System for Monitoring Transactions in Book-entry Securities (BOGS)
Under Law 2198/1994, Section B (Government Gazette 43/A/22 March 1994), the Bank of Greece was appointed Manager of the “System for Monitoring Transaction in Book-Entry Securities” (hereinafter referred to as “the System”) through which, according to Articles 5 to 12 of the above law, clearing and/or settlement of transactions in book-entry securities held in participants’ accounts with the System shall be carried out.
The System shall operate on the Delivery Versus Payment principle, whereby sales of securities and respective payments are effected simultaneously, as well as the principle of dual notice, one by each party to the transaction, for the monitoring of cleared transactions. Transactions shall be settled separately from one another (on a gross basis) and in real time (RTGD/DvP model 1) throughout the intraday operation of the System.
The System is assessed by the European Central Bank for its compliance with the internationally accepted clearing and settlement standards, especially given that book-entry securities are used by credit institutions as collateral in the monetary policy and intra-day credit operations of the Bank of Greece in accordance with the rules established by the European Central Bank.
Also, the System is used for the settlement of transactions in book-entry securities in the context of the conduct of monetary policy in the euro area, through the Correspondent Central Banking Model (CCBM).
The operating procedures of the System are detailed in its Operating Regulation