Traducción de «sistema de compensación y liquidación » (Español → Inglés) :

payment system [ clearing and settlement system | EFTS | electronic funds transfer system | FTS | funds transfer system | IFTS | interbank funds transfer system | payment and settlement system | securities settlement system | electronic funds transfer(UNBIS) ]

clearing and payment systems

cargo accounts settlement system | CASS [Abbr.]

Committee on Payments and Settlement Systems

intra-EU payment [ intra-Community payment | intra-Eurosystem transaction | TARGET2 | Target payment system | Target system | Trans-European Automated Real-time Gross settlement Express Transfer system ]

EURES [ European Employment Services | European system for the international clearing of vacancies and applications for employment | SEDOC ]

B. whereas the clearing and settlement industry is successful, innovative and responsive to customer pressure on domestic transactions, whereas there is significant scope for increased efficiency in cross-border clearing and settlement of securities transactions, where the infrastructure for securities settlement is fragmented in a multiplicity of domestic systems; whereas some users of clearing and settlement services tend, however, to be large firms, which are able to negotiate firmly with service providers to defend their interests; whereas the importance should be stressed of achieving a global system which provides a safe and eff ...[+++]icient framework for transactions to all users (investors, issuers, financial intermediaries) thereby promoting competition,

A. whereas the infrastructure for securities clearing and settlement in the EU is currently being shaped and the cross-border clearing and settlement activity remains insufficiently harmonised, and whereas the Commission is carrying out an impact assessment study in order to identify the net comparative benefits of regulatory and non-regulatory options to reduce the costs of cross border transactions (including the elimination of the Giovannini barriers) taking into account the interest of all participants (issuers, investors and financial intermediaries), and whereas that study may or may not propose legislation,B. whereas the clearing and settlement industry is successful, innovative and responsive to customer pressure on domestic transac ...[+++]tions, whereas there is significant scope for increased efficiency in cross-border clearing and settlement of securities transactions, where the infrastructure for securities settlement is fragmented in a multiplicity of domestic systems; whereas some users of clearing and settlement services tend however to be large firms which are able to negotiate firmly with service providers to defend their interests; whereas the importance should be stressed of reaching a global system which provides a safe and efficient framework for transactions to all users (investors, issuers, financial intermediaries) thereby promoting competition,C. whereas there is competition in the market for clearing and settlement services in the EU, but the degree of competition varies according to the specific service provided and there is a relatively small number of major services providers (for example, a number of larger custodians perform clearing and settlement type services "in-house" by transferring securities between customers on their own books);

In other words, we want to create a genuine market in clearing and settlement. Our aim is to make cross-border clearing and settlement just as cheap, just as efficient and just as secure as the national clearing and settlement systems in the European Union.

The Commission considers that this concern should be addressed and that the liberalisation and integration of Securities Clearing and Settlement Systems should be coupled with a common regulatory and supervisory framework system, which will increase the safety of the overall clearing and settlement environment in the EU while also leading to the mutual recognition of systems.