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This system is the largest and most technically advanced among European large payment systems. It was launched in 2001 and replaced two older systems - ELS (Europe Link System) and EAF (Europe Access Frankfurt). The first was connected to TARGET, the second made payments within the country. The Bundesbank and large commercial banks in Germany took an active part in the creation of RTGS plus.
In 2008, RTGS plus accounted for more than a third (36.4%) of all payments through TARGET and 49.1% of the total number of transactions. The second place in terms of the amount of payments is TBF (France) - 14.9%, and the third Spanish SLBE - 12.4% | ERUs, 2009b] (see Fig. 5.4-5.5).
RTGS pllls belongs to the class of the latest "hybrid" settlement systems that combine the gross principle of funds transfer with liquidity saving mechanisms used in netting systems. It uses various methods of queuing optimization and other advanced mechanisms for processing large payments.
Credit institutions and securities companies registered in the EU countries and under the supervision of the relevant supervisory authorities are allowed to participate in the operations of the system as direct members. They have direct access to 11TS8 p | sh accounts and can regulate liquidity. Indirect members can be located in any country in the world and conduct their operations through direct members.
As already mentioned, 11T05 p | u5 operates in the gross settlement mode. All funds transfer operations are individual in nature and are performed subject to sufficient coverage. There are two types of money transfers: urgent (express) and limited (limit). All available liquidity is used without restriction to make urgent payments (for example, payments for the final settlement of settlements on futures foreign exchange transactions through CLS). As for limited payments (for transactions in the money market, client transfers), here the use of liquidity is limited by a number of conditions.
Each participant can establish a system of limits of his choice. Thus, the general limit sets the limit of payments, above which liquidity can be used only for urgent payments. Bilateral and multilateral limits limit the amounts that the sending bank can transfer to the counterparty or to all settlement participants, respectively. The system of limits allows you to effectively regulate liquidity flows in RTGS plus .
Each settlement participant has a technical account in the system, which reflects all final payments and the state of the liquid position. At the beginning of the day, each participant must transfer the amount of funds to this account, and at the end of the settlements, all remaining balances are automatically transferred to other accounts at the request of the participants (for example, to a reserve account with the Bundesbank).
Various techniques are used to save liquidity. For example, payments in a queue can be offset against transfers entering the system. Moreover, this offset is expressed not in the derivation of the net balance (as in netting), but in the translation of counter gross amounts in real time.
In 2008, RTGS plus accounted for more than a third (36.4%) of all payments through TARGET and 49.1% of the total number of transactions. The second place in terms of the amount of payments is TBF (France) - 14.9%, and the third Spanish SLBE - 12.4% | ERUs, 2009b] (see Fig. 5.4-5.5).
RTGS pllls belongs to the class of the latest "hybrid" settlement systems that combine the gross principle of funds transfer with liquidity saving mechanisms used in netting systems. It uses various methods of queuing optimization and other advanced mechanisms for processing large payments.
Credit institutions and securities companies registered in the EU countries and under the supervision of the relevant supervisory authorities are allowed to participate in the operations of the system as direct members. They have direct access to 11TS8 p | sh accounts and can regulate liquidity. Indirect members can be located in any country in the world and conduct their operations through direct members.
As already mentioned, 11T05 p | u5 operates in the gross settlement mode. All funds transfer operations are individual in nature and are performed subject to sufficient coverage. There are two types of money transfers: urgent (express) and limited (limit). All available liquidity is used without restriction to make urgent payments (for example, payments for the final settlement of settlements on futures foreign exchange transactions through CLS). As for limited payments (for transactions in the money market, client transfers), here the use of liquidity is limited by a number of conditions.
Each participant can establish a system of limits of his choice. Thus, the general limit sets the limit of payments, above which liquidity can be used only for urgent payments. Bilateral and multilateral limits limit the amounts that the sending bank can transfer to the counterparty or to all settlement participants, respectively. The system of limits allows you to effectively regulate liquidity flows in RTGS plus .
Each settlement participant has a technical account in the system, which reflects all final payments and the state of the liquid position. At the beginning of the day, each participant must transfer the amount of funds to this account, and at the end of the settlements, all remaining balances are automatically transferred to other accounts at the request of the participants (for example, to a reserve account with the Bundesbank).
Various techniques are used to save liquidity. For example, payments in a queue can be offset against transfers entering the system. Moreover, this offset is expressed not in the derivation of the net balance (as in netting), but in the translation of counter gross amounts in real time.
