Prudential and Oversight Requirements for Securities Settlement

49 Pages Posted: 19 Dec 2007

See all articles by Daniela Russo

Daniela Russo

European Central Bank (ECB)

Giacomo Caviglia

European Central Bank (ECB)

Chryssa Papathanassiou

European Central Bank (ECB)

Simonetta Rosati

Directorate General Market Infrastructure and Payments, Oversight Division

Date Written: December 2007

Abstract

The paper analyses the current national and international regulatory regimes relevant for European banks, CSDs and ICSDs, and compares them with the requirements in order to answer the following questions: Is there any overlap between the provisions of the CPSS-IOSCO. Recommendations and the existing international and national requirements to which European SSSs and banks are subject? Are current provisions equivalent or more restrictive (super-equivalent) for banks and CSDs? In what respect? Does the overlap between the CPSS-IOSCO. Recommendations and existing regulation result in double requirements? This paper presents the results of this comparative analysis and attempts to answer such questions.

Keywords: MiFID, CSD, customer asset protection, operational risk, credit risk, liquidity risk, supervision, oversight

JEL Classification: G10, G18, G20, G21, G28, K22, K23

Suggested Citation

Russo, Daniela and Caviglia, Giacomo and Papathanassiou, Chryssa and Rosati, Simonetta, Prudential and Oversight Requirements for Securities Settlement (December 2007). ECB Occasional Paper No. 76, Available at SSRN: https://ssrn.com/abstract=1005938 or http://dx.doi.org/10.2139/ssrn.1005938

Daniela Russo (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Giacomo Caviglia

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Chryssa Papathanassiou

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Simonetta Rosati

Directorate General Market Infrastructure and Payments, Oversight Division ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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