Navigation Path: Home > Monetary Policy > Collateral > Mobilise collateral > Links between SSSs
A link between two SSSs (security settlement systems) consists of a set of procedures and arrangements for the cross-border transfer of securities through book-entry process. A link takes the form of an omnibus account opened by an SSS (the investor SSS) in another SSS (the issuer SSS).
The link between two SSSs is unilateral when it is used only for the transfer of securities registered in one system to another and not vice versa. A bilateral link between two SSSs means that a single agreement regulates the transfers of securities from any of the systems.
A direct link implies that no intermediary exists between the two SSSs, and the operation of the omnibus account opened by the investor SSS is managed either by the investor SSS or the issuer SSS.
In an operated direct link, a third party (i.e. a custodian) opens and operates an account in the issuer SSS on behalf of the investor SSS. The responsibility for the obligations and liabilities in connection with the registration, transfers and the custody of securities must remain legally enforceable only between the two SSSs.
Relayed links are contractual and technical arrangements for the transfer of securities involving at least three securities settlement systems (SSSs): the “investor” SSS, the “issuer” SSS and the “intermediary” SSS.
In order to be eligible for assessment, a relayed link must be composed of two direct links that have already been assessed separately against the standards and found to be compliant.
The methodology for assessing relayed links is therefore based on the methodology used for assessing direct links and deals only with the specific conditions associated with relayed links.
back to topLinks must comply with the user standards if they are to be used for cross-border securities transfers related to the collateralisation of Eurosystem credit operations.
| Country | Eligible links (Investor SSS to Issuer SSS) |
|---|---|
| Belgium | Euroclear Bank to NBB-SSS (Belgium) |
| Euroclear Bank to Clearstream Banking AG-CASCADE (Germany) | |
| Euroclear Bank to BOGS (Greece), operated by Citibank International, Athens | |
| Euroclear Bank to Euroclear France (France) | |
| Euroclear Bank to Monte Titoli (Italy), operated by Société Générale Securities Services (SGSS) S.p.A., Milan | |
| Euroclear Bank to Clearstream Banking S.A. (Luxembourg) | |
| Euroclear Bank to Euroclear Nederland (the Netherlands) | |
| Euroclear Bank to OeKB (Austria) | |
| Germany | Clearstream Banking AG-CREATION to Clearstream Banking S.A. (Luxembourg) |
| Clearstream Banking AG-CASCADE to Iberclear-CADE (Spain) | |
| Clearstream Banking AG-CASCADE to Euroclear France (France) | |
| Clearstream Banking AG-CASCADE to Monte Titoli (Italy) | |
| Clearstream Banking AG-CASCADE to Euroclear Nederland (the Netherlands) | |
| Clearstream Banking AG-CASCADE to OeKB (Austria) | |
| Clearstream Banking AG-CASCADE to Euroclear Finland Oy-RM System (Finland) | |
| Greece | BOGS to Clearstream Banking AG-CASCADE (Germany) |
| Spain | Iberclear-CADE to Clearstream Banking AG-CASCADE (Germany) |
| Iberclear-CADE to Euroclear France (France) | |
| Iberclear-CADE to Monte Titoli (Italy) | |
| Iberclear-CADE to Euroclear Nederland (the Netherlands) | |
| Iberclear-SCLV to Euroclear France (France) | |
| Iberclear-SCLV to Monte Titoli (Italy) | |
| Iberclear-SCLV to Euroclear Nederland (the Netherlands) | |
| France | Euroclear France to Euroclear Bank (Belgium) |
| Euroclear France to NBB-SSS (Belgium) | |
| Euroclear France to Clearstream Banking AG-CASCADE (Germany) | |
| Euroclear France to Iberclear-CADE (Spain) | |
| Euroclear France to Monte Titoli (Italy) | |
| Euroclear France to OeKB (Austria) | |
| Euroclear France to Euroclear Finland Oy-RM System (Finland) | |
| Italy | Monte Titoli to Euroclear Bank (Belgium) |
| Monte Titoli to Clearstream Banking AG-CASCADE (Germany) | |
| Monte Titoli to Iberclear-CADE (Spain) | |
| Monte Titoli to Iberclear-SCLV (Spain) | |
| Monte Titoli to Euroclear France (France) | |
| Monte Titoli to Clearstream Banking S.A. (Luxembourg) | |
| Monte Titoli to OeKB (Austria) | |
| Luxembourg | Clearstream Banking S.A. to Euroclear Bank (Belgium) |
| Clearstream Banking S.A. to NBB-SSS (Belgium), operated by KBC Securities, Brussels | |
| Clearstream Banking S.A. to Clearstream Banking AG- CASCADE (Germany) | |
| Clearstream Banking S.A. to BOGS (Greece), operated by Citibank International, Athens | |
| Clearstream Banking S.A. to Euroclear France (France), operated by BNP Paribas Securities Services (BP2S) | |
| Clearstream Banking S.A. to Monte Titoli (Italy), operated by Intesa San Paolo, Milan | |
| Clearstream Banking S.A. to Euroclear Nederland (the Netherlands), operated by BNP Paribas Securities Services (BP2S) | |
| Clearstream Banking S.A. to OeKB (Austria), operated by Erste Bank der oesterreichischen Sparkassen AG | |
| Clearstream Banking S.A. to KDD (Slovenia), operated by Nova Ljubljanska banka d.d. | |
| Netherlands | Euroclear Nederland to Euroclear Bank (Belgium) |
| Austria | OeKB to Euroclear Bank (Belgium) |
| OeKB to Clearstream Banking AG-CASCADE (Germany) | |
| OeKB to Euroclear France (France) | |
| OeKB to Monte Titoli (Italy) | |
| OeKB to Clearstream Banking S.A. (Luxembourg) | |
| OeKB to Euroclear Nederland (the Netherlands) | |
| Finland | Euroclear Finland Oy-RM System to Clearstream Banking AG- CASCADE (Germany) |
| Euroclear Finland Oy-RM System to Euroclear France (France) |
| Country | Eligible relayed links (Investor SSS via Intermediary SSS to Issuer SSS) |
|---|---|
| Germany | Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to NBB-SSS (Belgium) |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Clearstream Banking AG-CASCADE (Germany) | |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to BOGS (Greece) | |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Euroclear France (France) | |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Monte Titoli (Italy) | |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to Euroclear Nederland (the Netherlands) | |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to OeKB (Austria) | |
| Clearstream Banking AG-CREATION via Clearstream Banking S.A. (Luxembourg) to KDD (Slovenia) |
