TARGET2 information session

October, 2007

NL

TARGET2

Marcel Otten

NL

Public project plan NL

GFS, UDFS

T2 user guide

Testing NL

Internal tests

(3CB)

Acceptance (CBs)

2007 2008

User testing activities(group 1)

User testing activities(group 2)

User testing activities(group 3)

Group 2 testingESCB planning

NL

User testing activitiesConnectivity tests

Interoperability tests (certification)

Free testing

Country testing Business day testing

at institution level at country level at European level

19/0

6

17/0

9

05/1

0

09/1

1

01/0

2

Group 2 testingDNB planning

NL

User testing activitiesconnect

Interoper tests

(certification)Free testing

Country testing Business day testing

at institution level

at country level at European level

15/0

5 st

atic

dat

aen

try

19/0

606

/07

conn

ecti

vity

test

fin

ishe

d

17/0

9

05/1

0

09/1

1

01/0

2

15/0

8 in

tero

per.

test

fin

ishe

d

NLtest

01/0

1 st

atic

dat

aE

ntry

in P

RO

D

01/09-28/09 NL test scenarios

07/0

2 G

O/N

O G

O18

/02

T2

LIV

E

Group 2 Migration to PROD NL

Registration:

•31/10/07 legal documents finalized

•08/10/07 - 07/12/07 SSP registration forms PROD submitted,

activation date 18/02/08

•05/11/07 - 07/12/07 e-ordering SWIFT for TARGET2 submitted,

activation date 02/02/08

Migration:

•15/10/07 End of retail payments directly to TOP accounts

•18/01/08 – 01/02/08 BKE with SSP, activation date 04/02/08

•07/02/08 GO / NO-GO

•11/02/08 – 15/02/08 Tests in PROD, download T2-dir, enter standing orders

limits

•15/02/08 18:00 TOP close of day, no night-settlement

•16/02/08 migration of dynamic data

•18/02/08 07:00 opening TARGET2

4th Progress Report (June 2007)

• AS-pricing on system level and not legal entity level• AS-pricing models 4,5,6 for half of the transactions because of

double charging caused by usage of a technical account.• Publication of updated version of GFS.• Approval of TARGET2-guideline, which will contain the

main legal elements of TARGET2• Guidance for group-recognition• Information guide for TARGET2-users (describing procedures

for normal and abnormal situations) to be published in October 2007.

• Involvement of users regarding XML-messages in case of restart after disaster.

Legal Documents

Walter van Dalen

NL

Current situation (TOP)• Account in TOP; terms and conditions

signed• Signatures for approval documented on

signature card• Several other documents signed when

applicable

NLLegal Documents

Examples of other documents (generic):• Credit facilities• Debet facilities• Liquidity agreements• Authorizations (AS)

NLLegal Documents

• In TOP, the different contracts are defined by the local Central Bank (every country their own local rules)

• In TARGET2 the legal documents are (more) defined by the ECB (harmonization)

• This depends on the level of business (still some local authority)

NLLegal Documents

NLLegal Documents

ILC

NCBNCB NCBNCB

NCBNCB

ILCNCBNCB

ILCNCBNCB

ILCNCBNCB

ILCNCBNCB ILC

ECBECBILC

NCBNCB

ILC

ILCNCBNCB

ILC

NCBNCB

ILC

NCBNCB

ILC

NCBNCBILC

NCBNCBILC

NCBNCBILC

NCBNCBILC

TARGETTARGETInterlinkingInterlinking

NetworkNetwork

NLLegal Documents

SSP

PM

Participant interface

Ancillarysystem

interface

SF

HAM

RM

ICM

Central banks

PHA (Reserve Management,

Intraday credit, ancillary systems, banks etc)

Ancillary systems

Retail, Large-value, Forex, Money market systems,

Securities settlement, CCP

Banks

Payments processingSD

CM

PAPSSCRSS

CROSS

CRAKS

CRISP

SSP

PM

Participant interface

Ancillarysystem

interface

SF

HAM

RM

ICM

Central banks

PHA (Reserve Management,

Intraday credit, ancillary systems, banks etc)

