Settlement Finality Directive

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Chapter 31 in EU Banking and Financial Regulation, 2024, pp 344-349 from Edward Elgar Publishing

Abstract: Directive 98/26/EC on settlement finality in payment and securities settlement systems (SFD) aims at reducing the systemic risk resulting from the existence of several legal types of payment netting by providing common rules for payment and securities settlement netting systems. To this end, SFD lays down provisions regarding transfer orders and netting as well as insolvency proceedings and collateral security. In particular, it guarantees that transfer orders which enter into such systems are also finally settled, regardless of whether the sending participant has become insolvent or transfer orders have been revoked in the meantime and that that the collateral posted to other participants in a system is enforceable and unaffected from the opening of insolvency proceedings against the participant.

Keywords: Law - Academic; Law - Professional (search for similar items in EconPapers)
Date: 2024
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