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Publication Date: 2005
Publisher: Kluwer Law International
Vereecken, M., Nijenhuis, A.
Since the 1990 Lamfalussy Report, which highlighted the risk involved in payment and securities settlement systems, a much clearer understanding of the relevant risks has developed among the international banking community resulting, inter alia, in the recognition of the need for a cross-border legal framework which ensures the finality of the settlement and reinforces the netting and collateral arrangements which are implemented by most (cross-border) payment and securities settlement systems. This recognition has led to the adoption of the Settlement Finality Directive (the 'Directive') whose objective is to reduce systemic risk inherent in payment and securities settlement systems. As recital 9 of the Directive states, ...the reduction of systemic risk requires in particular the finality of settlement and the enforceability of collateral security.Vereecken, M. is the author of 'Settlement Finality in the European Union The Eu Directive And Its Implementation in Selected Jurisdictions', published 2005 under ISBN 9789041124012 and ISBN 9041124012.