Existing central bank payment and settlement services
Operating hours of selected large-value interband funds transfer systems 1
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Footnotes to the table
(n. a. = not applicable)
1. Some systems make no explicit distinction between large-value and retail transactions and may be used to settle interbank transfers relating to a variety of underlying transactions. Some systems may also accept payment orders for a number of value days. Money market hours indicated refer to the time period in which domestic interbank transactions are normally carried out . They there fore do not relate to particular interbank funds transfer systems .
2. In June 1990 a special "large-value credit transfer application" was introduced in the C.E.C. All net settlements from the C.E.C. take place at the end of the day at the (manual) Clearing House of Belgium.
3. The C.E.C. transfer system operates round-the-clock, five days a week.
4. S.W.I.F.T. guideline.
5. Luxembourg dealers, who are important operators in Belgian francs, are only active in the market before noon; the central bank conducts its daily fine-tuning operations at about 11:00.
6. Eastern time.
7. The receiving bank creates a paper document called an inter-member debit voucher either for each credit transfer received or for a daily bilateral net amount. These vouchers are delivered to the (net) sending bank in batches, for which value and volume counts are entered into the Automated Clearing and Settlement System (ACSS), operated by the Canadian Payments Association.
8. Net settlement at 15:00 on the next day (retroactively). A decision has been made to advance this by three hours, beginning early in 1994.
9. Local time at the receiving IIPS point, or the beneficiary account point, whichever is earlier.
10. SAGITTAIRE'S exchange day, i.e. the period during which orders are recorded by the Bank of France, begins at 8:00 and ends at 17:30. Orders sent after 17:30 are stored by S.W.I.F.T. and processed at the start of the next exchange day. SAGITTAIRE'S accounting day starts at 13:00 on D- I and ends at 13:00 on D (transfers sent after 13:00 on D, regardless of whether they are processed during the same exchange day or at the start of the following exchange day, are only entered in the accounts on D + 1). The net positions of members are drawn up after the close of the accounting day.
11. S.W.I.F.T. guideline; in practice it may be later.
12. A cut-off for third-party orders is being discussed for the planned TBF system.
13. This is subject to arrangements between the correspondent banks.
14. For settlement purposes it can be later.
15. Electronic netting system in Frankfurt for interbank transfers predominantly relating to international DM transactions.
16. Planned time for communication of completion (positive message) or non-completion (negative message) of settlement.
17. Lira transfers relating to international transactions are sent through SIPS and to a lesser extent through ME; net settlement of these transactions takes place through the National Clearing Procedure and ultimately through accounts at the central bank. BISS is a gross real-time settlement system which can be used for a variety of interbank transfers.
18. The system has been designed to allow participants to enter funds transfer instructions continuously, in which case settlement takes place on the central bank's books immediately (in the case of RIX, provided they are confirmed by the counterparty). BOJ-NET, however, is also used to settle on a net basis.
19. Interbank guilder transfers relating to international transactions are sent through the 8007 S.W.I.F.T. system which is operated by the Netherlands Bank; net settlement of these transactions takes place over the Central Bank FA System.
20. The 8007 S.W.I.F.T. system is, for a given value day, also open from 15:00 to
17:00 on the previous business day.
21. Closing time for new payment orders is 16: 15; payments can be confirmed, and thereby settled, until 16:30.
22. Third-party orders can be "transformed" to interbank orders, and thereby settled continuously during the whole day, if the bank and customer agree to do so. Thus, in practice the cut-off time is not applied strictly to all third-party transactions.
23. The system is open for input 24 hours a day. Settlement services are limited by the indicated opening and closing times. A value day starts at 18:00 local time on the previous business day and ends at 16:15 on the value day. Third-party payments may be entered for same-day settlement until 15:00. Between 15:00 (cut-off 1) and 16:00 (cut-off 2) only cover (bank-to-bank) payments are accepted for same-day settlement. From 16:00 to 16:15 transactions are restricted to the processing of lombard credits (collateralised loans from the Swiss National Bank at a penalty rate).
24. Earliest opening time is 8:30; all banks are required to be open to receive payments by 9:30.
25. There are no standard money market hours but trading typically takes place between about 8:00 and 15:30. The market is most liquid in the morning. The Bank of England intervenes in the market as necessary between 9:45 and 15:30.
26. Transactions occur among dealers for funds on deposit at Federal Reserve Banks (i.e. federal funds) as early as 6:30.
27. Payments over CHIPS become final on completion of settlement, which normally occurs between 17:00 and 17:30. Rules are designed to ensure that settlement takes place no later than 18:00.
28. ECU payment orders can be sent (for up to 28 forward value days) through S.W.I.F.T. 24 hours a day, seven days a week. At 14:00 (GMT + 1) on each value day the netting computer calculates participants' net net positions. Messages arriving after 14:00 are processed automatically for the next value day(s).
29. There is no overnight market for ECU interbank loans. Day-to-day interbank ECU transactions are normally carried out in the Euro-markets on a TOM NEXT basis.
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Existing central bank payment and settlement services
