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The use of TARGET2 directory modiflags

-selected examples-

Version 1.5 / 15th February 2008

Versioning

T h e u s e o f T A R G E T 2 d i r e c t o r y m o d i f l a g s - s e l e c t e d e x a m p l e s - P a g e 2 o f 2 6

Versioning No. Date Comments Status

0.1 11-04-2006 First draft Final

1.0 27-06-2006 Reconciliation took place Final

1.1 03-07-2006 §3.5 and §3.6 added Final

1.2 18-07-2006 Small corrections for §3.4 and §3.5 Final

1.3 04.08.2006 Adaptations for the download of the directory Final

1.4 06.03.2007 Adaptations for the download of the directory and structure Final

1.5 15.02.2008 Addition of examples 3.3.3, 3.3.4, 3.4.3, 3.4.4 and chapter 3.6 Final

Note: This document was drafted by Banca d'Italia, Banque de France and Deutsche Bundesbank (3CB) and is based on the User Detailed Functional Specifications (UDFS) Version 2.4; Book 1

Content


1 Objectives of this document _______________________________________________ 4

2 General Information concerning TARGET2 directory__________________________ 5 2.1 Delivery of the TARGET2 directory _________________________________________ 5

2.1.1 Push mode (changes only version) _________________________________________________ 5 2.1.2 Pull mode (full version or changes only version) ______________________________________ 5 2.1.3 Facts for the download __________________________________________________________ 6 2.1.4 Special dates and cut-offs to consider _______________________________________________ 7

2.2 Structure of the TARGET2 directory ________________________________________ 8 2.3 Meaning of the modiflags __________________________________________________ 9

3 Selected examples ______________________________________________________ 10 3.1 Rules to be considered____________________________________________________ 10 3.2 A new (indirect) participant is added _______________________________________ 11 3.3 An (indirect) participant is deleted _________________________________________ 12

3.3.1 Sub case 1: Deletion in some weeks _______________________________________________ 12 3.3.2 Sub case 2: Deletion takes place during the following week ____________________________ 13 3.3.3 Sub case 3: Deletion is captured and is effective between two T2 directory publications. ______ 14 3.3.4 Sub case 4: Deletion is effective on a Monday _______________________________________ 14

3.4 Changes of the data of an (indirect) participant_______________________________ 15 3.4.1 Sub case 1: Change in some weeks ________________________________________________ 16 3.4.2 Sub case 2: Change during the following week ______________________________________ 18 3.4.3 Sub case 3 : Change of the modification of date of a future change _______________________ 18 3.4.4 Sub case 4 : Change in participant information captured and effective between two Target 2 directories. _________________________________________________________________________ 19

3.5 Changes in the participation of an indirect participant Fehler! Textmarke nicht definiert. 3.5.1 An indirect participant changes his direct participant __________________________________ 20 3.5.2 An indirect participant will become a direct one______________________________________ 22

3.6 Migrating participants ___________________________________________________ 24 3.7 Effect of changes in the BIC directory on TARGET2 directory__________________ 26

1 Objectives of this document


1 Object ives of th is document

It is the aim of this document to show the users what are the effects of certain changes of Static Data in several versions of the TARGET2 directory (T2 directory). After giving some general information (see also UDFS Book 1, chapter 9.3) a number of special examples shall give the user some information how and when changes will take effect.

2 General Information concerning TARGET2 directory

2.1 Delivery of the TARGET2 directory

2.1.1 Push mode (changes only version)




2.1.1 Push mode (changes only version)

Each Thursday after the closing of the current business day the SSP sends to all registered users a file that contains only the changes with respect to the previous version of the TARGET2 directory; the files are sent using the store and forward option foreseen in the FileAct service. This is the preferred way to get an automated TARGET2 directory loading process for routing purpose.

2.1.2 Pull mode (full version or changes only version)

At any time during the service hours a participant can request to download either a file that contains only the changes with respect to the previous version of the TARGET2 directory or the full content of the latest version available of the TARGET2 directory.The download request can be issued using the standard functionality of the SWIFT FileAct service. The use of the full download is appropriate only for the initial loading of the TARGET2 directory or in case there is a need to rebuild it. Due to the size of the file the use of the compression is strongly recommended.



