Update of the assessment of securities settlement systems
The Governing Council of the ECB today updated the assessment of securities settlement systems (SSSs) eligible for the settlement of collateral for Eurosystem credit operations. SSSs are periodically assessed against specific standards.
At this stage, it should be noted that the requirements of the Eurosystem depend on whether the national central banks (NCBs) make use of a pooling or of an earmarking system for the settlement of securities in credit operations. In principle, the standards require delivery-versus-payment (DVP) facilities in order to prevent principal risk. However, in countries where pooling systems are used, securities are typically pledged to the NCB on a free-of-payment (FOP) basis. The NCB does not incur any principal risk since the securities are pledged before credit is granted and are released only after the repayment of the credit. Nevertheless, the majority of SSSs in those countries offer DVP facilities for market operations.
The SSSs have maintained their efforts to enhance compliance with the standards. In this respect, SCLV/AIAF (Spain), SCL Barcelona (Spain), BOGS (Greece) and Crest (United Kingdom) have introduced real-time DVP settlement in central bank money.
The eligible SSSs and their settlement procedures are set out in the table below, which replaces the list published by means of a press release on 21 February 2001.
Table: Settlement procedures in eligible SSSs
| SSS (country) | Procedures used for Eurosystem credit operations | Other procedures not used by the Eurosystem |
|---|---|---|
| NBB Clearing System (Belgium) | FOP multiple-batch settlement. | DVP multiple-batch settlement. |
| Euroclear Bank (Belgium) | FOP real-time settlement. | DVP real-time settlement in commercial and central bank money. |
| Clearstream Banking Frankfurt (Germany) | FOP multiple-batch settlement (2 batches a day). FOP real-time procedure. | DVP real-time settlement. |
| CADE (Spain) | DVP real-time settlement. | – |
| SCLV/SCLV-AIAF (Spain) | Pre-deposit of securities/DVP real-time settlement. | DVP single-batch settlement. |
| SCL Barcelona (Spain) | DVP real-time settlement. | – |
| SCL Bilbao (Spain) | Pre-deposit of securities. | DVP single-batch settlement. |
| SCL Valencia (Spain) | Pre-deposit of securities. | DVP single-batch settlement. |
| Euroclear France | DVP real-time settlement. | – |
| NTMA (Ireland) | FOP real-time settlement. | – |
| Monte Titoli (Italy) | FOP real-time settlement. DVP real-time settlement. | – |
| Clearstream Banking Luxembourg | FOP multiple-batch procedure (13 batches a day). | DVP settlement in commercial bank money. |
| Necigef (Netherlands) | FOP real-time settlement. | DVP real-time settlement. |
| OeKB (Austria) | FOP multiple-batch procedure (5 batches a day). | DVP multiple-batch settlement (4 batches a day). |
| Siteme (Portugal) | DVP real-time settlement. | – |
| Interbolsa (Portugal) | DVP real-time settlement (specific for Eurosystem operations). | Both multiple-batch and real-time DVP, depending on the type of securities. |
| APK (Finland) | FOP real-time settlement. | DVP real-time settlement. |
| BOGS (Greece) | DVP real-time settlement specific for Eurosystem operations until 4.30 p.m. ECB time. | DVP single-batch settlement. |
| VP (Denmark) | FOP multiple-batch settlement (5 batches a day). FOP real-time procedure available. | Both real-time and multiple-batch DVP settlement. |
| VPC (Sweden) | FOP single-batch settlement. FOP real-time procedure available. | DVP single-batch settlement. |
| CREST (United Kingdom) | DVP real-time settlement. | – |
| CMO/CREST (United Kingdom) | FOP real-time settlement. | – |
CIK (Belgium) has been removed from the list because it does not currently handle eligible assets.
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