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Settlement Finality Directive

In: EU Banking and Financial Regulation

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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are also finally settled, regardless of whether the sending participant has become insolvent or transfer orders have been revoked in the meantime and that that the collateral posted to other participants in a system is enforceable and unaffected from the opening of insolvency proceedings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.

Suggested Citation

  • ., 2024. "Settlement Finality Directive," Chapters, in: EU Banking and Financial Regulation, chapter 31, pages 344-349, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21982_31
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035301959.00045
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    Law - Academic; Law - Professional;

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