2.1.3 Facts for the download


2.1.3 Facts for the download The TARGET2 directory can be downloaded during the opening hours of the SSP via the generic SWIFTNet FileAct service. This generic service can also be used via the SWIFT Alliance WebStation. Find below the information to be used.

Request type:

Directory update reda.xxx.target2.dirupdate

Full directory reda.xxx.target2.dirfull

Service:

Directory update (pull)

trgt.papss (PROD) trgt.papss!p (Test)

Full directory (pull)

trgt.papss (PROD) trgt.papss!p (Test)

Directory update (push)

trgt.sfpapss (PROD) trgt.sfpapss!p (Test)

User reference: Has to be unique

Responder DN: –Live environment cn=fileact,ou=prod,o=trgtxepm,o=swift –Test environment cn=fileact,ou=tet,o=trgtxepm,o=swift

File name: Name indicating the validity date of the directory (see naming convention)

Naming Convention for the TARGET2 directory The TARGET2 directory file name is T2DIRTTTTZYYYYMMDDSS where:

• TTTT is the Type:

o FULL for the full directory or UPDA for the Update file

• Z for compression

o Z for Compressed or N for Uncompressed

• YYYYMMDD: is the year, month and day of the Monday of the week for which the TARGET2 directory is valid

• SS is the status:

o VA for valid and NC for Not Checked

For example T2DIRUPDAZ20070326VA is the name of the compressed validated TARGET2 directory with only the modifications in use during the week starting March 26, 2007.



2.1.4 Special dates and cut-offs to consider



Business Day TaskWednesday •Cut-off date for entries via ICM till 18.00 at the latest

•Automatic set-up of new version overnight taking into account also the changes coming from the update of the SWIFT BIC directory (once a month)

Thursday •Pre-release available to CBs only via ICM•Validation and - if necessary - final corrections by CBs till

18.00•Automatic generation of the final version overnight•Overnight broadcast via FileAct to registered members of direct participants (changes only)

Friday New version is available to CBs, CIs and ASs for download

Monday New version of the TARGET2 directory becomes valid

That means that a TARGET2 directory is valid as from the Monday after its distribution and will stay valid up to the Friday. Changes which reach the managing CB after Wednesday 18:00 cannot be considered for the new TARGET2 directory. Since in most of the cases those changes are not really surprising but already known some time before, the direct participants are asked to inform their CB as early as possible about upcoming changes to be published in the TARGET2 directory. This handling offers all participants much more time to correct mistakes. If Wednesday or Thursday are non TARGET business days the cut-offs are anticipated to the business day before.


2.2 Structure of the TARGET2 directory



2.2 Structure of the TARGET2 directory

O/M No. Field name Format Note

M 1 BIC BIC 11 Participant’s BIC

M 2 Addressee BIC 11 BIC to be used in the header of the SWIFT-CUG message

M 3 Account Holder BIC 11 BIC identifying the settlement bank

M 4 Institution Name 105x Participant’s company nameM 5 City Heading 35x Participant’s establishment

O 6 National Sorting Code

15x Participant’s national sorting code

O 7 Main BIC Flag 1x Y: yes N: no“Yes” means that this BIC could be used to address the payments if the sender has no other information where to send to

M 8 Type of Change 1x A: addedM: modifiedD: deletedU: unchanged

M 9 Valid from YYYYMMDD Date from which the entry is valid

M 10 Valid till YYYYMMDD Date up to which the entry is valid(if not specified is equal to '9999-12-31')

M 11 Participation Type

2x 01 - 'Direct', 02 - 'Indirect', 03 - multi addressee - Credit institutions 04 - multi addressee - Branch of Direct participant 05 - addressable BIC - Correspondent (including CB Customer), 06 - addressable BIC - Branch of Direct participant. 07 - addressable BIC - Branch of Indirect participant. 08 - T1 direct participant 09 - T1 indirect participant

O 12 Reserve 23x Space

M=mandatory O=optional

The validity date of the respective directory is envisaged to be indicated in the header of the file in a further release. “Valid from” date is the first day the change will take effect. “Valid till” date is the last day up to which the old data is still valid.


