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«Overview of Functionality October 2014 Overview of Functionality RITS 1.INFORMATION FOR RITS MEMBERS 1.1 Introduction 1.2 Guides to RITS functions ...»

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RESERVE BANK INFORMATION AND

TRANSFER SYSTEM

Overview of

Functionality

October 2014

Overview of Functionality

RITS

1.INFORMATION FOR RITS MEMBERS

1.1 Introduction

1.2 Guides to RITS functions

1.3 How to obtain copies of the user guides

1.4 RITS Information Facility

1.5 Public information on RITS

1.6 Utilities to prepare your token and PC for RITS

2.ABOUT RITS

2.1 What is RITS?

2.2 Facilities available to RITS Members

2.3 Billing invoices

2.4 Messages to Members in RITS

2.5 Standard RITS session times

2.6 Use of the browser shortcut keys

3.ACCESSING RITS FUNCTIONALITY

3.1 Logging on

3.2 Sharing PCs

3.3 Tokens and the digital signing of updates

3.4 Launch Page

3.5 Pop-Up Blocking

3.6 Accessing a RITS environment

3.7 RITS Login Screen

3.8 Logging off

3.9 Accessing a function from the menu

4.OPERATING TIMES AND FACILITIES

4.1 Operating times for transactions with cash (i.e. settlements)

4.2 Morning Settlement Session

4.3 9am Processing Session

4.4 Daily Settlement Session – ‘DAY’

4.5 Settlement Close Session – ‘SCS’

4.6 Interim Session – ‘INT’

4.7 Evening Settlement Session – ‘EVE’

4.8 Reports Session – ‘REPORTS’

4.9 Overnight Enquiry Session – ‘OVERNIGHT’

4.10 SWIFT Daily Settlement Session – ‘SWIFTDAY’

4.11 SWIFT Final Settlement Session – ‘SWIFTFINAL’

4.12 SWIFT End Session – ‘SWIFT/ACLR END’

4.13 Information about session times

4.14 Extensions to cut-off times

4.15 Public holidays

4.16 CLS Evening Session Times on Non-FX Days

5.SYSTEM QUEUE

5.1 Summary of System Queue functions

5.2 When do transactions arrive on the RITS Queue?

5.3 Evening transaction flag

5.4 Interim and Evening Settlement Session System Queue validations

5.5 System Queue tests

5.6 Available and Active Balances

5.7 Processing of a successful settlement

5.8 A list of transactions settled on the System Queue

5.9 Viewing queued transactions of branches

6.COUNTERPARTY BRANCH QUEUE FACILITIES

6.1 Who uses the counterparty branch queue facilities?

6.2 Overview of paying counterparty branch controls

–  –  –

RITS

6.3 Setting a Cash Account Sub-Limit

6.4 Setting a Cash Account Status

6.5 How to delete a transaction

7.MEMBERS’ LIQUIDITY CONTROLS

7.1 Overview of ESA management in RITS

7.2 Using the ESA Sub-Limit

7.3 Setting an ESA Status

7.4 ‘Bulk Defer - Bulk Reinstate’ the ESA Status

7.5 Targeted Bilateral Offset

8.AUTO-OFFSET

8.1 What is the purpose of Auto-Offset?

8.2 How is Auto-Offset activated?

8.3 How does Auto-Offset work?

8.4 Identifying transactions settled via Auto-Offset

8.5 ESA Balance display for Auto-Offset

8.6 Control of Auto-Offset

9.TARGETED BILATERAL OFFSET

9.1 What is the purpose of Targeted Bilateral Offset?

9.2 How is a Targeted Bilateral Offset created?

9.3 How is a Targeted Bilateral Offset settled?

9.4 Testing Algorithm

9.5 How are session rules applied?

9.6 How are the RITS menu items used?

10.RBA REPO FACILITIES

10.1 Overview of liquidity facilities

10.2 Intraday RBA Repos

10.3 Open RBA Repos

10.4 Eligibility for RBA Repos

10.5 Functionality for Open RBA Repos

10.6 Functionality for Intraday RBA Repos

10.7 Legal underpinnings of RBA Repos

10.8 Settlement fees for intraday RBA Repos

10.9 RBA Repos and RITS Sessions

11.MEMBERS’ CREDIT MANAGEMENT

11.1 Overview of credit management in RITS

