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Updated assessment of links between securities settlement systems

7 October 1999

At its meeting on 20 May 1999 the Governing Council of the ECB approved and published a list of links between securities settlement systems which can be used for the transfer of foreign collateral in the Eurosystem's monetary policy and intraday credit operations. On that occasion the Governing Council expressed its intention to publish regularly a list of links which comply with the ECB standards.

At its meeting on 7 October 1999 the Governing Council of the ECB approved a further 21 links between securities settlement systems. Of these 21 links, six are operated by intermediaries. These intermediaries, acting as agents, do not have any interest in or any claim on the securities holdings of the investor securities settlement system.

With the approval of these links, the number of links which are currently eligible for used increased from 26 to 47 (see the attached table).

Table: List of eligible links

Country Eligible links
Belgium CIK to Sicovam (France) CIK to Monte Titoli (Italy) CIK to Necigef (Netherlands) Euroclear to NBB SSS (Belgium) Euroclear to Cedel (Luxembourg) Euroclear to DBC (Germany) Euroclear to OeKB (Austria) Euroclear to VP (Denmark) Euroclear to CGO (United Kingdom) Euroclear to Necigef (Netherlands) Euroclear to BdI CAT (Italy)
Germany DBC to Sicovam (France) DBC to Necigef (Netherlands) DBC to OeKB (Austria) DBC to APK (Finland) DBC to Cedel (Luxembourg)
France Sicovam to DBC (Germany) Sicovam to Necigef (Netherlands) Sicovam to Monte Titoli (Italy) Sicovam to OeKB (Austria) Sicovam to NBB SSS (Belgium) Sicovam to CADE (Spain) Sicovam to APK (Finland)
Italy Monte Titoli to DBC (Germany) Monte Titoli to SICOVAM (France) Monte Titoli to OeKB (Austria) Monte Titoli to SCLV (Spain)
Austria OeKB to Euroclear (Belgium) OeKB to DBC (Germany) OeKB to Sicovam (France) OeKB to Monte Titoli (Italy) OeKB to Necigef (Netherlands) OeKB to Cedel (Luxembourg)
Spain CADE to SICOVAM (France) SCLV to Monte Titoli (Italy)
Luxembourg Cedel to Euroclear (Belgium) Cedel to CGO (United Kingdom) Cedel to DBC (Germany) Cedel to NBB SSS(Belgium) Cedel to BdI CAT (Italy) Cedel to OeKB (Austria) Cedel to VP (Denmark)
The Netherlands Necigef to Sicovam (France) Necigef to DBC (Germany) Necigef to OeKB (Austria)
Finland APK to DBC (Germany) APK to SICOVAM (France)

European Central Bank

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