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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.
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