Appendix III F1
United Kingdom
OPERATING SCHEDULE
1.
The TIPS Platform is operated and available in U2A and A2A mode 24 hours a day, every day of the year.
2.
After the completion of the last algorithms in TARGET2, a message is sent to the TIPS platform after which the change of business day is initiated. After the start of the new business day the TIPS Platform sends a record to the SSP of the balances on the TIPS DCAs as they stood at the time of the change of business day.
3.
The SSP is operated on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, 25 December and 26 December.
4.
The reference time for the system is the local time at the seat of the ECB, i.e. CET f1 .
5.
The operating hours may be changed in the event that business continuity measures are adopted.
6.
An overview of the operating hours and significant business events during the day is shown in the following table. Settlement of instant payment orders continues without interruption 24/7/365. Liquidity transfers are possible at all times except those indicated in the table:
| ‘ Daytime operations ’ means daytime processing and end-of-day processing. | |||
| Liquidity transfers entered into the system before the cut-off time will be processed. | |||
| Ends 15 minutes later on the last day of the Eurosystem reserve maintenance period. | |||
| Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period. | |||
| Over a weekend or on a holiday, the technical maintenance window will last throughout the weekend or the holiday, i.e., from 22.00 on Friday until 1.00 on Monday or, in the case of a holiday, from 22.00 on the last business day until 1.00 on the next business day. | |||
| SSP schedule | TIPS schedule (applicable to TIPS DCAs) | ||
|---|---|---|---|
| Time | Description | Time | Description |
| 6.45-7.00 | Business window to prepare daytime operations f2 | ||
| 7.00-18.00 | Daytime processing | ||
| 17.00 | Cut-off time for customer payments | ||
| 18.00 | Cut-off time for interbank payments Cut-off time for liquidity transfers f3 | 18.00 | Cut-off time for liquidity transfers |
| Shortly after 18.00 | Completion of last algorithms | ||
| Upon completion of last algorithms | Send message to TIPS to inform that change of business day can be performed | Upon receipt of message from SSP | — Change of business day in TIPS — Snapshot of balances on TIPS DCAs and generation of End-of-day files (General Ledger) |
| 18.00-18.45 f4 | End-of-day processing | ||
| 18.15 | General cut-off time for the use of standing facilities | ||
| (Shortly after) 18.30 f5 | Data for the update of accounting systems are available to CBs | ||
| 18.45-19.30 | Start-of-day processing (new business day) | ||
| 19.00 -19.30 | Provision of liquidity on the PM account | ||
| 19.30 | ‘ Start-of-procedure ’ message and settlement of the standing orders to transfer liquidity from the PM accounts to the subaccounts/technical account (ancillary system-related settlement) & Start of liquidity transfers between TARGET2 and TIPS | 19.30 | Start of liquidity transfers between TARGET2 and TIPS |
| 19.30 -22.00 | Execution of additional liquidity transfers via the ICM for settlement procedure 6 real-time; execution of additional liquidity transfers via the ICM before the ancillary system sends the ‘ start of cycle ’ messages for settlement procedure 6 interfaced; settlement period of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) | ||
| 22.00-1.00 | Technical maintenance window f6 | 22.00–1.00 | Liquidity transfers not possible as the SSP is closed |
| 1.00-7.00 | Settlement procedure of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) Liquidity transfers between TARGET2 and TIPS | ||
7.
Up-to-date information on the operational status of the SSP and the TIPS Platform shall be available on the TARGET2 Information System (T2IS) and on the TIPS Information System on dedicated webpages on the ECB's website. The information on the operational status of the SSP and the TIPS Platform on T2IS and the ECB's website shall only be updated during normal business hours.
Annotations
Textual amendments
Footnotes
- f1
-
CET takes into account the change to Central European Summer Time.
- f2
-
‘ Daytime operations ’ means daytime processing and end-of-day processing.
- f3
-
Liquidity transfers entered into the system before the cut-off time will be processed.
- f4
-
Ends 15 minutes later on the last day of the Eurosystem reserve maintenance period.
- f5
-
Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period.
- f6
-
Over a weekend or on a holiday, the technical maintenance window will last throughout the weekend or the holiday, i.e., from 22.00 on Friday until 1.00 on Monday or, in the case of a holiday, from 22.00 on the last business day until 1.00 on the next business day.