2.3 Meaning of the modiflags



2.3 Meaning of the modiflags

o U = unchanged This modiflag indicates that no changes are made in the current version of the

TARGET2 directory with respect to the previous one. o A = added

This modiflag will appear in case a new record is issued in the current version of the TARGET2 directory.

o D = deleted This modiflag indicates the deletion of a BIC from the TARGET2 directory. It

will be no more reachable in the platform. The deletion will take place during the validity period of the TARGET2 directory it belongs to.

o M = modified This modiflag indicates that a field (different from the BIC) is changed in the

current version compared to the previous one. The modiflags “D”, “M” and “A” will appear only once for a certain business case. That means if the participant informs it’s CB e.g. about the deletion of a BIC in some weeks, in the next TARGET2 directory the appropriate record gets the flag “M” because of the modification of the “valid till” field, in the following directories it will have the flag “U” and in the TARGET2 directory which will be valid as from the Monday of the week in which the BIC will be deleted it will get the flag “D”. Remark: in the current implementation it can happen that records are marked as modified, although there is no apparent modification. This happens for example when a wildcard rule is modified as in that case the whole set of records stemming from the wildcard rule is regenerated.

3 Selected examples

3.1 Rules to be considered


T h e u s e o f T A R G E T 2 d i r e c t o r y m o d i f l a g s - s e l e c t e d e x a m p l e s - P a g e 1 0 o f 2 6

3 Selected examples

3.1 Rules to be considered

For the following examples some rules have to be considered. The “SubParticipantbank” (SUBPDEFFXXX) is an indirect participant of the “Mainbank” (MAINDEFFXXX). Since the “Mainbank” is the direct participant it informs the respective CB which will then enter the changes to Static Data via ICM. The examples show the treatment for indirect participants. Since the procedure for the direct one is the same they are not explained. The “FrankfurtBank” is a direct participant, too. Within the examples only important fields are shown. Those fields which have a change with respect to the previous TARGET2 directory are red coloured.

3 Selected examples

3.2 A new (indirect) participant is added



3.2 A new (indirect) participant is added

Tue 8 January 2008: The direct participant “Mainbank” (MAINDEFFXXX) informs the

respective CB that a new indirect participant (SUBPDEFFXXX) will participate as from Tue 22 January 2008 via the “Mainbank” in the SSP.

Recorded data in the TARGET2 directory of Mon 7 January 2008: none

T2 directory valid as from Example entry in the TARGET2 directory

Modiflag BIC Addressee Account Holder valid from valid till 2008-01-07

The respective CB enters the new data and a new TARGET2 directory is published on

Thu 10 January 2008 which is valid as from Mon 14 January 2008. T2 directory valid as from Example entry in the TARGET2 Directory

Modiflag BIC Addressee Account Holder valid from valid till 2008-01-14 A SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2008-01-22 9999-12-31

Since the changes are made all the following entries concerning this BIC will have the

modiflag “U” until new changes will be made.


Modiflag BIC Addressee Account Holder valid from valid till 2008-01-21 U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2008-01-22 9999-12-31



3 Selected examples

3.3 An (indirect) participant is deleted

3.3.1 Sub case 1: Deletion in some weeks



3.3.1 Sub case 1: Deletion in some weeks Tue 8 January 2008: The direct participant “Mainbank” (MAINDEFFXXX) informs the

respective CB that the indirect participant (SUBPDEFFXXX) will no longer participate via “Mainbank” in the SSP as from Wed 30 January 2008.

