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markets</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">What is monetary policy?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a></li> </ul> </div> <a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest monetary policy press conference</div> <div class="image-date">17 October 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.en.html">Introduction</a><a href="#" class="subpages" title="toggle subpages for Introduction"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.en.html">Benefits of price stability</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.en.html">Scope of monetary policy</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.en.html">Transmission mechanism</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.en.html">Decisions, statements & accounts</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.en.html">Monetary policy strategy</a><a href="#" class="subpages" title="toggle subpages for Monetary policy strategy"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.en.html">Strategy review</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.en.html">Medium-term orientation</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.en.html">Two per cent inflation target</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.en.html">Economic, monetary and financial analysis</a><a href="#" class="subpages" title="toggle subpages for Economic, monetary and financial analysis"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.en.html">Economic analysis</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.en.html">Monetary and financial analysis</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.en.html">Instruments</a><a href="#" class="subpages" title="toggle subpages for Instruments"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.en.html">Open market operations</a><a href="#" class="subpages" title="toggle subpages for Open market operations"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.en.html">TLTROs</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.en.html">Asset purchase programmes</a><a href="#" class="subpages" title="toggle subpages for Asset purchase programmes"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.en.html">Securities lending</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.en.html">Pandemic emergency purchase programme</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.en.html">Standing facilities</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.en.html">Minimum reserves</a><a href="#" class="subpages" title="toggle subpages for Minimum reserves"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.en.html">Two-tier system</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.en.html">International market operations</a><a href="#" class="subpages" title="toggle subpages for International market operations"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.en.html">Euro central bank liquidity lines</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.en.html">Emergency liquidity assistance (ELA)</a></li><li class="clearfix"><a href="/mopo/liq/html/index.en.html">Liquidity analysis</a></li><li class="has-subpages -section"><a href="/mopo/coll/html/index.en.html">Collateral</a><a href="#" class="subpages" title="toggle subpages for Collateral"></a><ul><li class="has-subpages"><a href="/mopo/coll/standards/html/index.en.html">Eligibility criteria and assessment</a><a href="#" class="subpages" title="toggle subpages for Eligibility criteria and assessment"></a><ul><li class="clearfix"><a href="/mopo/coll/standards/marketable/html/index.en.html">Marketable assets</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.en.html">Non-marketable assets</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.en.html">List of eligible marketable assets</a><a href="#" class="subpages" title="toggle subpages for List of eligible marketable assets"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.en.html">User guide</a></li></ul></li><li class="has-subpages -section"><a href="/mopo/coll/coll/html/index.en.html">Mobilising collateral</a><a href="#" class="subpages" title="toggle subpages for Mobilising collateral"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.en.html">CCBM</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.en.html">Eligible SSSs</a></li><li class="clearfix -current"><a href="/mopo/coll/coll/ssslinks/html/index.en.html">Eligible links</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.en.html">Eligible triparty agents</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.en.html">Risk mitigation</a><a href="#" class="subpages" title="toggle subpages for Risk mitigation"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.en.