The delivery-versus-payment fee in T2S is €0.15 per instruction. This price is guaranteed from 22 June 2015 (the start of operations) until the end of 2018. It is based on the estimated cost of T2S and the expected number of transactions.
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 price list below).
The T2S pricing structure resulted from a thorough discussion with the market. It balances the market’s strong preference for simplicity with the need to pay for resources used in providing T2S services.
There are several billable items (service items) that are charged to the users of T2S. For simplicity they are grouped into 15 tariff items arranged in three categories: settlement services, information services and account management services. See Mapping of service items with T2S price list for the full list of service items.
The price list below shows the price of each service and its price relative to the DvP price. A number of items are free, on the understanding that this can be changed according to the pricing principles.
Network connectivity costs are not featured in the T2S pricing structure. These costs are covered separately by each CSD, which can choose from among the network providers selected by the Eurosystem.
|Price||Price as a percentage of DvP price||Explanation|
|Delivery versus payment (DvP)||15 cents||100%||per instruction*|
|Free of payment / payment free delivery||9 cents||60%||per instruction*|
|Account allocation||3 cents||20%||per instruction*|
|Matching||3 cents||20%||per instruction*|
|Intra-position/intra-balance movement||6 cents||40%||per transaction|
|Auto-collateralisation service with payment bank||15 cents||100%||per transaction, charged to the collateral provider†|
|Internal T2S liquidity transfer||9 cents||60%||per transfer|
|Daytime settlement process||3 cents||20%||surcharge per instruction *|
|**Daytime – last two hours, 2pm – 4pm||Free||0%||surcharge per instruction|
|Intended settlement day failed transaction||15 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*|
|**Settlement modification||Free||0%||per instruction*|
|A2A reports||0.4 cent||25% of total T2S revenues||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|
|Message subscription services||?||Per message in a file|
|Transmissions||1.2 cents||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.|
|** The price for these items is set at zero, based on expected usage. However, should the use of the IT system resources exceed expected levels and adversely affect T2S performance, charging for these items will be reconsidered.|
|† Auto-collateralisation with 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. 15 cents * 5 (i.e. 1 collateralisation item + 4 settlement instructions) = 75 cents for each auto-collateralisation service with payment bank.|
The price of 15 euro cent per delivery-versus-payment instruction will remain fixed from 22 June 2015 (the start of operations) to 31 December 2018, provided that the following conditions are fulfilled: