125 no later than T 3 .

After verification , the ASCB shall update the list of settlement banks in the ICM .

ECB The implementation of monetary policy in the euro area September 2006 81

Delivery versus payment ( DVP ) system a mechanism in an exchange for value settlement system that ensures that the final transfer of an asset occurs if and only if the final transfer of another ( other ) asset ( s ) occurs . Dematerialisation the elimination of physical certificates or documents of title which represent ownership of financial assets so that the financial assets exist only as accounting records .

Delivery versus payment system ( DVP ) a mechanism in an exchange for value settlement system that ensures that the final transfer of an asset occurs if and only if the final transfer of another ( other ) asset ( s ) occurs .

Delivery versus payment ( DVP ) or delivery against payment system a mechanism in an exchange for value settlement system which ensures that the final transfer of assets ( securities or other financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .

Lump sum allowance a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem .

Executive Board one of the decision making bodies of the European Central Bank ( ECB ) .

enable settlement in existing pan European settlement systems . 41

e ) a judicial winding up .

and ( b ) the long settlement banks PM accounts shall be credited only after all short settlement banks PM accounts are debited .

( b ) the long settlement banks PM accounts shall be credited only after all short settlement banks PM accounts are debited .

Payment and settlement systems operations Nevertheless , in order to make it easier for TARGET participants to manage their end of day positions , the ECB decided that , as from 5 February 1999 , the deadline for requesting access to the marginal lending facility of the Eurosystem should coincide with the corresponding deadline for the deposit facility , i.e. 30 minutes after the actual closing time of TARGET .

Settlement procedure 4 Standard multilateral settlement ( 1 ) When offering settlement procedure 4 , the ASCBs and SCBs shall support the settlement of multilateral cash balances of AS transactions by settling payment instructions submitted by the AS in batch mode .

The settlement of open market operations based on standard tenders will normally take place on the first business day following the trade date .

only upon settlement of all such payment instructions ( including possible funding of the technical account by a guarantee fund mechanism ) , the PM accounts of the long settlement banks shall be credited .

only upon settlement of all such payment instructions ( including possible funding of the technical account by a guarantee fund mechanism ) , the PM accounts of the long settlement banks shall be credited . ( 4 )

Settlement procedure 3 Bilateral settlement ( 1 ) When offering settlement procedure 3 , the ASCBs and SCBs shall support settlement of the cash leg of AS transactions by settling payment instructions which the AS submits in batch mode .

Settlement procedure 5 Simultaneous multilateral settlement ( 1 ) When offering settlement procedure 5 , the ASCBs and SCBs shall support the settlement of multilateral cash balances of AS transactions by settling payment instructions submitted by the AS .

Settlement procedure 2 Real time settlement ( 1 ) When offering settlement procedure 2 , the ASCBs and SCBs shall support the settlement of the cash leg of AS transactions by settling payment instructions submitted by the AS on an individualised basis , rather than in batches .

Settlement procedure 2 Real time settlement ( 1 ) When offering settlement procedure 2 , the ASCBs and SCBs shall support the settlement of the cash leg of AS transactions by settling payment instructions submitted by the AS on an individualised basis , rather than in batches .

However , significant volatility has been observed in the spread after the settlement of the last MRO of some maintenance periods .

Under special circumstances , the published calendar may be amended , depending , among other things , on changes in the schedule of Governing Council meetings .

for settlement .

and settl .

for 3 ) settlement .

Examples in this respect would be the settlement of financial market transactions and the settlement of ancillary systems .

NIGHT TIME SETTLEMENT FACILITIES In 2003 the Eurosystem responded to a market move in securities settlement systems ( SSSs ) towards settling transfers of financial instruments during the night , in what are known as overnight settlement cycles .

Settlement procedure 4 Standard multilateral settlement ( 1 ) When offering settlement procedure 4 , the ASCBs and SCBs shall support the settlement of multilateral cash balances of AS transactions by settling payment instructions submitted by the AS in batch mode .

Settlement procedure 5 Simultaneous multilateral settlement ( 1 ) When offering settlement procedure 5 , the ASCBs and SCBs shall support the settlement of multilateral cash balances of AS transactions by settling payment instructions submitted by the AS .

provide settlement services to crossborder large value net settlement systems .

Standard 2 Trade confirmation and settlement matching Confirmation of trades between direct market participants should occur as soon as possible after trade execution , but no later than trade date ( T 0 ) .

Settlement procedures

Main allotm .

Main settl .

Main allotm . Main ann .

17 We Main settl .

Main settl .

MRO settl .

MRO allot .

MRO ann .

LTRO settl .

The settlement period ( till ) can be specified for settlement procedures 1 to 5 .'

VI Settlement assets Assets used for settlement should preferably be a claim on the central bank

If the cash leg is settled in a central bank settlement facility , it is referred to as settlement in central bank money .