Links between SSSs

A link between two SSSs (security settlement systems) consists of a set of procedures and arrangements for the cross-border transfer of securities through book-entry process. A link takes the form of an omnibus account opened by an SSS (the investor SSS) in another SSS (the issuer SSS).

Use of eligible assets via links:

Unilateral, bilateral, direct and relayed links

The link between two SSSs is unilateral when it is used only for the transfer of securities registered in one system to another and not vice versa. A bilateral link between two SSSs means that a single agreement regulates the transfers of securities from any of the systems.

A direct link implies that no intermediary exists between the two SSSs, and the operation of the omnibus account opened by the investor SSS is managed either by the investor SSS or the issuer SSS.

In an operated direct link, a third party (i.e. a custodian) opens and operates an account in the issuer SSS on behalf of the investor SSS. The responsibility for the obligations and liabilities in connection with the registration, transfers and the custody of securities must remain legally enforceable only between the two SSSs.

Relayed links are triangular (or multiple) relationships, where (at least) three SSSs may be engaged in settling a single transaction. For the moment, relayed links are not eligible for the transfer of securities related to the collateralisation of Eurosystem credit operations. back to top

User standards

Links must comply with the user standards if they are to be used for cross-border securities transfers related to the collateralisation of Eurosystem credit operations.

The last assessment of links was carried out in 2001. See the press release: en

Some of the links assessed and deemed eligible at that time have been withdrawn from the list of eligible links as they either no longer handle eligible assets or are no longer used by the Eurosystem for its credit operations. An updated list of eligible links for use in Eurosystem monetary and intraday credit operations is available below.

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Eligible links (as of 1 April 2004):

Country	Eligible links
Belgium	Euroclear (Belgium) to NBB SSS (Belgium) Euroclear (Belgium) to Clearstream (Luxembourg) Euroclear (Belgium) to Clearstream (Germany) Euroclear (Belgium) to OeKB (Austria) Euroclear (Belgium) to Euroclear (the Netherlands), operated by ABN AMRO Euroclear (Belgium) to Euroclear (France), operated by Société Générale Euroclear (Belgium) to Monte Titoli (Italy), operated by UniCredito Italiano
Germany	Clearstream (Germany) to Euroclear (France) Clearstream (Germany) to Euroclear (the Netherlands) Clearstream (Germany) to OeKB (Austria) Clearstream (Germany) to APK (Finland) Clearstream (Germany) to Clearstream (Luxembourg) Clearstream (Germany) to Iberclear/CADE (Spain) Clearstream (Germany) to Monte Titoli (Italy)
Spain	Iberclear/CADE to Clearstream (Germany) Iberclear/CADE to Euroclear (France) Iberclear/CADE to Monte Titoli (Italy) Iberclear/CADE to Euroclear (the Netherlands) Iberclear/SCLV to Monte Titoli (Italy) Iberclear/SCLV to Euroclear (France) Iberclear/SCLV to Euroclear (The Netherlands)
France	Euroclear (France) to Clearstream (Germany) Euroclear (France) to Euroclear (the Netherlands) Euroclear (France) to Monte Titoli (Italy) Euroclear (France) to OeKB (Austria) Euroclear (France) to NBB SSS (Belgium) Euroclear (France) to Iberclear/CADE (Spain) Euroclear (France) to APK (Finland) Euroclear (France) to Clearstream (Luxembourg) Euroclear (France) to Iberclear/SCLV (Spain) Euroclear (France) to Euroclear (Belgium)
Italy	Monte Titoli to Euroclear (Belgium) Monte Titoli to Clearstream (Germany) Monte Titoli to Euroclear (France) Monte Titoli to OeKB (Austria) Monte Titoli to Iberclear/SCLV (Spain) Monte Titoli to Iberclear/CADE (Spain) Monte Titoli to Euroclear (the Netherlands) Monte Titoli to Clearstream (Luxembourg)
Luxembourg	Clearstream (Luxembourg) to Euroclear (Belgium) Clearstream (Luxembourg) to Clearstream (Germany) Clearstream (Luxembourg) to NBB SSS (Belgium), operated by ING Belgium Clearstream (Luxembourg) to OeKB (Austria), operated by Erste Bank Clearstream (Luxembourg) to Euroclear (the Netherlands), operated by Kas Bank N.V. Clearstream (Luxembourg) to Monte Titoli (Italy), operated by Banca Intesa
The Netherlands	Euroclear (the Netherlands) to Euroclear (France) Euroclear (the Netherlands) to Clearstream (Germany) Euroclear (the Netherlands) to OeKB (Austria) Euroclear (the Netherlands) to Iberclear/CADE (Spain) Euroclear (the Netherlands) to Monte Titoli (Italy) Euroclear (the Netherlands) to Iberclear/SCLV (Spain)
Austria	OeKB to Euroclear (Belgium) OeKB to Clearstream (Germany) OeKB to Euroclear (France) OeKB to Monte Titoli (Italy) OeKB to Euroclear (the Netherlands) OeKB to Clearstream (Luxembourg)
Finland	APK to Clearstream (Germany) APK to Euroclear (France)

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