1. A synopsis of this study has been presented by the author in the ‘DTCC Systemic Risk Forum 2014’ (Brussels, 27 March 2014). A previous version of this study has been presented in the international conference ‘Banking, Finance, Money and Institutions: The Post Crisis Era’ of the Centre for Money, Banking and Institutions (CMBI) of the University of Surrey and the Center of Research in the Contemporary Finance of the Fordham University, USA(Surrey, 2–3 November 2013).
2. [2002] O.J. L 168/43. FCD has been amended by the Directive 2009/44/EC amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims [2009] O.J. L 146/37.
3. COM (2013) 614.
4. COM (2014) 40.
5. COM (2012) 350.