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
- USD at around 8 a.m. CET
- GBP at around 9 a.m. CET
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 of EUR takes place on every ECC business day (Monday to Friday, except TARGET2 holidays). Financial settlement of foreign currencies (GBP, USD) takes place on every currency specific business day. The trades are netted out into one net payment amount per Clearing Member or Settlement Bank respectively. ECC will use Multi-Currency Payment Banks to manage all foreign currency related cash transactions. The Clearing Members can select a Correspondent Bank to keep cash accounts in the respective currencies.
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 Groups EUR_1600 and GBP_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.