By Bank of International Settlements (BIS) - Committee on Payment and Settlement Systems

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In many countries, there are additional considerations. Limits on access to banks can also reflect a conscious desire to maintain a balance of privileges and responsibilities between regulated and unregulated institutions. In such countries, access to central bank accounts is regarded as part of a “package” of privileges and burdens given to banks. The “privileges” - including access to accounts and to credit, and in some cases participation in deposit insurance schemes and the ability to take part in monetary policy operations - are granted in part to give an incentive to institutions to undertake the “burdens” of banking regulation and supervision, including capital and reserve requirements.

25% by value of all RTGS transactions) may in future settle indirectly, although they still need to keep an account at the RBA for use in a contingency. Any bank wanting to settle indirectly (or to settle directly but provide services to other banks that want to settle indirectly) must obtain prior approval from the Australian Prudential Regulation Authority, which will be based on an assessment of the operational risk and liquidity management arrangements in place. CPSS - The role of central bank money in payment systems - August 2003 31 The relative lack of formal requirements partly reflects the (tacit or explicit) view that requiring banks to maintain settlement accounts is of little use without some means of requiring them to use those accounts for settlement purposes, and that the latter is difficult to achieve where, for example, it is not possible to identify where banks also use accounts with other banks for settlement purposes.

Euroclear Since 2001, the Euroclear system has been operated by Euroclear Bank, a Belgian credit institution acting as a limited purpose bank. As an ICSD, Euroclear provides settlement services, as well as depository and custody services, for international and domestic securities issued by entities from over 110 countries. Euroclear has about 2000 participants from more than 80 different countries, the vast majority of which are banks, broker-dealers and other institutions engaged in the issuance of securities, the provision of custody services, market-making and trading in securities.

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