11 Oct 2021
Eurex Clearing
Eurex Clearing Readiness Newsflash | T2-T2S Consolidation: Settlement Bank Account Group Information
Dear Clearing Member,
We would like to draw your attention to the next steps in the T2-T2S Consolidation project concerning the initial set-up on European Central Bank (ECB)/National Central Bank (NCB) level.
Following the ECB’s readiness approach, customers must provide their cash account structure in the TARGET Registration Form to their NCBs until end of October 2021 (Deutsche Bundesbank deadline, timeline may vary, please get in touch with your own NCB).
In addition to the cash account structure and definition (i.e. RTGS Dedicated Cash Accounts (DCAs)), the TARGET Registration Form also contains information on the Settlement Bank Account Group. This group is essential for Eurex Clearing as Ancillary System (AS) to ensure smooth cash processing between Eurex Clearing and its customers.
The assignment to a particular Settlement Bank Account Group replaces the current debit mandate process. As such, in the relationship between Eurex Clearing and the customer, where the cash payments are currently processed as direct debit via TARGET2 accounts, customers have to provide the sign-up information for Eurex Clearing’s Settlement Bank Account Group (Field 197) in their TARGET Registration Form for test and production environments. Furthermore, the account numbers of RTGS DCA(s) to join the AS Group must be filled in field 198 (“Cash Account Number”).
Therefore, Eurex Clearing’s customers making use of TARGET2 cash payments in EUR are obliged to include the following Settlement Bank Account Group name (32 characters) in the set-up information towards their own NCB:
DESEUXCDEFFASI-EUREX-CLEARING-AG
Learn now more about the T2-T2S Consolidation project on our dedicated initiative page under the following link: Support > Initiatives & Releases > Project Readiness > T2-T2S Consolidation. Supporting Documents, circulars and much more information are available there for you.
If you have any further questions or comments, please send an e-mail to client.services@eurex.com.
Kind regards,
Your Client Services Team
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Recipients: | All Clearing Members, Basic Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors | |
Target group(s): | Front Office/Trading, Middle + Backoffice, IT/System Administration, Treasury | |
Contact: | client.services@eurex.com | |
Web: | Support > Initiatives & Releases > Project Readiness > T2-T2S Consolidation |