Ancillary systems

Retail, Large-value, Forex, Money market systems,

Securities settlement, CCP

BanksBanks

Payments processingSD

CM

PAPSSCRSS

CROSS

CRAKS

CRISP

NLLegal Documents

TARGET2-FRTARGET2-EI

TARGET2-IT

TARGET2-ES

TARGET2-NL

• Original idea:

NLLegal Documents

• Current situation:

NLLegal Documents

• Which documents in the new situation?– General terms and conditions– Conditions TARGET2-NL– Conditions HAM-NL– Monetary Policy Transactions Manual– Declaration of agreement with provisions of the

conditions for TARGET2-NL/HAM-NL, amended General Terms and Conditions and the amended Monetary Policy Transactions Manual

– Credit agreement– AL.Agreement (A and/or B)– Pledge agreement (PM account)

NLLegal Documents

Procedure • Basic documents will be send to

participants (DRAFT version)• Only documents that are applicable• Not for review, but for your information

to get familiar with content• All official documents for sign off will

follow in the next weeks• Every participant receives the

documents that are applicable

NLLegal Documents

Timeframe• October: send drafts to participants• October/November: send formal

documents to participants• 2nd week December: signed documents

back at DNB

NLLegal Documents

• QUESTIONS?

NLLegal Documents

SSP Registration forms

Relevant Informationwww.dnb.nl > Betalingsverkeer > Giraal betalingsverkeer > TARGET2 >

Downloads Registration Procedure Or

www.dnb.nl > Payments > Non cash-payments > TARGET2 > Downloads Registration Procedure

- User guide for collection of static data

- Registration forms

Direct Participants

Example form 4000

Example form 4000

Example form 4000

HAM Account Holder DNB

Mandatory forms for all HAM Account Holders5000 Main form5100 Registration HAM 5015 Contact Items

Mandatory forms for HAM Account Holders with Reserve Requirements5200 Registration SF5300 Registration RM

Optional1102 Co-management

Example form 5000

Sector codes

S.12202 Dutch Offices

S.12203 Foreign Offices

S.1311 Government

S.1314 SVB

NOT FOR NON-LIVE BIC’S

-HAMANL21-

Example form 5100

NOT FOR

NON –LIVE BIC’S

Example form 5100

Example form 5100

Example Form 1000 Direct Participant

Example form 5015

Example form 1102

Example form 1102

Example form 5200

Example form 5300

Ancillary System Equens Nederland

• Form 2002_AS_Mandate_Equens_KavelYour Direct Participant need to complete this form and sent it to:

Equens Nederland

Tav M&S Support

ovv Registratieformulieren TARGET2

Postbus 30500

3503 AH UTRECHT

Ancillary System Euroclear Nederland

• Form 2002_AS_Mandate_EuroclearYour Direct Participant need to complete this form and sent it to:

Euroclear Nederland

Registratie TARGET2

Postbus 19163

1000 GD AMSTERDAM

CB Customer DNB

Mandatory forms for all CB Customer DNB

6000 Main form

6100 Registration HAM

Example form 6000

Example form 6000

Sector codes

S.12202 Dutch Offices

S.12203 Foreign Offices

S.1311 Government

S.1314 SVB

Example form 6100

Example form 6100

Processing forms

• Filled in via Acrobat• Printed (if possible 2-sided)• Signed according to the ‘handtekeningkaart

DNB’• Sent to:

De Nederlandsche Bank NV

Afdeling Bve, sectie Euro TARGET2 Registration FormsPostbus 981000 AB AMSTERDAM

Change of Static Data

Change of Static Data

In case of change of Static Data the participant always needs to fill in a complete form

PLEASE NOTE:Changes of Static Data before the initial setup in

the SSP have to be done via a form with indication ‘new’.

As soon as DNB inserted the data in the SSP changes have to be done via a ‘modify’ form.

BKE exchange

Time schedule:Start 18/01/08Deadline 01/02/08Activation date 04/02/08

Procedure• Participant insert Pre-agreement in their CBT • Participant sent a request for exchange via MT 999 to SSP

(incl: name contact person, phone, email etc.)• SSP checks request and insert also pre-agreement• SSP sent out MT960• Participant sent also MT960

BKE exchange

More information

UDFS Book 1, version 2.3 Chapter 9.1.1.2UDFS Book 2, version 2.3 Chapter 14.1.1.2