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New relayed link and underlying direct link approved

22 July 2009

The Governing Council of the European Central Bank (ECB) has approved a new relayed link from Clearstream Banking AG Frankfurt (CBF) via Clearstream Banking S.A. Luxembourg (CBL) to the Slovenian Central Securities Clearing Corporation (Centralna klirinško depotna družba – KDD) as eligible for use in the collateralisation of Eurosystem credit operations.

Relayed links are contractual and technical arrangements for the transfer of securities involving at least three securities settlement systems (SSSs): the “investor” SSS, the “issuer” SSS and the “intermediary” SSS. The Governing Council of the ECB decided in January 2005 that relayed links may be used in the collateralisation of Eurosystem credit operations, provided that they have been assessed against and are in compliance with the “Standards for the use of EU securities settlement systems in ESCB credit operations”.

The relayed link covered in this ad hoc assessment was put forward by the German central securities depository CBF, with its CREATION platform acting as investor SSS, while CBL acts as intermediary SSS between the issuer SSS KDD and the investor SSS. The assessment has confirmed that this new relayed link and its underlying new direct link from CBL to KDD are eligible to be used in the collateralisation of Eurosystem credit operations.

Tables listing all eligible direct and relayed links can be found on the ECB’s website. The current lists replace those published in a press release on 17 October 2008.


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