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RBA Glossary definition for RITS

RITS – The Reserve Bank Information and Transfer System (RITS) was established in August 1991 and is operated by the Reserve Bank of Australia. RITS is Australia's Real-Time Gross Settlement (RTGS) system, which plays a central role in the Australian payments clearing and settlement system.

RITS is the means by which Exchange Settlement Accounts are accessed and membership is compulsory for all Australian-licensed banks and participants in the Reserve Bank's domestic market operations.

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Appendix A: Interbank Market Infrastructure

20 Jan 2021 RDP 2021-01
Nicholas Garvin, David W Hughes and José-Luis Peydró
During 2008 there were around 50 banks with RITS ESAs, comprising Australian banks and subsidiaries and/or branches of foreign banks. ... While an unsecured loan takes place through a series of cash payments in RITS, a repo loan resembles a series of
https://www.rba.gov.au/publications/rdp/2021/2021-01/appendix-a.html
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The Role of Collateral in Borrowing

14 Jan 2021 RDP PDF 1784KB
payments through the Reserve Bank Information and Transfer System (RITS). We use the algorithm.
https://www.rba.gov.au/publications/rdp/2021/pdf/rdp2021-01.pdf

ISO 20022 Migration for the Australian Payments System – Conclusions Paper

25 Feb 2020 Consultations PDF 560KB
batch settlements, including property settlement and reservation (see below). • RITS AIF (see below). • ... Also known as the SWIFT PDS. Settlement occurs on a line-by-line basis in RITS.
https://www.rba.gov.au/publications/consultations/202002-iso-20022-migration-for-the-australian-payments-system/pdf/iso-20022-migration-for-the-australian-payments-system-conclusions-paper.pdf

ISO 20022 Migration for the Australian Payments System – Responses and Options Paper

11 Sep 2019 Consultations PDF 1175KB
Bank Information and Transfer System (RITS) Members directly using the New Payments Platform. ... AusPayNet, a representative from the RBA’s Payments Settlements Department (responsible for RITS).
https://www.rba.gov.au/publications/consultations/201909-iso-20022-migration-for-the-australian-payments-system-responses-options/pdf/consultation-paper.pdf

ISO 20022 Migration for the Australian Payments System – Issues Paper

7 Apr 2019 Consultations PDF 1644KB
A consultation paper issued by the Reserve Bank of Australia and the Australian Payments Council - April 2019
https://www.rba.gov.au/publications/consultations/201904-iso-20022-migration-for-the-australian-payments-system/pdf/issues-paper.pdf

Comparing the Output with Prudential Data

15 Aug 2018 RDP 2018-09
Nicholas Garvin
Since the ICSDs have no direct link to RITS, any Australian-dollar cash settled simultaneously with these transactions takes place across accounts at a private bank employed by the ICSD. ... This corresponds to the typical definition of the Australian
https://www.rba.gov.au/publications/rdp/2018/2018-09/comparing-the-output-with-prudential-data.html
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Identifying Repo Market Microstructure from Securities Transactions Data

13 Aug 2018 RDP PDF 2622KB
RITS), the RBA’s high-value settlement system. This permits Austraclear account holders to.
https://www.rba.gov.au/publications/rdp/2018/pdf/rdp2018-09.pdf

Features of the Market

15 Dec 2016 RDP 2016-11
Anthony Brassil, Helen Hughson and Mark McManus
The ‘Evening’ session opens at 17.20. All ‘evening agreed’ banks must remain available to settle RITS transactions during this session. ... As a result, the intraday distribution of RITS transactions (including IBOC loans) differs between summer
https://www.rba.gov.au/publications/rdp/2016/2016-11/features-of-the-market.html
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Identifying Interbank Loans from Payments Data

6 Dec 2016 RDP PDF 3267KB
RITS). RITS is used by banks and other approved institutions to settle payment obligations on. ... IBOC Survey. However, since our algorithm identifies IBOC loans via their corresponding RITS.
https://www.rba.gov.au/publications/rdp/2016/pdf/rdp2016-11.pdf

Central Clearing of Repos in Australia: Conclusions

28 Oct 2015 Consultations PDF 306KB
the Bank is operator of the domestic high-value payment system, RITS, that settles the cash leg of repo transactions. ... under a repurchase agreement that reverses by the end of the RITS day.
https://www.rba.gov.au/publications/consultations/201503-central-clearing-of-repos-in-australia/conclusions/pdf/central-clearing-of-repos-in-australia-conclusions-2015-10.pdf