Update of the assessment of securities settlement systems and their links

The Eurosystem, which comprises the European Central Bank (ECB) and the 16 national central banks of the euro area, has conducted a comprehensive assessment of all securities settlement systems (SSSs) and the links currently used for the collateralisation of Eurosystem credit operations. This assessment was made on the basis of the “Standards for the use of EU securities settlement systems in ESCB credit operations”, published in 1998.

This exercise confirmed that the overall level of compliance of the assessed SSSs and their direct and relayed links is high and that, where necessary, the SSSs have maintained their efforts to enhance compliance further.

Since January 2009, the number of direct links has fallen from 60 to 54 owing to the rationalisation of Euroclear Nederlands’ links in view of the launch of Euroclear Settlement of Euronext-zone Securities (ESES).

The updated lists of the eligible SSSs and the eligible direct and relayed links between SSSs can be found on the ECB’s website. They replace the lists published on 1 January 2009 for SSSs and on 22 July 2009 for direct and relayed links.