67 systems and payment systems

enable settlement in existing pan European settlement systems . 41

Payment and settlement systems

payment and settlement systems

Payment and securities settlement systems

Committee on Payment and Settlement Systems

SETTLEMENT PROCEDURES FOR ANCILLARY SYSTEMS 1 .

PSS instrument

PSS instrument .

Payment Systems Policy Securities Settlement Systems Policy TARGET

RTGS system Transferable securities

Divisions Payment Systems Policy Securities Settlement Systems Policy TARGET

The Retail Standards will apply to clearing and settlement systems .

CHART 4 Links between securities settlement systems

Division Fiscal Policies Adviser

Chart 4 Links between securities settlement systems

PSS entry point

PSS information type .

PSS data type .

CHART 4 Links between securities settlement system

provide settlement services to crossborder large value net settlement systems .

Links between securities settlement systems CHAPTER 7 7 .

Chair of the Payment and Settlement Systems Committee

TARGET2 and interactions with securities settlement systems

Examples in this respect would be the settlement of financial market transactions and the settlement of ancillary systems .

Chapter V Payment and securities settlement systems 1 2 3 4 Oversight of large value payment systems Oversight of retail payment systems Other payment systems activities Securities settlement systems policy 92 92 94 94

Payment and Settlement Systems Committee ( PSSC ) Daniela Russo

4.3 SECURITIES CLEARING AND SETTLEMENT SYSTEMS The Eurosystem has thus far played two roles in the field of securities clearing and settlement systems .

Payment and Settlement Systems Committee ( PSSC ) Jean Michel Godeffroy

Payment and Settlement Systems Committee ( PSSC ) Jean Michel Godeffroy

Loss sharing rule ( or loss sharing agreement ) an agreement between participants in a transfer system or a clearing house arrangement regarding the allocation of any loss arising when one or more participants fail to fulfil their obligations

ASSESSMENT OF SECURITIES SETTLEMENT SYSTEMS All Eurosystem credit operations have to be covered by adequate collateral in the form of eligible assets .

rities responsible for overseeing payment and settlement systems

Securities clearing and settlement systems the settlement of collateral for Eurosystem credit operations .

Fifth , the rules concerning clearing and settlement systems .

Gross of tax .

Assessment of links between securities settlement systems in the euro area

EMS ( European Monetary System ) established in 1979 in accordance with the Resolution of the European Council on the establishment of the EMS and related matters of 5 December 1978 .

PAYMENT AND SECURITIES SETTLEMENT SYSTEMS The ECB continued to inform the European Parliament about its ongoing activities in the field of payment systems and securities clearing and settlement systems .

It is also important for the effective operation of payment systems and the smooth functioning of settlement systems .

Country Analysis Secretariat of the Working Group on EU Payment Systems and Securities Settelment Systems

6 The ECB provided advisory input on issues related to the integration of securities settlement systems and of payment systems .

The ECB provided advice on the integration of securities settlement and payment systems .

Link between securities settlement systems procedures and arrangements between securities settlement systems ( SSSs ) for the transfer of securities through a book entry process .

There are two basic kinds of financial risk associated with payment systems and securities clearing and settlement systems the risk that a party within the system may be unable to meet its obligations either when such obligations fall due or at any time in the future ( credit risk )