La forma de la prestación del consentimiento

A major benefit of T2S is the efficient cross-CSD settlement for transactions involving multiple CSDs in 10

T2S. Cross-CSD settlement in T2S will be as efficient as domestic intra-CSD settlement by concentrating the 11

securities accounts of multiple CSDs and the T2S dedicated cash accounts of NCBs on a single technical 12

platform. This enables T2S to book the transfer of securities between participants of different CSDs 13

simultaneously, together with the movement of funds. T2S eliminates the current highly complex and costly 14

processes of interactions between various platforms, which are often not synchronised, entail delays and pose 15

a risk in terms of failing to achieve settlement finality. T2S shall automate the realignment process between 16

CSDs on a real-time basis, without the need for additional procedures. Cross-border transactions, which 17

involve external CSDs not participating in T2S, will benefit to some extent from the T2S architecture.

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Efficient cross-CSD settlement in T2S shall require the definition of links between CSDs on the ISIN level.

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Extension of Securities CSD Link 21

Reference ID T2S.16.710

Processing cross-CSD links shall require an extension of the Securities CSD Link entity, which specifies 22

whether a security is eligible for settlement in a CSD and whether the CSD is maintaining the security.

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Cross-CSD settlement shall require the extension of the entity with an additional attribute as defined in the 24

following table.

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Table 16-29 - Extension of Attributes for the Securities CSD Link in T2S Entity 2

Attribute Description

Technical Issuer CSD This attribute shall define the unique technical identifier of the technical issuer CSD in T2S when the CSD type in the link is “Investor”. The technical issuer CSD for an investor CSD is the CSD where it holds its omnibus accounts, reflecting the holding of its participants. The technical issuer can be either external or internal to T2S, defined by the party type of the CSD.

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The following table extends the previous example for securities CSD links documented in static data. An 4

issuer CSD for a security in T2S shall always be its own technical issuer CSD, and the investor CSD in T2S 5

for a security shall always require a technical issuer CSD for that security.

6

CSD Account Links 11

Reference ID T2S.16.720

CSD account links shall define the link between an investor CSD’s accounts and the omnibus accounts that 12

the investor CSD holds with a technical issuer CSD to support the settlement of cross-CSD transactions 13

using omnibus, mirror and inter-CSD accounts. In the technical issuer CSD, an investor CSD uses an 14

omnibus account to hold the securities owned by its participants. This omnibus account is strictly equivalent 15

to any account of the participant’s technical issuer CSD. An omnibus account, held within a technical issuer 16

CSD, reflects a mirror account within the investor CSD. At any moment, the position in credit of the 17

omnibus account is in theory equal to the position in debit of the mirror account. An exception to this occurs 18

when the issuer CSD is external to T2S and the securities are in transit from/to T2S to/from an external CSD.

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The inter-CSD account reflects the difference between the mirror account and the omnibus account.

20

An Inter-CSD Account has a link to each mirror account. The position of the inter-CSD account is usually 21

equal to zero, except when the issuer CSD is external to T2S and securities are in transit from/to T2S to/from 22

an external CSD. If the balance of the inter-CSD account is in credit, it requires a transfer of a quantity of 1

securities equal to this position from T2S to the external CSD. If the balance of the inter-CSD account is in 2

debit, it requires a transfer of a quantity of securities equal to this position from the external CSD to T2S.

3

When the transfer is completed, the balance of the inter-CSD account resets to zero and the balance of the 4

mirror account is again in line with the balance of the omnibus account.

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Diagram 16.9 - Example of CSD Account Link 6

Attribute Requirements for the CSD Account Link Entity 10

Reference ID T2S.16.730

The CSD Account Link entity shall provide the mapping of accounts between the participant accounts 11

operated at the investor CSD to the omnibus accounts of the investor CSD operated with the technical issuer 12

CSD.

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Table 16-30 - Extension of Attributes for the CSD Account Link in T2S Entity 15

Attribute Description CSD Account Link

Identifier

This attribute shall define the unique technical identifier of an occurrence of a CSD account link. T2S shall assign this identifier from a sequence.

Investor CSD Party Identifier

This attribute shall specify the unique technical identifier of the investor CSD as T2S stores it in the party reference data. It shall link the investor CSD party in the account link to the party reference data.

Technical Issuer CSD This attribute shall specify the unique technical identifier of the technical issuer CSD as stored by T2S in the party reference data. It shall link the technical issuer CSD party in the account link to the party reference data.

Attribute Description CSD Participant

Account Identifier

This attribute shall specify the unique technical identifier of the CSD’s participant account as stored by T2S in the account reference data. It shall link the account in the account link to the account reference data. This account must be a valid account of the investor CSD. T2S shall require a value in this attribute only when the investor CSD wishes to define a relationship to an omnibus account with the issuer CSD for specific participant accounts.

Investor CSD Mirror Account

This attribute shall specify the unique technical identifier of the CSD’s internal mirror account. The T2S account type must define the account as a mirror account in order to qualify it as a valid account for this attribute.

Investor CSD Inter-CSD Account

This attribute shall specify the unique technical identifier of the CSD’s inter-CSD account. The T2S account type must define the account as an inter-CSD account in order to qualify it as a valid account for this attribute.

Valid From This attribute shall specify the date from which the CSD account link is valid.

Valid To This attribute shall specify the date until which the CSD account link is valid. An occurrence of the CSD account link shall require a value in this attribute when the relationship is removed/closed.

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Use of Multiple Omnibus Accounts 2

Reference ID T2S.16.740

For various reasons, an Investor CSD may decide use several omnibus accounts within the technical issuer 3

CSD for segregating the holdings of its participants within the technical issuer CSD. T2S shall support the 4

use of multiple omnibus accounts, but its use by the CSDs should be very limited in order not to add 5

unnecessary complexity.

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Table 16-31 – Example for the Use of Multiple Omnibus Accounts in a CSD Account Link Set 8

Investor Technical Issuer Participant a/c Mirror a/c Omnibus a/c Inter CSD a/c Date From Date To

CSD A CSD I A 1 1 1 01/01/2008

CSD A CSD I B 1 1 1 01/01/2008

CSD A CSD I C 2 2 2 01/01/2008

CSD A CSD I D 2 2 2 01/01/2008

CSD A CSD I E 2 2 2 01/01/2008

CSD A CSD I F 3 3 3 01/01/2008

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The participant account is null for the default CSD account link.

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Table 16-32 – Example for the Default Omnibus Account 3

Investor Technical Issuer Participant a/c Mirror a/c Omnibus a/c Inter CSD a/c Date From Date To

CSD A CSD 1 1 1 1 01/01/2008

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16.8.11 Market -Specific Attributes for Parties and Securities Accounts and Securities