Banks and financial markets: settlement finality in payment and securities settlement systems; financial collateral arrangements as regards linked systems and credit claims

This dossier concerns settlement finality in payment and securities settlement systems and financial collateral arrangements as regards linked systems and credit claims, amending existing directives. The amendments revise recitals and definitions covering interoperable systems and arrangements, the system operator and the moment of entry, revocation and irrevocability of transfer orders, perfection requirements for financial collateral, the use of credit claims as collateral and debtors' rights of set-off, and protections in insolvency proceedings.