11.2 Setting a Credit Status

11.3 How the Credit Status affects testing

11.4 RITS Cash Account Limits

11.5 Targeted Bilateral Offset

12.OPERATIONS WITH CASH

12.1 Cash Transfer

12.2 End-of-day posting to Member accounts

13.ARRANGEMENTS FOR SETTLEMENT OF LOW VALUE CLEARINGS

13.1 Overview of Arrangements to Settle Low Value Clearings

13.2 Settlement of Low-Value Clearing Obligations

13.3 Getting into Credit by 8.45 am/Commencement of a Multilateral Run..................87

13.4 What transactions are included in 9am Settlement?

13.5 What transactions are included in Multilateral Runs subsequent to the 9am Settlement?





13.6 Clearing system interest

14.LOW VALUE SETTLEMENT SERVICE (LVSS)

14.1 Overview

14.2 Roles and Functions

–  –  –

RITS

14.3 LVSS Messages

14.4 Validation of FSIs and FRIs

14.5 Recalling an FSI

14.6 RITS Handling of FSIs and FRIs During SYSCLOSE Session

14.7 Updating, Enquiring and Reporting on LVSS Transactions

14.8 Selection of Advices and Responses

14.9 ESA, Credit and Cash Account Statuses

14.10 Multilateral Settlement of LVSS Transactions

14.11 Managing LVSS Settlement Method: Overrides

14.12 Managing LVSS Settlement via Cash Account Limits

14.13 LVSS Transaction Management by the Payer

14.14 Automated Information Facility (AIF) and LVSS

14.15 Setting Up RITS Branches for LVSS

15.BATCH FACILITY

15.1 Overview

15.2 The CHESS Batch

15.3 The MasterCard Batch

15.4 The Property Batch

16.PASSWORD, CERTIFICATE AND USER ADMINISTRATION

16.1 Detailed user guides

16.2 The role of the Password/Certificate Administrator

16.3 Password and user administration

16.4 Certificate administration

16.5 Setting passwords

16.6 Managing a user’s status

16.7 Setting an extended session time-out

16.8 Establishing user/branch links

16.9 Allocating functions (via roles) to users

16.10 Allocating authorisation privileges

16.11 Verifying authorisation levels

16.12 Keeper of RITS tokens

16.13 Obtaining digital certificates

16.14 Certificates and access to RITS Production and Pre-Production environments. 104

16.15 The role of the RITS Help Desk

17.ROLES AND FUNCTIONS

17.1 Same screen – multiple privileges

17.2 Roles and functions mapped to the RITS Menu

18.REPORTS AND PRINTING/DOWNLOADING

18.1 System reports

18.2 Member reports

19.GLOSSARY

–  –  –

enter transactions, make enquiries and print and download reports;

• view and manage ESA balances and queued payments; and • perform password, digital certificate and user administration.

• An explanation of the operation of the RITS System Queue and its associated features, like Auto-Offset, is also provided.

The RBA Repo facility, which operates in the Austraclear system, the CHESS, MasterCard, and PEXA Batches are also described.

1.2 Guides to RITS functions User guides for RITS are listed in the table below.

Detailed descriptions of the RITS functions are provided in separate user guides. These are based on the major headings in the RITS menu of functions. They can be found in the RITS Information Facility or at http://www.rba.gov.au/rits/info/.

–  –  –

1.3 How to obtain copies of the user guides User guides and other material are available from the RITS Information Facility (see below).

Guides can be downloaded in a PDF format, which can then be saved locally or printed.

–  –  –

1.4 RITS Information Facility An online source of information for RITS Members is now available in RITS and on the internet.

Access the Facility via:

In RITS after logging on, select the Information icon in the Header.

• On the internet at http://www.rba.gov.au/rits/.

