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Market practices in France

France
Name of National Central Bank Banque de France
Collateral management helpdesk 1157-UT@banque-france.fr
Phone number of the CCBM unit +33 1 42 92 27 16
Fax number of the CCBM unit +33 1 42 92 41 90
Foreign counterparties’ contact for credit claim related issues Caroline NOWACKI WARD (+33 1 42 97 72 97) / Isabelle PIVON (+33 1 42 44 56 30)
Publications describing local legal and operational procedures Monetary policy operations
Legal and procedural aspects
Procedural aspects governing a repurchase agreement with the NCB and legal documentation used (if applicable) Banque de France as HCB (pledge)
Procedural aspects governing a pledge towards the NCB and legal documentation used (if applicable) Banque de France as CCB (repo /pledge)
Specific procedures governing non-marketable assets Cross-border use of credit claims
Technical Aspects Euroclear France Banque de France
Type of eligible assets held All eligible assets (except credit claims) Non-marketable assets (credit claims)
Opening hours Euroclear France is a T2S CSD and respects the T2S business day schedule and calendar. 9.00 a.m.–4.30 p.m.
Number of settlement cycles per day CCBM transactions are settled in the T2S real-time settlement window. No settlement cycle; transactions can be forwarded to Banque de France during CCBM opening hours
BIC of SSS(s) SICVFRPPXXX BDFEFRPPXXX
Account of NCB in the SSS SICVBDFEFR2T282000L10 (BDF SAC ACCOUNT -CCBM as CCB)
SICVBDFEFR2T121000L10 (BDF MONETARY POLICY -SAC IN EUROCLEAR FRANCE)
n.a.
HCB's sub accounts in the SSS (where applicable) n.a. n.a.
Matching requirements Yes n.a.
Matching/Settlement details T2S mandatory matching fields
  • :95P::BUYR or seller//BIC11
  • :95R::Delivering or Receiving agent :
  • Issuer code “EGSP” / affiliate number coded on 12 digits or BIC Code
  • :95P::PSET//SICVFRPPXXX
 
Special Operating Procedures (a) ESES domestic securities with a counterparty at CBL
ESES participants facing counterparties in CBL have to instruct cross-CSD settlement:
ISO 15022
SELL or BUYR : BIC 11 of the CBL Customer
DEAG/REAG : CEDELULLXXX
PSET : DAKVDEFFXXX
ISO 20022
Party1:CEDELULLXXX
Party 2 : BIC 11 of the CBL Customer
Delivering/receiving CSD : DAKVDEFFXXX

For a list of ESES securities that have not migrated to the new format:

ISO 15022 :
SELL or BUYR : BIC 11 of the CBL Customer
DEAG/REAG : CEDELULLXXX
PSET : SICVFRPPXXX

ISO 20022 :
Party 1 : CEDELULLXXX
Party 2 : BIC 11 of the CBL Customer
Delivering/receiving CSD : SICVFRPPXXX

(b) ESES domestic securities with a counterparty at Euroclear Bank
DEAG/REAG : MGTCBEBEECL
SELL or BUYR : BIC 11 of the Euroclear Bank Customer
PSET : SICVFRPPXXX
or
DEAG/REAG : EGSP/000000000611
SELL or BUYR : BIC 11 of the Euroclear Bank Customer
PSET : SICVFRPPXXX
For the second format, the account number of EB in Euroclear France (EF) should be mentioned in a field 95R: DEAG or REAG/EGSP/Account number of EB in EF on 12 digits. EGSP stands for Euroclear Group Single Plat-form, it replaces the former SICV tag. (00000000611 for EB).
 
Homepage of SSS www.euroclearfrance.com