Settlement Finality in the European Union
M. Vereecken

Since the 1990 Lamfalussy Report, which highlighted the risk involved in payment and securities settlement systems, a much clearer understanding of the relevant risks has developed among the international banking community resulting, inter alia, in the recognition of the need for a cross-border legal framework which ensures the finality of the settlement and reinforces the netting and collateral arrangements which are implemented by most (cross-border) payment and securities settlement systems. This recognition has led to the adoption of the Settlement Finality Directive (the Directive ) whose objective is to reduce systemic risk inherent in payment and securities settlement systems. As recital 9 of the Directive states, ...the reduction of systemic risk requires in particular the finality of settlement and the enforceability of collateral security .

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Wydawnictwo: angielskie
Data wydania: b.d
Kategoria: Socjologia, filozofia
ISBN: 978-90-411-2401-2
Liczba stron: 0