordt gebruikt voor individuele liquiditeitentransfers van TARGET2 naar via een invoer in de "Information Control Module" (hierna ICM genoemd); Procedure 3: "Bilateral Settlement". Deze wordt gebruikt voor automatische en gezamenlijke liquiditeitentransfers van naar TARGET2 na afloop van de eindvereffeningscyclus van LIQUIDITEITENTRANSFERS BEGIN VAN DE DAG Om verrichtingen in 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 over te schrijven. Het vormen van DNLS kan vanaf de opening van TARGET2, om 07u00. Tussen 07u00 en 08u00 kunnen de SB, hetzij zelf hetzij via hun SBA, in TARGET2 geld overschrijven van de RTGS-rekening op TARGET2 naar hun geldrekening van 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 NBB- SSS in TARGET2; 3. TARGET2 stuurt via ASI een bericht «ASTransferNotice» naar ; 4. Na ontvangst van dit bericht debiteert NBB de overgeschreven sommen op een «Technical Account» (TA) binnen met gelijktijdige creditering van de DLNS op de geldrekening van de SB; 5. notificeert de SB via een MT910. Bijlage 20.0 Verbinding met Target2 - v /6

4 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. 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. SB stuurt een bericht MT202 naar ; 2. debiteert de DLNS op de geldrekening van de SB en crediteert de TA van ; 3. notificeert de SB via een MT900; 4. stuurt een bericht «ASTransferInitiation» naar TARGET2; 5. In TARGET2 wordt de MA van gedebiteerd en de RTGS-rekening van SB of zijn SBA gecrediteerd; 6. TARGET2 stuurt een bericht MT202 naar SB(A). Het is niet mogelijk rechtstreeks overschrijvingen te doen tussen de DLNS van twee verschillende SB's EINDE VAN DE DAG Tussen ongeveer 16u30 en 16u45, na de eindvereffeningscyclus van het, wordt de DLNS van alle SB's automatisch op nul gezet via een terugboeking naar TARGET2. Dit verloopt in de volgende stappen: 1. Na de eindvereffingscyclus start automatisch ASI procedure 6: "Bilateral Settlement"; 2. debiteert de DLNS op de geldrekening van de SB's en crediteert de TA van ; 3. notificeert de SB via een MT900; 4. stuurt een bericht «ASTransferInitiation» naar TARGET2; 5. In TARGET2 wordt de MA van gedebiteerd en de RTGS-rekeningen van SB's of hun SBA gecrediteerd; 6. 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. Bijlage 20.0 Verbinding met Target2 - v /6

5 2.3. SCHEMATISCHE VOORSTELLING VAN DE TIMING VAN LIQUIDITEITENTRANSFERS Bijlage 20.0 Verbinding met Target2 - v /6

6 2.4. VOORBEELD VAN EEN LIQUIDITEITENTRANSFER EN EEN DVP-VEREFFENING Beschrijving: 1. De Settlement Bank Agent in TARGET2 van Deelnemer 1 in schrijft 100 over naar de Mirror account van in TARGET2. 2. De Ancillary System Interface van TARGET2 informeert van de transfer. 3. debiteert haar Technical account en crediteert de DLNS op de geldrekening van de Settlement Bank (SB1) van Deelnemer In een vereffeningscyclus van 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 TESTS EN CERTIFICATIE Voorafgaand aan de productiefase moeten de 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. De betrokken instellingen kunnen op vrijwillige basis en op aanvraag de goede verwerking van de geldtransfers testen. Meer documentatie hierover is beschikbaar op 4. WIROW 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 Bijlage 20.0 Verbinding met Target2 - v /6

7 Financial Markets Department Securities Securities Settlement Unit Boulevard de Berlaimontlaan 14 - BE Brussels Phone Fax VAT BE RPM Brussel/Bruxelles Account number: FORM SB04 Target2 RTGS account for use with Please fax this document to or send it to [email protected]. Should you need more information on this form, you can contact 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 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 Bijlage 20.1 Form SB04 - Target2 RTGS account for use with - v

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11 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 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 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 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 DLNS 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 Dit document is alleen in het Engels beschikbaar 2 settlement bank = participant settling on its own NBB current account Bijlage 20.3 Noodprocedures - v /9

12 2. LIQUIDITY TRANSFER DEBITING RTGS IN PM AND CREDITING DLNS IN IN CONTINGENCY MODE 2.1. SB IS A TARGET2 DIRECT PARITICIPANT NORMAL MODE A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 2. XML ASI SB MAcc TAcc SB ASTransferNotice 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 CONTINGENCY MODE 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 Bijlage 20.3 Noodprocedures - v /9

13 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) Bijlage 20.3 Noodprocedures - v /9

14 2.2. SB IS A NOT A TARGET2 DIRECT PARITICIPANT NORMAL MODE A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 3: XML ASI SBA MAcc TAcc SB ASTransferNotice 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 CONTINGENCY MODE 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, , 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 Bijlage 20.3 Noodprocedures - v /9

15 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, , 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) Bijlage 20.3 Noodprocedures - v /9

16 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) Bijlage 20.3 Noodprocedures - v /9

17 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: 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 Bijlage 20.3 Noodprocedures - v /9

18 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: 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 Bijlage 20.3 Noodprocedures - v /9

19 Appendix 3 FORM T03 DEBITING DLNS AND CREDITING RTGS ACCOUNT TO BE SENT TO NATIONAL BANK OF BELGIUM (FOR ALL SB) FAX NUMBER: Sender BIC 11 of the SB Receiver BIC 11 NBBEBEBB216 tag tag 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 Bijlage 20.3 Noodprocedures - v /9

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21 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 / 4

22 A. LIQUIDITY TRANSFER CREDITING DLNS IN : A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 2. XML ASI SB MAcc TAcc SB ASTransferNotice 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 : NBBEBEBBMAC - 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 : NBBEBEBB : /REC/NLIC 3 The settlement bank receives always notifications MT900/MT910 from the. Annexe 20.4 Notification formats Target2 Direct Participant - v / 4

23 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 : : "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 / 4

24 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 / 4

25 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. Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v /6

26 A. LIQUIDITY TRANSFER CREDITING DLNS IN : A. Liquidity transfer crediting DLNS in TARGET2 / PM Step 3: XML ASI SBA MAcc TAcc SB ASTransferNotice 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 Instruction sent SB fax, , to be decided between SB and SBA to SBA Swift... Step 2-AR Altern. 1 Step 2-AR Altern. 2 Step 4-PR Liquidity transfer debiting RTGS account and crediting DLNS Liquidity transfer debiting RTGS account and crediting DLNS Notification of credit DLNS 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 : NBBEBEBBMAC - 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 : NBBEBEBB : /REC/NLIC 3 The SB receives always notifications MT900/MT910 from the if it uses SWIFT. Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v /6

27 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 Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v /6

28 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 : : "AS..." (SSP reference) - 21 : field 20 of the initial MT202-52A : BIC settlement bank or empty - 58A : BIC settlement bank SB fax, , Swift... to be decided between SB and SBA Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v /6

29 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, , 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. Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v /6

30 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 : Sender NON SWIFT BIC 11 of the SB Receiver BIC 11 NBBEBEBB216 tag tag 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 Bijlage 20.5 Notification formats Target2 Non-Direct Participant - v /6