[F1ANNEX II U.K. [F2TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A T2S DEDICATED CASH ACCOUNT (T2S DCA) IN TARGET2]

Textual Amendments

Appendix V

OPERATING SCHEDULE U.K.

1. TARGET2 is open on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, 25 December and 26 December. U.K.
2. The reference time for the system is the local time at the seat of the ECB, i.e. CET (1) . U.K.
3. The current business day is opened during the evening of the previous business day and operates according to the schedule set out in the T2S Scope Defining Set of Documents. U.K.
4. The T2S Platform is available for U2A and A2A mode during the whole settlement day, except during the technical maintenance period from 03:00 until 05:00. During the technical maintenance period messages sent using the A2A mode will be queued. It will not be possible to submit messages via the U2A mode. U.K.
5. The operating hours may be changed in the event that business continuity measures are adopted in accordance with paragraph 2 of Appendix IV. U.K.
6. An overview of the operating hours and significant business events during the day is shown in the following table: U.K.
SSP schedule T2S schedule (applicable to [F2T2S DCAs] )
Time Description Time Description
18:45 – 19:00 ( 1 ) Start of day processing (sending of GL files shortly after 18:45) 18:45 – 20:00

Start of day:

  • Change of business date

  • Deadline for acceptance of CMS data feeds (19:00)

  • Preparation of the night time settlement

19:00 – 19:30 ( 1 ) Night-time settlement: provision of liquidity from SF to HAM and PM; from HAM to PM and from PM to [F2T2S DCA] . 20:00 – 03:00

Night-time settlement:

  • First Night-time settlement cycle

  • Last Night-time settlement cycle (Sequence X includes the partial settlement of unsettled payment instructions eligible for partial settlement and that have failed to settle due to a lack of securities; Sequence Y includes the reimbursement of multiple liquidity providers at the end of cycle)

19:30 ( 1 ) – 22:00

Night-time settlement (NTS1):

  • Start-of-procedure message;

  • Setting aside of liquidity on the basis of standing orders for the night-time processing (ancillary system settlement procedure 6 and T2S)

22:00 – 01:00 Technical maintenance window ( 2 ) 03:00 – 05:00 Technical maintenance window ( 3 )
[F201:00 – 07:00] Night-time processing (ancillary system settlement procedure 6 and T2S) 05:00 – 18:00

Day trade/Real-time settlement ( 4 ):

  • Real-time settlement preparation ( 4 )

  • Partial settlement windows at 14:00 and 15:45 ( 5 ) (for 15 minutes)

  • 16:00: DvP cut-off

  • 16:30: Automatic auto-collateralisation reimbursement, followed by the optional cash sweep

  • 17:40 : Cut-off for Bilaterally agreed treasury management operations (BATM) and central bank operations (CBO) cut-off

  • 17:45 : inbound liquidity transfer cut-off

    Automated cash sweep after 17:45

  • 18:00: FOP cut-off

06:45 – 07:00 Business window to prepare daylight operations
07:00 – 18:00

Day trade phase:

  • 17:00 : Cut-off for customer payments

  • 17:45 : Cut-off for liquidity transfers to [F2T2S DCAs]

  • 18:00: Cut-off for interbank payments and incoming liquidity transfers from [F2T2S DCAs]

18:00 – 18:45

  • 18:15 ( 1 ): Cut-off for the use of standing facilities

    Data needed to update the accounting system is available for central banks, shortly after 18:30

  • 18:40 ( 1 ): Cut-off for use of marginal lending (NCBs only)

    End-of-day processing

18:00 – 18:45

  • End of T2S settlement processing

  • Recycling and purging

  • End of day reporting and statements

Notes to table: U.K.
( 1 ) Plus 15 minutes on the last day of the reserve maintenance period. U.K.
( 2 ) Over a weekend or on a holiday, the technical window will last throughout the weekend or the holiday, i.e., from 22:00 on Friday until 1:00 on Monday or, in the case of a holiday, from 22:00 on the last business day until 1:00 on the next business day. U.K.
( 3 ) Over a weekend or on a holiday, the technical window will last throughout the weekend or the holiday, i.e., from 03:00 a.m. on Saturday until 05:00 a.m. on Monday or, in the case of a holiday, from 03:00 a.m. on the holiday until 05:00 a.m. on the next business day. U.K.
( 4 ) Real-time settlement preparation and real-time settlement may start before the maintenance window if the last night-time settlement cycle ends before 03:00 am. U.K.
( 5 ) Each partial settlement window lasts for 15 minutes. The partial settlement applies to unsettled payment instructions eligible for partial settlement and that have failed to settle due to a lack of securities. U.K.
[F37. Up-to-date information on the operational status of the SSP and the T2S Platform shall be available on the TARGET2 Information System (T2IS) and the TARGET2-Securities Information System, respectively, on dedicated webpages on the ECB's website. The information on the operational status of the SSP and the T2S Platform on T2IS, TARGET2-Securities Information System and the ECB's website shall only be updated during normal business hours.] ] U.K.

Textual Amendments

(1)

[F1CET takes into account the change to Central European Summer Time.]

Textual Amendments