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

(16) Entrusting the custody of assets to the operator of a securities settlement system as provided for in Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems or entrusting the provision of similar services to third-country securities settlement systems should not be considered a delegation of custody functions.

CSDs are systemically important institutions for the financial markets because they operate the infrastructures (so-called securities settlement systems) that enable the settlement of virtually all securities transactions.

Brussels, 7 March 2012 - As part of its ongoing efforts to create a sounder financial system, the European Commission has proposed today to set up a European common regulatory framework for the institutions responsible for securities settlement, called Central Securities Depositories (CSDs).

STRESSES the importance of the following principles in the way forward on T2S: T2S should be open to non-euro area Central Securities Depositories and currencies, subject to agreement between the concerned parties; The existing securities settlement systems as they are currently operated, either interfaced or integrated, should not be put into question during the migration phase until T2S is implemented; thus the migration phase should be competitively neutral; The governance structure, for the development and the future operation of T2S respectively, should provide solutions for the handling of potential conflicts of interest (to tha ...[+++]t effect a separate legal entity could be considered as a way of distinguishing between the operation and supervision of the system); The governance structure should adequately involve all affected market participants from across the EU and ensure responsiveness to market needs and provide for accountability and transparency; The supervisory arrangements applying to Central Securities Depositories should remain safe and efficient, and the implications of T2S for these arrangements should therefore be analysed to that end; The legal implications of reconciling T2S with existing national jurisdictions should be clearly analysed; The technical specifications should enable both direct and indirect holdings of securities in T2S, with the same efficiency and costs.

The Council approved a general approach on a draft Directive amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (11968/2/08).

RECALLS that the clearing and settlement of securities transactions is a key area of financial integration in the European Union, where substantial progress needs to be achieved to enhance both the efficiency and soundness of post-trading services in line with the Council conclusions of 28 November 2006; WELCOMES that the Eurosystem shares this aim and has to this effect undertaken work on the TARGET2-Securities (T2S) project with a view to providing a common settlement engine capable of settling securities in central bank money in euro, and WELCOMES the information provided by the ECB on the functioning of T2S through published materia ...[+++]l and consultations with market participants; WELCOMES the Eurosystem's intention to take a final decision on the launch of T2S after consideration of the issues below and completion of the feasibility study; NOTES that the scope of the T2S project is restricted only to the settlement layer of the post-trading activity regarding securities settled in central bank money and does not involve custody services, asset servicing, corporate actions and all the other activities which are, and which remain separated economic activities, performed by the Central Securities Depositories; Since T2S would have a profound impact on the securities settlement infrastructure, the Council invites the ECB to proceed step by step, examine carefully the results of the consultation and take in particular the following aspects into account when deciding on the way forward on T2S: The business case should be clearly proven based on well-defined user requirements and well-founded economic data on the whole service process, including realistic project development costs; in particular the new facility should allow the settlement of cross-border and national transactions at an end-to-end cost lower than the lowest cost in the EU; The success of the project will hinge upon its capacity to satisfy market needs of all affected parties.