Update of the assessment of links between securities settlement systems
The Governing Council of the European Central Bank has updated the assessment of links between securities settlement systems (SSSs) eligible for the settlement of collateral for Eurosystem credit operations. Links between SSSs are assessed periodically against the “Standards for the use of EU securities settlement systems in ESCB credit operations” published by the European Monetary Institute in 1998.
The number of eligible links has gone down from 67 to 59 since the last link assessment in 2001. The main reason for this development is that, since 1 July 2003, only securities issued and held in an SSS located in the euro area have been eligible for Eurosystem credit operations. As a result, links to SSSs located outside the euro area do not handle Eurosystem collateral any more and are therefore no longer assessed by the Eurosystem.
The overall level of compliance with the standards is high, and the SSSs have maintained their efforts to enhance compliance further. The list of all eligible links is set out in the table below, which replaces the list published in a press release on 4 July 2001.
Table: List of links eligible for Eurosystem credit operations
Country | Eligible links |
---|---|
Belgium | Euroclear (Belgium) to NBB SSS (Belgium) |
Euroclear (Belgium) to Clearstream (Luxembourg) | |
Euroclear (Belgium) to Clearstream (Germany) | |
Euroclear (Belgium) to OeKB (Austria) | |
Euroclear (Belgium) to Euroclear (the Netherlands), operated by ABN AMRO | |
Euroclear (Belgium) to Euroclear (France), operated by Société Générale | |
Euroclear (Belgium) to Monte Titoli (Italy), operated by UniCredito Italiano | |
Germany | Clearstream (Germany) to Euroclear (France) |
Clearstream (Germany) to Euroclear (the Netherlands) | |
Clearstream (Germany) to OeKB (Austria) | |
Clearstream (Germany) to APK (Finland) | |
Clearstream (Germany) to Clearstream (Luxembourg) | |
Clearstream (Germany) to CADE (Spain) | |
Clearstream (Germany) to Monte Titoli (Italy) | |
Spain | CADE to Clearstream (Germany) |
CADE to Euroclear (France) | |
CADE to Monte Titoli (Italy) | |
CADE to Euroclear (the Netherlands) | |
SCLV to Monte Titoli (Italy) | |
SCLV to Euroclear (France) | |
SCLV to Euroclear (The Netherlands)* | |
France | Euroclear (France) to Clearstream (Germany) |
Euroclear (France) to Euroclear (the Netherlands) | |
Euroclear (France) to Monte Titoli (Italy) | |
Euroclear (France) to OeKB (Austria) | |
Euroclear (France) to NBB SSS (Belgium) | |
Euroclear (France) to CADE (Spain) | |
Euroclear (France) to APK (Finland) | |
Euroclear (France) to Clearstream (Luxembourg) | |
Euroclear (France) to SCLV (Spain) | |
Euroclear (France) to Euroclear (Belgium) | |
Italy | Monte Titoli to Euroclear (Belgium) |
Monte Titoli to Clearstream (Germany) | |
Monte Titoli to Euroclear (France) | |
Monte Titoli to OeKB (Austria) | |
Monte Titoli to SCLV (Spain) | |
Monte Titoli to CADE (Spain) | |
Monte Titoli to Euroclear (the Netherlands) | |
Monte Titoli to Clearstream (Luxembourg) | |
Luxembourg | Clearstream (Luxembourg) to Euroclear (Belgium) |
Clearstream (Luxembourg) to Clearstream (Germany) | |
Clearstream (Luxembourg) to NBB SSS (Belgium), operated by ING Belgium | |
Clearstream (Luxembourg) to OeKB (Austria), operated by Erste Bank | |
Clearstream (Luxembourg) to Euroclear (the Netherlands), operated by Kas Associatie | |
Clearstream (Luxembourg) to Monte Titoli (Italy), operated by Sanpaolo IMI | |
Netherlands | Euroclear (the Netherlands) to Euroclear (France) |
Euroclear (the Netherlands) to Clearstream (Germany) | |
Euroclear (the Netherlands) to OeKB (Austria) | |
Euroclear (the Netherlands) to CADE (Spain) | |
Euroclear (the Netherlands) to Monte Titoli (Italy) | |
Euroclear (the Netherlands) to SCLV (Spain) | |
Austria | OeKB to Euroclear (Belgium) |
OeKB to Clearstream (Germany) | |
OeKB to Euroclear (France) | |
OeKB to Monte Titoli (Italy) | |
OeKB to Euroclear (the Netherlands) | |
OeKB to Clearstream (Luxembourg) | |
Finland | APK to Clearstream (Germany) |
APK to Euroclear (France) |
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