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Clearing and settlement (A): existing ISD access rights

Insert 3. Clearing and settlement (A): existing ISD access rights. Country A:. Country B:. Country C:. Participant A. Participant B. Participant C. 1. 2. Market A. Market B. Direct CM. Central clearing Counterparty A. Central clearing Counterparty B. Local CM. 2. 1.

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Clearing and settlement (A): existing ISD access rights

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  1. Insert 3 Clearing and settlement (A): existing ISD access rights Country A: Country B: Country C: Participant A Participant B Participant C 1 2 Market A Market B Direct CM Central clearing Counterparty A Central clearing Counterparty B Local CM 2 1 Local settlement bk Account holder Securities settlement system/CSD A Securities settlement system/CSD B Securities settlement system/CSD C Local CM

  2. Insert 4 Clearing and settlement (B): new ISD links Country A: Country B: Country C: 4 Participant A Participant B Participant C 3 4 Market A Market B 5 Direct CM Central clearing Counterparty A Central clearing Counterparty B Local CM 3 4 B C 4 Securities settlement system/CSD A 3 Securities settlement system/CSD B Securities settlement system/CSD C Local CM

  3. Insert 5 Clearing and settlement: key to inserts 3 & 4

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