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Process

All payments are effected at fixed payment times and according to a payment calendar depending on the respective currency:

  • Payments in EUR are processed at around 8 a.m. CET before market opening on TARGET2 operating days
  • Overnight payments in USD and GBP are processed at fixed times on all currency-specific business days
     

Importing into Clearing SystemsAll trades concluded on the spot markets of our Partner Exchanges are imported into ECC’s clearing system SMSS promptly after trading with the help of the existing ECC member ID (e.g. ABCEX).

Financial SettlementFinancial settlement takes place on every ECC business day (Monday to Friday, except TARGET2 holidays). The trades are netted out into one net payment amount per Clearing Member or Settlement Bank respectively.

The accounting cut-off is at 4:00 p.m. (CET). All trades concluded until 4:00 p.m. on the current day are settled on the next ECC business day (Payment Group EUR_1600). Trades concluded after 4:00 p.m. are settled on the ECC business day after tomorrow (T+2).

ReportingThe delivery and payment day are displayed in the ECC Reports for spot market transactions. As an alternative to this, the data can be accessed via the ECC Member Area.