Update of the assessment of securities settlement systems in the euro area

29 December 2006

In the context of Slovenia’s entry to the European Monetary Union as of 1 January 2007 the Governing Council of the ECB has assessed the Slovenian securities settlement system (SSS) operated by the Central Securities Clearing Corporation (Centralna klirinško depotna družba – KDD) against the “Standards for the use of EU securities settlement systems in Eurosystem credit operations” (

From 1 January 2007 the system will be fully compliant with the Eurosystem User standards. Consequently, the list of eligible SSSs for Eurosystem credit operations has been updated with the inclusion of the KDD in Slovenia as of 1 January 2007. This means that KDD may be used by counterparties of the Eurosystem for credit operations to settle their collateral on a real-time free of payment (FOP) basis during the operating hours of the TARGET system.

The eligible SSSs and their settlement procedures are set out in the table below, which replaces the list published in a press release on 20 October 2006.

Table: Settlement procedures in eligible SSSs

SSS (country) Procedures used for Eurosystem credit operations Other procedures not used by the Eurosystem
NBB SSS (Belgium) Free of payment (FOP) multiple-batch settlement. Delivery versus payment (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 (three batches a day). FOP real-time procedure. DVP real-time settlement.
Iberclear (CADE) (Spain) DVP real-time settlement.
Iberclear (SCLV) (Spain) Pre-deposit of securities. DVP several batch settlement.
SCL Barcelona (Spain) DVP real-time settlement. DVP single-batch 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. Delivery versus Payment (DVP) multiple-batch settlement
Clearstream Banking Luxembourg FOP multiple-batch procedure (19 batches a day). DVP settlement in commercial bank money
Euroclear Netherlands (Netherlands) FOP real-time settlement. DVP real-time settlement.
OeKB (Austria) FOP real time settlement plus 8 batches for netting purposes DVP real time settlement plus 7 batches for netting purposes
Siteme (Portugal) DVP real-time settlement. DVP real-time settlement
Interbolsa (Portugal) DVP real-time settlement (specifically for Eurosystem operations). Intra-day batch, overnight batch, RTGS (both DVP and FOP) and real-time securities transfers FOP.
APK-RM (Finland) FOP real-time settlement. DVP real-time settlement.
BOGS (Greece) DVP real-time settlement. DVP multi-batch settlement.
KDD (Slovenia) FOP real-time settlement DVP real-time settlement

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