Price list

The T2S price list is provided below, in line with the decision of the Governing Council regarding the T2S settlement fee for a DvP instruction (see pricing decision), and in combination with the pricing structure defined with the market. For more details, see the mapping of service items with T2S price list.

On 21 June 2018 the Governing Council of the ECB decided that the T2S pricing structure would be realigned in accordance with the T2S Framework Agreement. In doing so, it accepted a proposal by the Advisory Group on Market Infrastructures for Securities and Collateral to increase T2S fees from €0.15 to €0.195 per instruction, plus a temporary surcharge of €0.04 per instruction (see full pricing list from 1 January 2019 below).

Pricing list valid until 31 December 2018
Tariff items Price Explanation
Settlement services (75% of T2S income)
Delivery versus payment 15 cents per instruction*
Free of payment/payment free of delivery 9 cents per instruction*
Internal T2S liquidity transfer 9 cents per transfer
Account allocation 3 cents per instruction*
Matching 3 cents per instruction*
Intra-position/intra-balance movement 6 cents per transaction
Auto-collateralisation service with payment bank 15 cents for issue and return, charged to collateral provider †
Intended settlement day failed transaction 15 cents surcharge per business day failed per instruction*
Daytime settlement process 3 cents surcharge per instruction*
**Daytime – last two hours, 2pm – 4pm Free additional surcharge per instruction*
**Auto-collateralisation service with national central bank Free per transaction, charged to the collateral provider
**Instruction marked with “top/high priority” Free surcharge per instruction*
**Cancellation Free per instruction*
**Settlement modification Free per instruction*
Information services
A2A reports 0.4 cent per business item in a report
A2A queries 0.7 cent per queried business item
U2A queries 10 cent per executed query
Message bundled into a file 0.4 cent per message in each file containing bundled messages
Transmissions 1.2 cent per transmission
Account management services
**Securities account Free Fee options:
a) monthly fee per ISIN in the account or
b) monthly fee per account
**Fee per cash account Free Monthly
* Two instructions per transaction will be charged.
** These items will initially be free of charge, presuming that actual usage will be within an expected consumption pattern. However, should there be greater than expected use of the IT system resources, leading to an adverse effect on T2S performance, charging for these items will be reconsidered. Such a review will occur at regular intervals.
† The auto-collateralisation with payment bank (i.e. client-collateralisation) is charged in line with the usage of T2S resources; and only the collateral provider is charged in accordance with the T2S Framework Agreement. One collateralisation item plus both instructions of each auto-collateralisation leg are charged per ISIN and providing account, i.e. 15 cents * 5 (i.e. 1 collateralisation item + 4 settlement instruction) = 75 cents for each auto-collateralisation service with payment bank.
Pricing list from 1 January 2019
Service category (tariff item) Price Price as a percentage of DvP price Explanation
Settlement services
Delivery versus payment 23.5 cents 100% per instruction✝
Free of payment/payment free of delivery 14.1 cents 60% per instruction✝
Account allocation 4.7 cents 20% per instruction✝
Matching 4.7 cents 20% per instruction✝
Intra-position/intra-balance movement 9.4 cents 40% per transaction
Auto-collateralisation service with payment bank 23.5 cents 100% per transaction, charged to the collateral provider✝✝
Internal T2S liquidity transfer 14.1 cents 60% per transfer
Daytime settlement process 4.7 cents 20% surcharge per instruction✝
Daytime – last two hours, 14:00 – 16:00 Free* 0% surcharge per instruction✝
Intended settlement day failed transaction 23.5 cents 100% surcharge per business day failed – both sides✝
Auto-collateralisation service with NCB Free* 0% per transaction, charged to the collateral provider
Instruction marked with “top/high priority” Free* 0% surcharge per instruction✝
Cancellation Free* 0% per instruction✝
Settlement modification Free* 0% per instruction✝
Information services
A2A reports 0.4 cent n.a. per business item in any A2A report generated
A2A queries 0.7 cent per queried business item in any A2A query generated
U2A queries 10 cent per executed search function
Message bundled into a file 0.4 cent per message in each file containing bundled messages
Transmissions 1.2 cent per transmission
Account management services
Securities account Free** 0% Fee options:
a) monthly fee per ISIN in the account or
b) monthly fee per account
Fee per cash account Free*** 0% Monthly
✝ Two instructions per transaction will be charged.
✝✝ Auto-collateralisation with a payment bank (i.e. client-collateralisation) is charged in line with the use of T2S resources, and only the collateral provider is charged in accordance with the T2S Framework Agreement. One collateralisation item plus both instructions of each auto-collateralisation leg are charged per ISIN and providing account, i.e. X cents * 5 (i.e. 1 collateralisation item + 4 settlement instructions) for each auto-collateralisation service with a payment bank, where X is the price of settlement instructions and collateralisation items.
* The resources dedicated to operating T2S are calculated in accordance with the expected consumption pattern, i.e. the anticipated distribution of settlement volumes during night-/day-time and peak hours. These items have been priced as free of charge, presuming that actual use of T2S will remain within this expected consumption pattern over time. However, should there be greater than expected use of T2S resources and if the volume distribution pattern is different from expected, thus adversely affecting T2S performance, a charge for these items will be reconsidered. The Eurosystem regularly reviews the actual volumes against expected patterns for the different items.
** Account management services for securities accounts are set at zero and will not be changed until the end of the cost-recovery period, at the earliest.
*** Account management services for T2S dedicated cash accounts (DCAs) are not charged, assuming that the actual number and use of DCAs will remain within expected consumption patterns. However, should DCAs consume more T2S resources than expected, thus adversely affecting T2S performance, charging for these items will be reconsidered. The Eurosystem regularly reviews the matter together with the central banks operating the DCAs.