The
ECB has updated the assessment of securities settlement systems (SSSs) eligible for the settlement of collateral for Eurosystem credit operations. In October 2003 the number of eligible SSSs fell to 21 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) and VPC (Sweden), for example, new procedures are currently being implemented to eliminate unwinding risks.
ECB press release
© ECB - European Central Bank
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