The Bank of Greece has announced officially that Real Time Gross Settlement (RTGS) will start as planned on 1 June 2005. A new rule book for local custodian banks will be published next month.
According to a spokeswoman for EFG Eurobank in Athens, custodians expect the central banks to introduce the first net settlement cycle shortly after 8.00 am each working day. It will include all trades that have already been sent to the Bank of Greece, including those bond trades executed on HDAT, Brokertec and EuroMTS.
From 8:04 a.m. until 16:29 p.m. each day the Bank of Greece will run an on line real-time gross settlement cycle plus two to three netting cycles within the same period.
“The timing of the cycles has not yet been confirmed but according to the Bank of Greece, the timing will correspond to the liquidity of the market,” says the EFG Eurobank spokeswoman.