Amendment of clearing and settlement regulations and credit claims
The European Parliament has agreed to amend the Settlement Finality Directive3 and the Financial Collateral Arrangement Directive4. The amendments are necessary due to the increasing number of links between payment and settlement systems. In addition, the scope of the Financial Collateral Arrangement Directive has been extended to include credit claims, which can be used as security for credit transactions since 1 3 Directive 98/26/EC 4 Directive 2002/47/EC January 2007. This will therefore simplify the transfer of credit claims.
The Clearing and Settlement Advisory and Monitoring Experts’ Group (CESAME) has published a report on clearing and settlement: solving the industry Giovannini barriers to post-trading within the EU.