direct ec european parliament council settlement final payment secur settlement system european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european monetari institut regard opinion econom social committe act accord procedur laid articl treati lamfalussi report governor central bank group ten countri demonstr import system risk inher payment system oper basi legal type payment net multilater net reduct legal risk particip real time gross settlement system paramount import increas develop system utmost import reduc risk particip secur settlement system close connect system payment system direct aim contribut effici cost effect oper cross border payment secur settlement arrang commun reinforc freedom movement capit intern market direct progress made complet intern market freedom provid servic liberalis capit movement view realis econom monetari union desir law member state aim minimis disrupt system caus insolv proceed particip system propos direct reorganis wind credit institut submit amend februari pend council convent insolv proceed drawn novemb member state meet council explicitli exclud insur undertak credit institut invest firm direct intend cover payment secur settlement system domest cross border natur direct applic commun system collater secur constitut particip commun countri particip connect particip system member state appli provis direct domest institut particip directli countri system collater secur provid connect particip system member state allow design system cover direct system main activ settlement secur system limit extent deal commod deriv reduct system risk requir final settlement enforc collater secur collater secur meant compris mean provid particip particip payment secur settlement system secur right oblig connect system includ repurchas agreement statutori lien fiduciari transfer regul nation law kind collater secur affect definit collater secur direct direct cover collater secur provid connect oper central bank member state function central bank includ monetari polici oper assist european monetari institut task promot effici cross border payment view prepar stage econom monetari union contribut develop legal framework futur european central bank develop polici transfer order net legal enforc member state jurisdict bind parti rule final net prevent system test net take place order enter system compli rule system settlement system place direct prevent particip parti exercis claim result underli transact law recoveri restitut respect transfer order enter system case fraud technic error long lead unwind net revoc transfer order system ensur transfer order revok moment defin rule system member state immedi notifi member state open insolv proceed particip system insolv proceed retroact effect right oblig particip system event insolv proceed particip system direct aim determin insolv law applic right oblig particip connect particip system collater secur insul effect insolv law applic insolv particip provis articl appli regist account central deposit system evid exist proprietari right deliveri transfer secur concern provis articl intend ensur particip central bank member state futur european central bank valid effect collater secur determin law member state relev regist account central deposit system locat valid enforc collater secur system oper thereof person claim directli indirectli determin sole law member state provis articl intend prejudic oper effect law member state secur constitut law member state secur locat includ limit law creation ownership transfer secur right secur interpret collater secur directli enforc capabl recognis member state accord law member state desir member state endeavour establish suffici link secur settlement system cover direct view promot maximum transpar legal certainti transact relat secur adopt direct constitut realis abovement object achiev adopt direct section scope definit articl provis direct appli system defin articl govern law member state oper currenc ecu currenc system convert particip system collater secur provid connect particip system oper central bank member state function central bank articl purpos direct system formal arrang particip count settlement agent central counterparti clear hous indirect particip common rule standardis arrang execut transfer order particip govern law member state chosen particip particip choos law member state head offic design prejudic stringent condit gener applic laid nation law system notifi commiss member state law applic member state satisfi adequaci rule system subject condit subparagraph member state design system formal arrang busi consist execut transfer order defin indent limit extent execut order relat financi instrument member state consid design warrant ground system risk member state case case basi design system formal arrang particip count settlement agent central counterparti clear hous indirect particip member state consid design warrant ground system risk institut credit institut defin indent articl direct eec includ institut set list articl thereof invest firm defin point articl direct eec exclud institut set list articl thereof public author publicli guarante undertak undertak head offic commun function correspond commun credit institut invest firm defin indent particip system respons discharg financi oblig aris transfer order system system supervis accord nation legisl execut transfer order defin indent payment result order member state decid undertak particip system respons discharg financi oblig aris transfer order system consid institut provid particip system cover categori refer subparagraph decis warrant ground system risk central counterparti entiti interpos institut system act exclus counterparti institut regard transfer order settlement agent entiti provid institut central counterparti particip system settlement account transfer order system settl case extend credit institut central counterparti settlement purpos clear hous entiti respons calcul net posit institut central counterparti settlement agent particip institut central counterparti settlement agent clear hous rule system particip act central counterparti settlement agent clear hous carri part task member state decid purpos direct indirect particip consid particip warrant ground system risk condit indirect particip system indirect particip credit institut defin indent contractu relationship institut particip system execut transfer order defin indent enabl abovement credit institut pass transfer order system secur instrument refer section annex direct eec transfer order instruct particip place dispos recipi amount monei mean book entri account credit institut central bank settlement agent instruct result assumpt discharg payment oblig defin rule system instruct particip transfer titl interest secur secur mean book entri regist insolv proceed collect measur provid law member state countri wind particip reorganis measur involv suspend impos limit transfer payment net convers net claim net oblig claim oblig result transfer order particip particip issu receiv particip result net claim demand net oblig ow settlement account account central bank settlement agent central counterparti hold fund secur settl transact particip system collater secur realis asset provid pledg includ monei provid pledg repurchas similar agreement purpos secur right oblig potenti aris connect system provid central bank member state futur european central bank section ii net transfer order articl transfer order net legal enforc event insolv proceed particip bind parti provid transfer order enter system moment open insolv proceed defin articl exception transfer order enter system moment open insolv proceed carri dai open proceed legal enforc bind parti time settlement settlement agent central counterparti clear hous prove awar awar open proceed law regul rule practic set contract transact conclud moment open insolv proceed defin articl lead unwind net moment entri transfer order system defin rule system condit laid nation law govern system moment entri rule system accord condit articl member state provid open insolv proceed particip prevent fund secur settlement account particip fulfil particip oblig system dai open insolv proceed member state provid particip credit facil connect system exist collater secur fulfil particip oblig system articl transfer order revok particip system parti moment defin rule system section iii provis insolv proceed articl purpos direct moment open insolv proceed moment relev judici administr author hand decis decis accord paragraph relev judici administr author immedi notifi decis author chosen member state member state refer paragraph immedi notifi member state articl insolv proceed retroact effect right oblig particip aris connect particip system earlier moment open proceed defin articl articl event insolv proceed open particip system right oblig aris connect particip particip determin law govern system section iv insul right holder collater secur effect insolv provid articl right particip collater secur provid connect system central bank member state futur european central bank collater secur provid affect insolv proceed particip counterparti central bank member state futur european central bank provid collater secur collater secur realis satisfact right secur includ right secur provid collater secur particip central bank member state futur european central bank paragraph nomine agent parti act behalf respect secur legal record regist account centralis deposit system locat member state determin right entiti holder collater secur relat secur govern law member state section final provis articl member state system includ scope direct notifi commiss inform commiss author chosen accord articl system member state law applic particip system includ indirect particip chang addit indic provid subparagraph member state impos supervis authoris requir system fall jurisdict legitim interest requir institut inform system particip provid inform main rule govern function system articl member state bring forc law regul administr provis compli direct decemb forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state commun commiss text provis domest law adopt field govern direct commun member state provid tabl correspond show nation provis exist introduc respect articl direct articl year date mention articl commiss present report european parliament council applic direct accompani propos revis articl direct enter forc dai public offici journal european commun articl direct address member state brussel european parliament presid gil robl council presid brown oj oj opinion deliv novemb oj opinion european parliament april oj council common posit octob oj decis european parliament januari oj council decis april council direct eec decemb coordin law regul administr provis relat take pursuit busi credit institut oj direct amend direct ec oj council direct eec invest servic secur field oj direct amend direct ec oj