Update of the assessment of securities settlement systems
The Governing Council of the ECB has updated the assessment of securities settlement systems (SSSs) eligible for the settlement of collateral for Eurosystem credit operations. SSSs are periodically assessed against the “Standards for the use of EU securities settlement systems in ESCB credit operations”, pdf 111 kB, published by the European Monetary Institute in 1998
In October 2003 the number of eligible SSSs fell to 21 from 22, when in the United Kingdom CMO was closed and its business taken over by CREST.
The overall level of compliance with the standards is high, and the SSSs have maintained their efforts to enhance compliance even further. In Clearstream Banking Frankfurt (Germany), for example, new procedures are currently being implemented to eliminate unwinding risks. VPC (Sweden) has implemented new procedures for the same purpose in November 2003.
The eligible SSSs and their settlement procedures are set out in the table below, which replaces the list published in a press release on 29 August 2002.
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.||–|
|Clearstream Banking Luxembourg||FOP multiple-batch procedure (13 batches a day).||DVP settlement in commercial bank money.|
|Euroclear Netherlands (Netherlands)||FOP real-time settlement.||DVP real-time settlement.|
|OeKB (Austria)||FOP multiple-batch procedure (five batches a day).||DVP multiple-batch settlement (four batches a day).|
|Siteme (Portugal)||DVP real-time settlement.||–|
|Interbolsa (Portugal)||DVP real-time settlement (specifically for Eurosystem operations).||Both multiple-batch and real-time DVP, depending on the type of securities.|
|APK-RM (Finland)||FOP real-time settlement.||DVP real-time settlement.|
|BOGS (Greece)||DVP real-time settlement (specifically for Eurosystem operations).||DVP single-batch settlement.|
|VP[a] (Denmark)||Both real-time and multiple-batch DVP settlement.|
|VPC1 (Sweden)||DVP real-time and multiple -batch settlement.|
|CREST1 (United Kingdom)||DVP real time settlement.|
[a] This system is currently not used for Eurosystem credit operations since the system does not handle any collateral eligible for Eurosystem monetary policy or intraday credit operations.