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.