In response to the upcoming launch of Real Time Gross Settlement (RTGS), EFG Eurobank met with Bank of Greece’s (BOG) officials to discuss the implementation timetable of RTGS, according to BOG officials.
The new system will run on an online real time gross settlement basis. Bank of Greece will run three net settlement cycles: 8:30 a.m., which will include coupons, redemptions, HDAT, EuroMTS trades, 11:15 a.m., which will include primary market deals plus all related secondary market deals, and at the end of day, which will include all remaining unsettled transactions.
Bank of Greece has reserved the right to run additional net settlement cycles for the system and will provide the following reporting: MT900/910’s for trades settled on RTGS basis and MT535/536.
Bank of Greece will be also providing information to each custodian bank for next day’s opening balance/position on the basis of the trades that have already been received by the settlement system, in order for the custodian banks to utilize their cash liquidity or collateral needs on time.
EFG Eurobank will provide to all its clients MT54X messages automatically on a real time basis, by using the MT900/910 messages and HDAT screen/Web application that offer on line real time detail information for all settled/unsettled transactions (including the reason for failure e.g. lack of cash, lack of securities etc).
EFG Eurobank will use MT535/536 messages for back-up purposes because these will be sent from Bank of Greece with a 15-minute delay, after each net settlement cycle.