The Council has adopted a Directive that amends the Settlement Finality and Financial Collateral Directives. The amendments aim to:  

  • ensure proper functioning of settlement systems by protecting linkages between them; and  
  • set up a harmonised framework for using credit claims as collateral in cross-border transactions.  

Among the changes are an extension of SFD protection to night-time settlement and including credit claims within the scope of both Directives.