Traduction de «Settlement liquidation » (Anglais → Français) :

(43) Considering that Directive 2013/36/EU does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement, credit institutions and CSDs providing such services should also be subject to specific enhanced credit and liquidity risk mitigation requirements, including a risk-based capital surcharge which reflects the relevant risks, including credit and liquidity risks, arising from the provision of intraday credit in relation to each securities settlement system ...[+++]in respect of which they act as settlement agents.

(32) Considering that Directive 2006/48/EC does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement, credit institutions providing such services should also be subject to specific enhanced credit and liquidity risk mitigation requirements that should apply to each securities settlement system in respect of which they act as settlement agents.

it shall have a robust framework and tools to measure, monitor, and manage its liquidity risks, including intraday liquidity risks, for each currency of the security settlement system for which it act as settlement agent;

it shall have sufficient liquid resources in all relevant currencies for a timely provision of settlement services under a wide range of potential stress scenarios including, but not limited to the liquidity risk generated by the default of at least one participant, including their parent undertakings and subsidiaries, to which it has the largest exposures;

6. Sees no evidence that the providers of clearing and settlement services are poorly regulated at national level, although they are regulated differently across the EU, or that any systemic risk they pose is inadequately controlled; notes the arrangements in place to manage operational risk (systems breakdown), which is the source of systemic risk most relevant to clearing and settlement; draws attention however to the need to guard against any systemic risk whether it be operational, liquidity-related or credit-related; notes that the natural tendency of central clearing and settlement functions to concentrate due to the existence o ...[+++]f network externalities, economies of scale and other factors will inevitably concentrate risks, which are today dispersed among many settlement systems;

The Commission considers that, generally speaking, the cross-border settlement of the cash leg of securities transactions should be made as easy as is compatible with the objectives of the Euro-system and the other EU central banks, e.g. by making it possible for banks to centralise liquidity in one central bank account and then transfer the funds during securities settlement systems operating hours or, alternatively to use one single account, as will be possible with the envisaged enhanced release of TARGET (TARGET 2 [11]), to suppor ...[+++]t their settlement activity in the EU [12].