The Facility covers the following topics:

–  –  –

1.5 Public information on RITS Public information on RITS is available on the Reserve Bank’s website – http://www.rba.gov.au/payments-system/rits/index.html.

1.6 Utilities to prepare your token and PC for RITS Utilities are available at the Information Facility internet site and from the RITS Login page.

These are used to prepare your token and PC for access to RITS.

–  –  –

RITS Token Administration – used to format a RITS token and set a Token Codeword.

• RITS Testcard – used to test that a user’s PC has the correct set-up to access RITS.

• The RITS Software package is also available on CD from the RITS Help Desk.

–  –  –

2.1 What is RITS?

RITS, owned and operated by the Reserve Bank of Australia, is the system through which interbank settlement of payment obligations occurs. By value, the bulk of these are settled on a Real-Time Gross Settlement (RTGS) basis. RTGS ensures that transactions between Members, or clients of different Members, will only proceed to settlement where the Paying Member has sufficient credit funds in its Exchange Settlement Account (ESA) at the Reserve Bank.

Transactions settled across RITS on an RTGS basis include those entered and settled directly through RITS (Cash Transfers, Low Value Settlement Service (LVSS) transactions

and batches) and those from external Feeder Systems:

Austraclear - a system which facilitates settlement of Commonwealth Government, semi government and private-sector debt securities transactions and Cash Transfers;

the SWIFT Payment Delivery System (SWIFT PDS) - a closed user group of Members • (administered by APCA) for sending payments to RITS via the SWIFT FIN-Copy service;

and CHESS-RTGS – for optional RTGS settlement of transactions in the Australian Stock • Exchange’s Clearing House Electronic Sub-Register System (CHESS) for equities transactions.

Settlement obligations for low value clearings are input into RITS and settled via the Low Value Settlement Service (LVSS). Obligations arising from cheques, credit and debit cards, and some bulk direct entry electronic payments are settled on a multilaterally netted basis at around 09:00. Most non-Government direct entry obligations are settled on a multilaterally netted basis throughout the Daily Settlement Session and Evening Settlement Session. Government direct entry obligations are settled during the Morning Settlement Session.

Obligations arising in the Australian Stock Exchange’s CHESS system are currently settled in one central party batch around lunchtime each day. Settlement of MasterCard’s domestic AUD obligations occurs in one multilateral batch each day. Obligations arising in the Property Exchange Australia Limited’s PEXA system are settled in many multilateral batches each day.

RITS was established in August 1991, originally as an electronic depository (see below), and was subsequently enhanced to provide access to Exchange Settlement Accounts, and from June 1998 provided for the real-time gross settlement of payments across ESAs.

Between August 1991 and February 2002, RITS provided an electronic settlement system and depository facility for transactions in Commonwealth Government Securities (CGS).

The Members of RITS agreed to move their holdings of CGS to the Austraclear System and RITS ceased to provide settlement and depository services for CGS.

All Australian-licensed banks and other ESA holders are Members of RITS, which provides the means of access to ESAs with the Reserve Bank.

Other institutions (termed ‘Non-Transaction Members’) join RITS to engage in RBA open market operations.

–  –  –

All settlements across RITS are final and irrevocable. They are protected from application of the zero-hour rule following the designation of RITS as an approved RTGS system by the Reserve Bank. 1 2.2 Facilities available to RITS Members

The following facilities are provided to Members in RITS:

real-time monitoring of ESAs;

• two-sided Cash Transfers;

• settlement of obligations arising from low-value payments, via the Low Value Settlement • Service (LVSS), including the ability to submit and enquire upon LVSS transactions overnight;

manual input of a File Settlement Instruction;

• selection of an FSI for recall and creation of a File Recall Instruction;

• real-time monitoring of interbank settlements across RITS, including those from • Austraclear, the SWIFT PDS and CHESS-RTGS;

Automated Information Facility (AIF), which allows Members to automate RTGS credit • and liquidity management within their own systems and receive ESA statements. The AIF is a SWIFT closed user group using the SWIFT FIN service, and the commands and enquiries it provides are a subset of those that are available in RITS;



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