Update of the assessment of securities settlement systems in the euro area
In the context of the first assessment of relayed links, the Governing Council of the European Central Bank has updated the assessment of securities settlement systems (SSSs) eligible for the settlement of collateral for Eurosystem credit operations.
During the preparation of the relayed link assessment report, it was ascertained that Clearstream Banking Frankfurt AG (CBF) operates two separate SSSs (CASCADE and CREATION) but its CREATION system, although designated under the Settlement Finality Directive, was not part of the previous assessments carried out by the Eurosystem; nevertheless, the legal, technical and operational aspects had been addressed in other contexts. Consequently, an ad hoc update of the earlier assessments of CBF, taking full account of the existence of the two different SSSs that it operates, has been performed.
The assessment confirmed that both CASCADE and CREATION comply with the Eurosystem standards . Consequently, both systems are considered eligible to participate in the collateralisation process of the Eurosystem’s credit operations.
The eligible SSSs and their settlement procedures are set out in the following table, which replaces the list published in a press release on 29 December 2006.
Table: Settlement procedures in eligible SSSs
|SSS (country)||Procedures used for Eurosystem credit operations||Other procedures not used by the Eurosystem|
|SSS of the NBB (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 – CASCADE (Germany)||FOP multiple-batch settlement (three batches a day). FOP real-time procedure.||DVP real-time settlement.|
|Clearstream Banking Frankfurt – CREATION (Germany)||FOP multiple-batch procedure (19 batches a day).||DVP settlement in commercial bank money|
|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.||DVP multiple-batch settlement|
|Clearstream Banking Luxembourg (Luxembourg)||FOP multiple-batch procedure (19 batches a day).||DVP settlement in commercial bank money|
|Euroclear Nederland (the 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).||Intraday batch, overnight batch, RTGS (both DVP and FOP) and FOP real-time securities transfers.|
|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|
 “Standards for the use of EU securities settlement systems in ESCB credit operations” EMI/ECB 1998. http://www.ecb.europa.eu/pub/pdf/othemi/sssstandards1998en.pdf