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.en.html">Risk control</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.en.html">Haircut categories</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.en.html">Valuation</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.en.html">Loan-level requirements</a><a href="#" class="subpages" title="toggle subpages for Loan-level requirements"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.en.html">Data templates</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.en.html">Eligibility requirements</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.en.html">Contacts</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.en.html">Structure of the 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href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments infrastructure</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents and links</a></li> </ul> </div> <a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Latest Financial Stability Review</div> <div class="image-date">16 May 2024</div> </a> </div></div><ul><li class="clearfix"><span>Payments</span></li><li class="has-subpages"><a href="/paym/target/html/index.en.html">TARGET Services</a><a href="#" class="subpages" title="toggle subpages for TARGET Services"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.en.html">Shared features</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.en.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" 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innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">First progress report on the preparation phase of a digital euro</div> <div class="image-date">24 June 2024</div> </a> </div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.en.html">Banknotes</a><a href="#" class="subpages" title="toggle subpages for Banknotes"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.en.html">Future banknotes</a><a href="#" class="subpages" title="toggle subpages for Future banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.en.html">Redesign process</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.en.html">Current banknotes</a><a href="#" class="subpages" title="toggle subpages for Current banknotes"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.en.html">Denominations</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.en.html">Design elements</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.en.html">Security features</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.en.html">Anti-counterfeiting</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.en.html">Banknote production and stocks</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.en.html">Damaged and inked-stained banknotes</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.en.html">Environment, health and safety</a><a href="#" class="subpages" title="toggle subpages for Environment, health and safety"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.en.html">Product environmental footprint</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.en.html">Research and development</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.en.html">Images and reproduction rules</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.en.html">Information and training materials</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.en.html">Coins</a><a href="#" class="subpages" title="toggle subpages for Coins"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.en.html">€2</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.en.html">€1</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.en.html">50 cent</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.en.html">20 cent</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.en.html">10 cent</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.en.html">5 cent</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.en.html">2 cent</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.en.html">1 cent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.en.html">Common sides</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.en.html">€2 commemorative coins</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.en.html">Security features</a></li><li class="clearfix"><a 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src="index/direct_links.jpg" alt=""> </figure> </div> <p class="ecb-imgDesc">Use of eligible assets via direct links</p> <p> A direct link is an account opened by an (I)CSD, referred to as the “investor SSS”, in the books of another (I)CSD, referred to as the “issuer SSS”, in order to facilitate the transfer of securities from participants in the issuer SSS to participants in the investor SSS. </p> <p> 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. </p> <p> 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 some cases, a direct link is “operated”, which means that a third party, typically a custodian bank, operates the account in the issuer SSS on behalf of the (I)CSD of the investor SSS. </p> <h3>Relayed links</h3> <div class="figure"> <figure> <img src="index/relayed_links.jpg" alt=""> </figure> </div> <p class="ecb-imgDesc">Use of eligible assets via relayed links</p> <p>Relayed links are contractual and technical arrangements for the transfer of securities involving at least three SSSs: the “investor” SSS, the “issuer” SSS and the “intermediary” SSS. In order to be eligible for assessment, a relayed link must be composed of SSSs and direct links that have already been positively assessed under the User Assessment Framework. A relayed link may be composed of up to two SSSs outside T2S and up to seven SSSs participating in T2S.