Recorded data in the directory valid as from Mon 7 January 2008:



The respective CB changes the data via ICM and on Thu 10 January 2008 the new TARGET2

directory will be delivered and will be valid as from Mon 14 January 2008. T2 directory valid as from Example entry in the TARGET2 directory

Modiflag BIC Addressee Account Holder valid from valid till 2008-01-14 M SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2007-11-05 2008-01-29

During the following week no change will be made, so the modiflag of the entry will be “U”.



At the Monday of the respective week when the change takes place, the new TARGET2

directory contains the deletion flag “D”. T2 directory valid as from Example entry in the TARGET2 directory

Modiflag BIC Addressee Account Holder valid from valid till 2008-01-28 D SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2007-11-05 2008-01-29

The following week, no record will be shown concerning the SUBPDEFFXXX.



3 Selected examples


3.3.2 Sub case 2: Deletion takes place during the following week


3.3.2 Sub case 2: Deletion takes place during the following week Tue 8 January 2008: The direct participant “Mainbank” (MAINDEFFXXX) informs the






directory will be delivered and will be valid as from Mon 14 January 2008. Since the data concerning the SUBPDEFFXXX needs to be present for the user no “M” flag will occur but the “D” flag to indicate the deletion of the indirect participant during the validity of the current directory.






3 Selected examples


3.3.3 Sub case 3: Deletion is captured and is effective between two TARGET2 directory publications.


3.3.3 Sub case 3: Deletion is captured and is effective between two TARGET2 directory publications.

Recorded data in the TARGET2 directory valid as from Mon 14 January 2008:



Tuesday 15 January 2008: The direct participant “Mainbank” (MAINDEFFXXX) informs the

respective CB that the indirect participant (SUBPDEFFXXX) will no longer participate via “Mainbank” in the SSP as from Thursday 17 January 2008.

The respective CB changes the data via ICM and on Thu 17 January 2008 the new TARGET2 directory will be delivered and will be valid as from Mon 21 January 2008. Since the data concerning the SUBPDEFFXXX needs to be present for the user no “M” flag will occur but the “D” flag to indicate the deletion of the indirect participant during the validity of the current TARGET2 directory. As the deletion is already effective the valid till date will be the last Friday before the validity date of TARGET2 directory (here Friday 18/01/2008).






3.3.4 Sub case 4: Deletion is effective on a Monday


respective CB that the indirect participant (SUBPDEFFXXX) will no longer participate via “Mainbank” in the SSP as from Monday 21 January 2008.

3 Selected examples


3.3.5 Sub case 5: Deletion of a future record before the valid from date is reached.






directory will be delivered and will be valid as from Mon 14 January 2008. The deletion effective from Monday 21st means that participant SUBPDEFFXXX will be valid till 2008-01-18. This is due to the fact that deletion date in static data indicates the date of the business day when the deletion will be effective. In the TARGET2 directory the date valid till indicates the last business day when the related record will be still valid.



The following week, in the TARGET2 directory valid from 2008-01-21 the deletion is effective and therefore the record of SUBPDEFFXXX is delivered with modiflag D.






3.3.5 Sub case 5: Deletion of a future record before the valid from date is reached.


respective CB that a new indirect participant (SUBPDEFFKOX) will participate as from Tue 29 January 2008 via the “Mainbank” in the SSP.

Recorded data in directory of Mon 7 January 2008: none


2008-01-07 Modiflag BIC Addressee Account Holder valid from valid till

3 Selected examples

3.4 Changes of the data of an (indirect) participant

3.4.1 Sub case 1: Change in some weeks


The respective CB enters the new data and a new TARGET2 directory is published on

Thu 10 January 2008 which is valid as from Mon 14 January 2008. T2 directory valid as from Example entry in the TARGET2 directory

Modiflag BIC Addressee Account Holder valid from valid till 2008-01-14 A SUBPDEFFKOX MAINDEFFXXX MAINDEFFXXX 2008-01-29 9999-12-31

Tue 15 January the CB is informed that the correct BIC is SUBPDEFFOKX. Therefore the

CB deletes the future indirect participant SUBDEFFKOX and creates a new one with BIC SUBPDEFFOKX for the 29 January 2008. The new TARGET2 directory published on Thu 17 January and valid from Mon 21 January will be:


Modiflag BIC Addressee Account Holder valid from valid till D SUBPDEFFKOX MAINDEFFXXX MAINDEFFXXX 2008-01-29 2008-01-182008-01-21

A SUBPDEFFOKX MAINDEFFXXX MAINDEFFXXX 2008-01-29 9999-12-31 Remark: The valid till date of records which are effectively deleted when the new TARGET2 directory becomes valid is always the Friday before the validity date of the new TARGET2 directory. An then the entry in the TARGET2directory for Mon 28 January 2008 will be:


Modiflag BIC Addressee Account Holder valid from valid till 2008-01-28 U SUBPDEFFOKX MAINDEFFXXX MAINDEFFXXX 2008-01-29 9999-12-31




respective CB that the data concerning the indirect participant “SubParticipantbank” (SUBPDEFFXXX) need to be changed. In this case the national sorting code changes (from 10010000 to 10010050) as from Wed 30 January 2008.


T2 directory Example entry in the TARGET2 directory

3 Selected examples




valid as from

Modiflag BIC Addressee Account Holder Sorting Code valid from valid till 2008-01-07 U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 9999-12-31

The CB enters the new data and the new TARGET2 directory valid as from

Mon 14 January 2008 contains 2 sets of data concerning the SUBPDEFFXXX. The old one which is valid till Tue 29 January 2008 and the new one, valid as from Wed 30 January 2008.

T2 directory valid as from

Example entry in the TARGET2 directory

Modiflag BIC Addressee Account Holder Sorting Code valid from valid till M SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 2008-01-292008-01-14

A SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-01-30 9999-12-31

The next week no changes will take place so there are both sets of data indicated but with the flag “U”.



Modiflag BIC Addressee Account Holder Sorting Code valid from valid till U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 2008-01-292008-01-21

U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-01-30 9999-12-31

The Monday of the week when the changes take effect, the new directory will indicate the deletion of the data set to be deleted.



Modiflag BIC Addressee Account Holder Sorting Code valid from valid till D SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 2008-01-292008-01-28

U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-01-30 9999-12-31

The week after the deletion the old data set won’t appear any more, the new one remains unchanged.




3 Selected examples


3.4.2 Sub case 2: Change during the following week


3.4.2 Sub case 2: Change during the following week


respective CB that the data concerning the indirect participant “SubParticipantbank” (SUBPDEFFXXX) need to be changed. In this case the national sorting code changes (from 10010000 to 10010050) as from Wed 16 January 2008.





The CB enters the new data and the new TARGET2 directory valid as from

Mon 14 January 2008 contains 2 sets of data concerning the SUBPDEFFXXX. The old one which is valid till Tue 15 January 2008 and the new one, valid as from Wed 16 January 2008. Due to the fact that there is no time to indicate “M” flags for the taken modifications the more important flags for deletion (“D”) and adding (“A”) are indicated to provide the necessary information.




A SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-01-16 9999-12-31

The week after the deletion the old data set will not appear any more, the new one remains unchanged.




3.4.3 Sub case 3: Change of the modification of date of a future change

3 Selected examples


3.4.4 Sub case 4: Change in participant information captured and effective between two TARGET2 directories.


Going back to the Sub case 1, if we now consider that on Tuesday 22 January 2008, the direct participant MAINDEFFXXX indicates that the correct date for the change of national sorting code is 6 February 2008 instead of 30 January 2008. In that case the Target 2 directory we will have: T2 directory valid as from


Modiflag BIC Addressee Account Holder Sorting Code valid from valid till U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 2008-01-292008-01-21

U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-01-30 9999-12-31 And then T2 directory valid as from


Modiflag BIC Addressee Account Holder Sorting Code valid from valid till M SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 2008-02-052008-01-28

M SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-02-06 9999-12-31 One could have expected: T2 directory valid as from


Modiflag BIC Addressee Account Holder Sorting Code valid from valid till M SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010000 2007-11-05 2008-02-05D SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-01-30 2008-01-25

2008-01-28

A SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010050 2008-02-06 9999-12-31 In that case the “D” and the “A” record are merged. The new entry of the 2008-02-06 is to be compared to the one of the 2008-01-30 in the previous TARGET2 directory. The key for comparison is usually the BIC and the valid from date but here there is one possible match as each participant can have only one future record.

