Continuous Linked Settlement:
RITS Session Times and Operational Arrangements – July 2015
4. Details of Session Times
The tables in sections 4.1 and 4.2 detail RITS CLS session operations.
Section 4.1 shows RITS times only. Section 4.2 adds relevant CLS events.
4.1. RITS Session Times - Summary
| Session Name |
Time (Winter) AEST |
Time (Summer) AEDT |
|---|---|---|
| Primary Sessions | ||
| Morning Settlement Session | 07:30 to 08:45 | 07:30 to 08:45 |
| 9am Processing | 08:45 to 09:15 | 08:45 to 09:15 |
| Daily Settlement Session | 09:15 to 16:30 | 09:15 to 16:30 |
| Settlement Close Session | 16:30 to 17:15 | 16:30 to 17:15 |
| Interim Session | 17:15 to 17:20* | 17:15 to 17:20* |
| Evening Settlement Session | 17:20* to 22:00 | 17:20* to 22:00 |
| Reports Session | 22:00 to 22:30 | 22:00 to 22:30 |
| Overnight Enquiry Session | 22:30 to 07:30** | 22:30 to 07:30** |
| Secondary Sessions | ||
|
SWIFT Daily Settlement Session (all MT202s and MT103s) |
09:15 to 16:30 | 09:15 to 16:30 |
|
SWIFT Final Settlement Session (MT202s between Evening Agreed banks) |
16:30 to 18:05 | 16:30 to 20:05 |
|
SWIFT End Session (no new SWIFT payments can be entered) |
18:05 to 18:30# | 20:05 to 20:30# |
|
* Approximate time – the Evening Settlement Session will commence when the
Interim Cashlist is complete. ** This time is the following RITS business day. # All unsettled SWIFT and Austraclear transactions are removed from the System Queue at this time. |
||
4.2. Session Time Detail in Context of CLS Timeline
In the following table:
- CET means Central European Time, on which CLS operates.
- AEST means Australian Eastern Standard Time (usually from the first Sunday in April to the first Sunday in October).
- AEDT means Australian Eastern Daylight (Saving) Time (usually from the first Sunday in October to the first Sunday in April).
- An asterisk indicates the time is approximate.
- Italics indicate the event does not take place in normal processing (for example, in the event of a pay-in failure).
| CET | AEST | AEDT | Event |
|---|---|---|---|
| 21:30 | 07:30 | Start of RITS Morning Settlement Session (AEDT) | |
| 23:15 | 09:15 | Start of RITS Daily Settlement Session and SWIFT Daily Settlement Session (AEDT) | |
| 23:30 | 07:30 | Start of RITS Morning Settlement Session (AEST) | |
| 00:00 | 08:00 | 10:00 | Initial Pay-In Schedules generated & issued to SMs |
| 01:15 | 09:15 | Start of RITS Daily Settlement Session and SWIFT Daily Settlement Session (AEST) | |
| 06:30 | 14:30 | 16:30 | Revised Pay-In Schedules generated & issued to SMs. |
| 06:30 | 16:30 | Start of RITS Sett. Close Session & SWIFT Final Settlement Session (AEDT) | |
| 07:00 | 15:00 | 17:00 | Start of CLS Settlement Processing |
| 07:15 | 17:15 |
End of RITS Settlement Close Session (AEDT) Start RITS Interim Session, i.e. RITS settlements suspended (AEDT) |
|
| 07:20* | 17:20* | Start of RITS Evening Settlement Session, i.e. RITS settlements recommence, (AEDT) | |
| 08:00 | 16:00 | 18:00 | First Pay-In Deadline – Pay-in Call for Account Value |
| 08:30 | 16:30 | Start of Settlement Close Session and SWIFT Final Settlement Session (AEST) | |
| 08:45 | 16:45 | 18:45 | Pay-in Calls for Account Value due |
| 09:00 | 17:00 | 19:00 | Second Pay-In Deadline – Settlement Completion Target – Pay-in Call for Settlement |
| 09:15 | 17:15 |
End of RITS Settlement Close Session (AEST) Start of RITS Interim Session, i.e. RITS settlements suspended (AEST) |
|
| 09:20* | 17:20* | Start of RITS Evening Settlement Session, i.e. RITS settlements recommence (AEST) | |
| 09:45 | 17:45 | 19:45 | Pay-in Calls for Settlement due |
| 09:50 | 17:50 | 19:50 | RBA will call CLS Operations to confirm that AUD activity is complete |
| 09:55 | 17:55 | 19:55 | CLS Operations advise if extension to AUD activities required |
| 10:00 | 18:00 | 20:00 |
Third Pay-In Deadline (normal) – AUD Funding Completion Target Time - Pay-in Call for Currency Close and AUD settlement processing ceases |
| 10:05 | 18:05 | 20:05 | Start of SWIFT End Session (cut-off for MT202s) unless extension granted |
| 10:10* | 18:10* | 20:10* | Sweep pay-out by CLS completes AUD operations (if required) |
| 10:45 | 18:45 | 20:45 |
Target AUD Currency Close Pay-in Calls for Currency Close due |
| 10:50 | 18:50 | 20:50 | Liquidity Providers called |
| 11:10 | 19:10 | 21:10 | Target for receipt of funds from Liquidity Providers |
| 11:30 | 19:30 | 21:30 | Target for funds paid out (i.e. completion of CLS activity) if Liquidity Provider called |
| 12:00 Summer/ 14:00 Winter | 22:00 | 22:00 |
End of RITS Evening Settlement Session (i.e. cut-off for AUD RTGS settlements) Start of Reports Session |
|
12:05 Summer/ 14:05 Winter |
22:05 | 22:05 | ESA Statement End-of-Day Advice (MT950 SMT999) |
|
12:30 Summer/ 14:30 Winter |
22:30 | 22:30 | End of RITS Reports Session |
| 12:00 | 20:00 | 22:00 | Latest end of CLS activity & MT202 cut-off (barring extreme circumstances) |
|
12:05 Summer/ 14:00 Winter |
22:00 | 22:05 | Latest end of Evening Settlement Session (barring extreme circumstances) |
|
12:35 Summer/ 14:30 Winter |
22:30 | 22:35 | Latest end of Reports Session (barring extreme circumstances) |
|
13:00 Summer/ 15:00 Winter |
23:00 | 23:00 | ‘Drop dead’ time after which RITS will close for all settlements (SWIFT payments, including CLS, would close at 22:55). Extension to this time would only be contemplated in extreme circumstances and in consultation with banks. |
Diagrams of RITS session times and key CLS events for standard and summer time are provided at the end of this paper.