Update of the assessment of securities settlement systems
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. SSSs are periodically assessed against the “Standards for the use of EU securities settlement systems in ESCB credit operations” published by the European Monetary Institute in 1998.
Since 1 July 2003 only securities issued and held in an SSS located in the euro area have been eligible for Eurosystem credit operations. Accordingly, 18 SSSs have been assessed this year. The overall level of compliance with the standards is high, and the SSSs have maintained their efforts to enhance compliance further.
The eligible SSSs and their settlement procedures are set out in the table below, which replaces the list published in a press release on 21 April 2005.
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.||Delivery versus Payment (DVP) multiple-batch settlement|
|Clearstream Banking Luxembourg||FOP multiple-batch procedure (19 batches a day).||DVP settlement in commercial bank money|
|Euroclear Netherlands (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).||Intra-day batch, overnight batch, RTGS (both DVP and FOP) and real-time securities transfers FOP.|
|APK-RM (Finland)||FOP real-time settlement.||DVP real-time settlement.|
|BOGS (Greece)||DVP real-time settlement.||DVP multi-batch settlement.|