3.4.4 Sub case 4: Change in participant information captured and effective between two TARGET2 directories.

Going back to the Sub case 2, if we now consider that on Monday 21 January 2008, the direct participant MAINDEFFXXX indicates that the correct national sorting code is not 10010050 but 10010060. The Central Bank captures the correct information “national sorting code” with activation date Tuesday 22 January 2008. The TARGET2 directories will be like this:

3 Selected examples

3.5 Changes in the participation of an indirect participant

3.5.1 An indirect participant changes his direct participant


TARGET2 directory of 2008-01-21 is unchanged as it was already published when the new sorting code was captured. T2 directory valid as from





Modiflag BIC Addressee Account Holder Sorting Code valid from valid till 2008-01-28 M SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010060 2008-01-22 9999-12-31

The TARGET2 directory of the 2008-01-28 is not as one could have expected as follows: T2 directory valid as from



A SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 10010060 2008-01-22 9999-12-31 In that case the D-Deletion and the A-Addition record are merged in a M-modification record.


The participation information has no special property as regards the behaviour of modification flag. Modification flags are computed by comparing the records of the new TARGET2 directory with the previous one. Participation information is just, in that respect like the other type of information provided.






3 Selected examples








Tue 15 January 2008: The direct participant “FrankfurtBank” (FRANDEFFXXX) informs the

respective CB that the “SubParticipantBank” (SUBPDEFFXXX) will participate via “FrankfurtBank” in the SSP as from Wed 30 January 2008.

A second set of data will be created in order to publish the data stemming from

“FrankfurtBank”. The first set of data will get the flag unchanged (“U”). T2 directory valid as from Example entry in the TARGET2 directory

Modiflag BIC Addressee Account Holder valid from valid till U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2007-11-05 2008-01-292008-01-21

A SUBPDEFFXXX FRANDEFFXXX FRANDEFFXXX 2008-01-30 9999-12-31

The Monday of the respective week when the change takes place, the new TARGET2 directory contains the deletion flag “D” for the data set to be deleted and “U” for the new one.


Modiflag BIC Addressee Account Holder valid from valid till D SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2007-11-05 2008-01-292008-01-28

U SUBPDEFFXXX FRANDEFFXXX FRANDEFFXXX 2008-01-30 9999-12-31

The following week, no record will be shown concerning the SUBPDEFFXXX as participant of the “Mainbank” but as participant of the “Frankfurt Bank”


Modiflag BIC Addressee Account Holder valid from valid till 2008-02-04 U SUBPDEFFXXX FRANDEFFXXX FRANDEFFXXX 2008-01-30 9999-12-31

3 Selected examples


3.5.2 An indirect participant will become a direct one











The respective CB knows that the SUBPDEFFXXX will take part in the SSP as a direct

participant as from Wed 30 January 2008 so it enters the data via ICM. A second entry concerning the SUBPDEFFXXX will be created.


Modiflag BIC Addressee Account Holder valid from valid till U SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2007-11-05 2008-01-292008-01-21

A SUBPDEFFXXX SUBPDEFFXXX SUBPDEFFXXX 2008-01-30 9999-12-31

At the Monday of the respective week when the change takes place, the new directory contains the deletion flag “D” for the data set to be deleted and “U” for the new one


Modiflag BIC Addressee Account Holder valid from valid till D SUBPDEFFXXX MAINDEFFXXX MAINDEFFXXX 2007-11-05 2008-01-292008-01-28

U SUBPDEFFXXX SUBPDEFFXXX SUBPDEFFXXX 2008-01-30 9999-12-31

3 Selected examples




The following week, no record will be shown concerning the SUBPDEFFXXX as participant

of the “Mainbank” but as a direct participant.