</p> <p>Last updated: 25 November 2024<br><em>Links from Investor SSS (via Intermediary SSSs) to Issuer SSS</em></p> <h2>Belgium - Euroclear Bank</h2> <ul> <li>Euroclear Bank to NBB-SSS (Belgium)</li> <li>Euroclear Bank to Euronext Securities Copenhagen (Denmark)</li> <li>Euroclear Bank to CBF-CASCADE (Germany)</li> <li>Euroclear Bank to BOGS (Greece), operated by Citibank International, Athens</li> <li>Euroclear Bank to Euroclear France (France)</li> <li>Euroclear Bank to Euronext Securities Milan (Italy), operated by Société Générale Securities Services (SGSS) S.p.A., Milan </li> <li>Euroclear Bank to CBL (Luxembourg)</li> <li>Euroclear Bank to LuxCSD (Luxembourg)</li> <li>Euroclear Bank to Euroclear Nederland (the Netherlands)</li> <li>Euroclear Bank to OeKB CSD GmbH (Austria)</li> <li>Euroclear Bank to CDCP (Slovakia), operated by Citibank Europe plc, pobočka zahraničnej banky, Bratislava</li> <li>Euroclear Bank to KDD (Slovenia), operated by UniCredit Banka Slovenja d.d.</li> <li>Euroclear Bank to Euroclear Finland (Finland)</li> <li>Euroclear Bank to CSD Prague (Czech Republic)</li> </ul> <h2>Germany - Clearstream Banking AG (CBF): CBF-CREATION, CBF-CASCADE</h2> <ul> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to NBB-SSS (Belgium)</li> <li>CBF-CREATION via CBL (Luxembourg) to CBF-CASCADE (Germany)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to Euronext Securities Copenhagen (Denmark)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to Iberclear-ARCO (Spain)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to BOGS (Greece)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to Euroclear France (France)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to Euronext Securities Milan (Italy)</li><li><p>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to NASDAQ CSD SE Estonian Securities Settlement System</p></li><li><p>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to NASDAQ CSD SE Latvian Securities Settlement System<br></p></li><li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to NASDAQ CSD SE Lithuanian Securities Settlement System</li> <li>CBF-CREATION to CBL (Luxembourg)</li> <li>CBF-CREATION via CBL (Luxembourg) to LuxCSD (Luxembourg)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to Euroclear Nederland (the Netherlands)</li> <li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to OeKB CSD GmbH (Austria)</li><li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to CDCP (Slovakia)</li> <li>CBF-CREATION via CBL (Luxembourg) to Euroclear Finland (Finland)</li><li>CBF-CREATION via CBL (Luxembourg) via CBF-CASCADE (Germany) to KDD (Slovenia)</li> <li>CBF-CASCADE to NBB-SSS (Belgium)</li> <li>CBF-CASCADE to Euronext Securities Copenhagen (Denmark)</li> <li>CBF-CASCADE to Iberclear-ARCO (Spain)</li> <li>CBF-CASCADE to Euroclear France (France)</li> <li>CBF-CASCADE to BOGS (Greece)</li> <li>CBF-CASCADE to Euronext Securities Milan (Italy)</li> <li>CBF-CASCADE to CBL (Luxembourg)</li><li>CBF-CASCADE to CDCP (Slovakia)<br></li> <li>CBF-CASCADE to LuxCSD (Luxembourg)</li> <li>CBF-CASCADE to MaltaClear (Malta)</li> <li>CBF-CASCADE to Euroclear Nederland (the Netherlands)</li> <li>CBF-CASCADE to OeKB CSD GmbH (Austria)</li> <li>CBF-CASCADE to Euronext Securities Porto (Portugal)</li> <li>CBF-CASCADE via CBL (Luxembourg) to Euroclear Finland (Finland)</li><li>CBF-CASCADE to NASDAQ CSD SE Estonian Securities Settlement System<br></li><li>CBF-CASCADE to NASDAQ CSD SE Latvian Securities Settlement System</li><li>CBF-CASCADE to NASDAQ CSD SE Lithuanian Securities Settlement System</li><li><p>CBF-CASCADE to KDD (Slovenia)</p></li><li><p>CBF-CASCADE via CBL (Luxembourg) to SKDD (Croatia)</p></li><li><p>CBF-CASCADE via CBL (Luxembourg) to Euroclear Bank (Belgium)</p></li></ul><ul> </ul> <h2> Greece - BOGS</h2> <ul> <li>BOGS to CBF-CASCADE (Germany)</li> </ul> <h2>Spain - Iberclear-ARCO</h2> <ul> <li>Iberclear-ARCO to NBB-SSS (Belgium)<br></li><li>Iberclear-ARCO to CBF-CASCADE (Germany)</li> <li>Iberclear-ARCO to Euroclear France (France)</li> <li>Iberclear-ARCO to Euronext Securities Milan (Italy)</li> <li>Iberclear-ARCO to Euroclear Nederland (the Netherlands)</li> <li>Iberclear-ARCO to OeKB CSD GmbH (Austria)</li> <li>Iberclear-ARCO to Euronext Securities Porto (Portugal)</li> </ul> <h2>France - Euroclear France</h2> <ul> <li>Euroclear France to Euroclear Bank (Belgium)</li> <li>Euroclear France to NBB-SSS (Belgium)</li> <li>Euroclear France to CBF-CASCADE (Germany)</li> <li>Euroclear France to Iberclear-ARCO (Spain)</li> <li>Euroclear France to Euronext Securities Milan (Italy)</li> <li>Euroclear France via Euroclear Bank (Belgium) to OeKB CSD GmbH (Austria)</li> </ul> <h2>Italy - Euronext Securities Milan</h2> <ul> <li>Euronext Securities Milan to Euroclear Bank (Belgium)</li> <li>Euronext Securities Milan to NBB-SSS (Belgium)</li> <li>Euronext Securities Milan to CBF-CASCADE (Germany)</li> <li>Euronext Securities Milan to BOGS (Greece)</li> <li>Euronext Securities Milan to Iberclear-ARCO (Spain)</li> <li>Euronext Securities Milan to Euroclear France (France)</li> <li>Euronext Securities Milan to CBL (Luxembourg)</li> <li>Euronext Securities Milan to Euroclear Nederland (the Netherlands)</li> <li>Euronext Securities Milan to OeKB CSD GmbH (Austria)</li> </ul> <h2>Luxembourg - Clearstream Banking S.A (CBL), LuxCSD</h2> <ul> <li>CBL to Euroclear Bank (Belgium)</li> <li>CBL via CBF-CASCADE (Germany) to NBB-SSS (Belgium)</li> <li>CBL to CBF-CASCADE (Germany)</li> <li>CBL via CBF-CASCADE (Germany) to Euronext Securities Copenhagen (Denmark)</li> <li>CBL via CBF-CASCADE (Germany) to Iberclear-ARCO (Spain)</li> <li>CBL via CBF-CASCADE (Germany) to BOGS (Greece)</li> <li>CBL via CBF-CASCADE (Germany) to Euroclear France (France)</li> <li>CBL via CBF-CASCADE (Germany) to Euronext Securities Milan (Italy)</li> <li>CBL to LuxCSD (Luxembourg)</li> <li>CBL via CBF-CASCADE (Germany) to MaltaClear (Malta)</li> <li>CBL via CBF-CASCADE (Germany) to Euroclear Nederland (the Netherlands)</li> <li>CBL via CBF-CASCADE (Germany) to OeKB CSD GmbH (Austria)</li> <li>CBL via CBF-CASCADE (Germany) to Euronext Securities Porto (Portugal)</li><li>CBL via CBF-CASCADE (Germany) to CDCP (Slovakia)<br></li> <li>CBL to Euroclear Finland (Finland), operated by Nordea Bank Finland Plc.</li><li><p>CBL to SKDD (Croatia) </p></li><li><p>CBL via CBF-CASCADE (Germany) to KDD (Slovenia) </p></li><li><p>CBL via CBF-CASCADE (Germany) to NASDAQ CSD SE Estonian Securities Settlement System </p></li><li><p>CBL via CBF-CASCADE (Germany) to NASDAQ CSD SE Latvian Securities Settlement System </p></li><li><p>CBL via CBF-CASCADE (Germany) to NASDAQ CSD SE Lithuanian Securities Settlement System</p></li><li><p>LuxCSD via CBF-CASCADE (Germany) to NBB-SSS (Belgium)</p></li> <li>LuxCSD to CBF-CASCADE (Germany) </li> <li>LuxCSD via CBF-CASCADE (Germany) via CBL to Euroclear Bank (Belgium)</li> <li>LuxCSD via CBF-CASCADE (Germany) to Euronext Securities Copenhagen (Denmark)</li> <li>LuxCSD via CBF-CASCADE (Germany) to Iberclear-ARCO (Spain)</li> <li>LuxCSD via CBF-CASCADE (Germany) to Euroclear France (France) </li> <li>LuxCSD via CBF-CASCADE (Germany) to BOGS (Greece)</li> <li>LuxCSD via CBF-CASCADE (Germany) to MaltaClear (Malta)</li> <li>LuxCSD via CBF-CASCADE (Germany) to Euroclear Nederland (the Netherlands)</li> <li>LuxCSD via CBF-CASCADE (Germany) to Euronext Securities Milan (Italy)</li> <li>LuxCSD via CBF-CASCADE (Germany) to OeKB CSD GmbH (Austria)</li> <li>LuxCSD via CBF-CASCADE (Germany) to CBL (Luxembourg)</li><li>LuxCSD via CBF-CASCADE (Germany) to CDCP (Slovakia)<br></li> <li>LuxCSD via CBF-CASCADE (Germany) to Euronext Securities Porto (Portugal)</li><li><p>LuxCSD via CBF-CASCADE (Germany) to KDD (Slovenia) </p></li><li><p>LuxCSD via CBF-CASCADE (Germany) to NASDAQ CSD SE Estonian Securities Settlement System</p></li><li><p>LuxCSD via CBF-CASCADE (Germany) to NASDAQ CSD SE Latvian Securities Settlement System</p></li><li><p>LuxCSD via CBF-CASCADE (Germany) to NASDAQ CSD SE Lithuanian Securities Settlement System</p></li><li><p>LuxCSD via CBF-CASCADE (Germany) via CBL (Luxembourg) to Euroclear Finland (Finland)</p></li><li><p>LuxCSD via CBF-CASCADE (Germany) via CBL (Luxembourg) to SKDD (Croatia)</p></li> </ul> <h2> Malta - MaltaClear</h2> <ul> <li>MaltaClear to CBF-CASCADE (Germany)</li> </ul> <h2>Netherlands - Euroclear Nederland</h2> <ul> <li>Euroclear Nederland to Euroclear Bank (Belgium)</li> </ul> <h2>Austria - OeKB CSD GmBH</h2> <ul> <li>OeKB CSD GmBH to CBF-CASCADE (Germany)</li> <li>OeKB CSD GmBH to Euronext Securities Milan (Italy)</li> <li>OeKB CSD GmBH to Euroclear Nederland (the Netherlands)</li><li>OeKB CSD GmBH to NBB-SSS (Belgium)</li> </ul> <h2> Portugal - Euronext Securities Porto</h2> <ul> <li>Euronext Securities Porto to Euroclear France (France) </li> <li>Euronext Securities Porto to CBF-CASCADE (Germany)</li> <li>Euronext Securities Porto to Euroclear Nederland (the Netherlands) </li> <li>Euronext Securities Porto via Euroclear France to NBB-SSS (Belgium)</li> </ul> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>All pages in this section</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" 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