Update of the assessment of securities settlement systems
On 20 February 2001, the Governing Council of the ECB updated the operational conditions for the use of eligible securities settlement systems (SSSs) in the settlement of collateral for Eurosystem credit operations.
The SSSs have maintained their efforts to enhance compliance with the standards, allowing the Eurosystem to continue reducing the preconditions for their use. In this respect, CADE and Monte Titoli have introduced real time delivery versus payment procedures. Therefore, there are now seven SSSs in the euro area - CADE (Spain), Euroclear France (France), Monte Titoli (Italy), Necigef (The Netherlands), Siteme (Portugal), Interbolsa (Portugal) and APK/RM (Finland) - that can be used without preconditions, compared with one SSS in July 1998 and five in May 1999.
The eligible SSSs and the conditions for use are provided in the enclosed Table 1 and Table 2, which are an update of the list published by means of a press release on 28 May 1999.
Table 1: Operational conditions for the use of eligible SSSs in the euro area
| Country | SSS to assess | Eligibility |
| Belgium | NBB Clearing System | Delivery versus payment (DVP) until 4.15 p.m., then on a free of payment (FOP) basis |
| CIK | DVP (until 3.15 p.m.) or FOP, with pre-deposited securities after 4 p.m. | |
| Euroclear | FOP basis, with pre-deposited securities after 5.45 p.m. | |
| Germany | Clearstream Banking Frankfurt | DVP (until 4.30 p.m.) or FOP |
| Greece | BOGS | DVP or FOP basis, with pre-deposited securities after 4 p.m. |
| Spain | CADE | DVP or FOP basis |
| SCLV/SCLV-AIAF | With pre-deposited securities | |
| SCL Barcelona | With pre-deposited securities | |
| SCL Bilbao | With pre-deposited securities | |
| SCL Valencia | With pre-deposited securities | |
| France | Euroclear France | DVP or FOP basis |
| Ireland | Euroclear | FOP basis |
| NTMA | FOP basis | |
| Italy | Monte Titoli | DVP or FOP basis |
| Luxembourg | Clearstream Banking Luxembourg | FOP basis |
| Netherlands | Necigef | DVP or FOP basis |
| Austria | OeKB System | DVP or FOP basis, with pre-deposited securities after 5 p.m. |
| Portugal | Siteme | DVP or FOP basis |
| Interbolsa | DVP or FOP basis | |
| Finland | APK/RM | DVP or FOP basis |
| APK/OM | With pre-deposited securities |
Table 2: Operational conditions for the use of eligible SSSs in the European Union, but outside the euro area
| Country | SSS to assess | Eligibility |
| Denmark | VP | DVP (until 3 p.m.) or FOP basis |
| Sweden | VPC System | DVP or FOP basis |
| United Kingdom | CREST | FOP basis, with pre-deposited securities after 5.30 p.m. |
| CMO | FOP basis, with pre-deposited securities after 5.45 p.m. |
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