Modiflag BIC Addressee Account Holder valid from valid till 2008-02-04 U SUBPDEFFXXX SUBPDEFFXXX SUBPDEFFXXX 2008-01-30 9999-12-31

3 Selected examples

3.6 Migrating participants



3.6 Migrating participants Reminder: The principle for the publication of migrating participants is that they are published as TARGET2 participants for the first time only in the TARGET2 directory valid for the week when the migration takes place. Before this date they are published as TARGET1 direct or indirect participants if they are declared as such in the SWIFT BIC directory by using the appropriate service codes. In a case a participant has more than one TARGET1 service codes attached, the preferred one is used. If there is more than one TARGET1 service code and no preferred one no publication is made. In case a BIC identifies both an active SSP participant and is declared in the SWIFT BIC directory as participating in a not yet migrated TARGET1 RTGS system then only the SSP participation will be considered for publication. We will give examples of the following TARGET2 directory situations for window 2 and window 3 CB A2 (CBA2A2AAXXX) migrates in window 2 (18/02/2008) and is a TARGET1 CB with service code SAM and Interlinking BIC CBA2A2TGXXX. We will consider the following situations:

• Direct participant (MAINA2AAT1X) in TARGET1 becoming a direct participant in the SSP. In the SWIFT BIC directory the participant has only the service code SAM defined or defined as preferred service code.

• Indirect participant (SUBPA2AAT1X) of the above MAINA2AAT1X: It will remain indirect participant in the SSP of the same direct participant. In the SWIFT BIC directory the participant has only the service code SA+ defined or defined as preferred service code.

CB B3 (CBB3B3BBXXX) migrates in window 3 (19/05/2008) and is a TARGET1 CB with service code SBM and Interlinking BIC CBB3B3TGXXX. We will consider the following situations:

• Direct participant (MAINB3BBT1X) in TARGET1 becoming a direct participant in the SSP. In the SWIFT BIC directory the participant has only the service code SBM defined or defined as preferred service code.

• Indirect participant (SUBPB3BBT1X) of the above MAINB3BBT1X: It will remain indirect participant in the SSP of the same direct participant. In the SWIFT BIC directory the participant has only the service code SB+ defined or defined as preferred service code.

CB C3 (CBC3C3CCXXX) migrates in window 3 (19/05/2008) and does not have a TARGET1 system. However some of its participant have access to TARGET1 through the service SBM of CB B3. We will consider the following situation:

• Direct participant (MAINC3CCT1X) in TARGET1 via service SBM becoming a direct participant in the SSP of CB C3. In the SWIFT BIC directory the participant has only the service code SBM defined or defined as preferred service code.

• Indirect participant (SUBPC3CCT1X) of the above MAINC3CCT1X: It will remain indirect participant in the SSP of the same direct participant. In the SWIFT BIC directory the participant has only the service code SB+ defined or defined as preferred service code.

• Direct participant MAI2C3CCXXX in Window 3 of SSP (No TARGET1 participation) • Indirect participant SUB2C3CCXXX of MAI2C3CCXXX (No TARGET1 participation).

3 Selected examples

3.6 Migrating participants



All the above situations are not exhaustive but all other situations can be derived from them. The TARGET2 directories will look as follows

Recorded data in the TARGET2 directory valid as from Monday 11 February 2008. The valid from dates are marked as 2007-xx-xx as they are assumed to be somewhere in 2007.


Modiflag BIC Addressee Account Holder valid from valid till U MAINA2AAT1X TRGTXEPMTGT CBA2A2TGXXX 2007-xx-xx 9999-12-31U SUBPA2AAT1X TRGTXEPMTGT CBA2A2TGXXX 2007-xx-xx 9999-12-31U MAINB3BBT1X TRGTXEPMTGT CBB3B3TGXXX 2007-xx-xx 9999-12-31U SUBPB3BBT1X TRGTXEPMTGT CBB3B3TGXXX 2007-xx-xx 9999-12-31U MAINC3CCT1X TRGTXEPMTGT CBC3C3TGXXX 2007-xx-xx 9999-12-31

2008-02-11

U SUBPC3CCT1X TRGTXEPMTGT CBC3C3TGXXX 2007-xx-xx 9999-12-31

There are no records for MAI2C3CCXXX and SUB2C3CCXXX as they participate neither in T1 nor in T2.

On Monday 18 February the TARGET2 directory will be:


Modiflag BIC Addressee Account Holder valid from valid till M MAINA2AAT1X MAINA2AAT1X MAINA2AAT1X 2008-02-18 9999-12-31M SUBPA2AAT1X MAINA2AAT1X MAINA2AAT1X 2008-02-18 9999-12-31U MAINB3BBT1X TRGTXEPMTGT CBB3B3TGXXX 2007-xx-xx 9999-12-31U SUBPB3BBT1X TRGTXEPMTGT CBB3B3TGXXX 2007-xx-xx 9999-12-31U MAINC3CCT1X TRGTXEPMTGT CBC3C3TGXXX 2007-xx-xx 9999-12-31

2008-02-18


• On Monday 12 May 2008 the TARGET2 directory will be (assuming no additional changes has occurred)


Modiflag BIC Addressee Account Holder valid from valid till U MAINA2AAT1X MAINA2AAT1X MAINA2AAT1X 2008-02-18 9999-12-31U SUBPA2AAT1X MAINA2AAT1X MAINA2AAT1X 2008-02-18 9999-12-31U MAINB3BBT1X TRGTXEPMTGT CBB3B3TGXXX 2007-xx-xx 9999-12-31U SUBPB3BBT1X TRGTXEPMTGT CBB3B3TGXXX 2007-xx-xx 9999-12-31U MAINC3CCT1X TRGTXEPMTGT CBC3C3TGXXX 2007-xx-xx 9999-12-31

2008-05-12


• On Monday 19 May 2008 the TARGET2 directory will be :

3 Selected examples

3.7 Effect of changes in the SWIFT BIC directory on the TARGET2 directory




Modiflag BIC Addressee Account Holder valid from valid till U MAINA2AAT1X MAINA2AAT1X MAINA2AAT1X 2008-02-18 9999-12-31U SUBPA2AAT1X MAINA2AAT1X MAINA2AAT1X 2008-02-18 9999-12-31M MAINB3BBT1X MAINB3BBT1X MAINB3BBT1X 2008-05-19 9999-12-31M SUBPB3BBT1X MAINB3BBT1X MAINB3BBT1X 2008-05-19 9999-12-31M MAINC3CCT1X MAINC3CCT1X MAINC3CCT1X 2008-05-19 9999-12-31M SUBPC3CCT1X MAINC3CCT1X MAINC3CCT1X 2008-05-19 9999-12-31A MAI2C3CCXXX MAI2C3CCXXX MAI2C3CCXXX 2008-05-19 9999-12-31

2008-05-19

A SUB2C3CCXXX MAI2C3CCXXX MAI2C3CCXXX 2008-05-19 9999-12-31

3.7 Effect of changes in the SWIFT BIC directory on the TARGET2 directory

Changes made in the SWIFT BIC directory will be published in the following TARGET2 directory if they impact the data contained in the TARGET2 directory. Therefore (see also 2.1.4 Special dates and cut-offs to consider) the publication of the monthly update of the SWIFT BIC directory has to occur before Wednesday 18.00. If it is published later (e.g. Thursday) the new data will be published in the TARGET2 directory one week later. Example Publishing date of

monthly update of SWIFT BIC directory

Cut off time to be considered

Publishing date of the TARGET2

directory with the new Info from the

SWIFT BIC directory

Validity date of the TARGET2 directory

with the new Info from the SWIFT BIC

directory

1 Sat 2 February 2008

Wed 6 February 2008 Fri 8 February 2008 Mon 11 February 2008

the use of target2 directory modiflags - banco de españa · the use of target2 directory modiflags...

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