natgillin/translations-raw huggingface dataset:
Publikationen blev udarbejdet i samarbejde med NCBerne. ECB afholdtendvidere et todages seminar for centralbankfolk med titlen"Payment and securities settlement systems" i samme måned.Komiteen for betalings- og afviklingssystemers rapport "Core Principles for Systemically Important Payment Systems", BIS,januar 2001.
Thispublication was prepared in cooperation with the NCBs.In addition, a two-day seminar for central bankers entitled “Paymentand securities settlement systems” was held at the ECB in the samemonth.Report by the Committee on Payment and Settlement Systems entitled“Core Principles for Systemically Important Payment Systems”, BIS,January 2001.
Rapporten indeholder også en oversigt over centralbankernes ansvarsområder i denne forbindelse.
This report also includes an outline of theresponsibilities of the central banks in this respect.
Eurosystemets overvågningsfunktion omfatteralt fra systemer til udveksling af meget store betalinger ("systemer for store betalinger") og denetværksudbydere, der forvalter systemerne, tildetailbetalingsydelser samt andre aktiviteter, derkan påvirke betalingssystemernes smidige funktion i euroområdet.
Responsibility Bstates that central banks should ensure that any systemically importantpayment system they operate complies with the Core Principles.As part of the same assessment, overseers also evaluated the othereuro largevalue payment systems, namely the French Paris Net Settlement (PNS), the Finnish Pankkien On-line Pikasiirrot ja Sekit-järjestelmä (POPS) system, and the Spanish Servicio de Pagos Interbancarios (SPI) against the Core Principles.
basis (Payment versus Payment).8I september2003 blev yderligere fire valutaer optaget på li- vedprincipperne.6Det overordnede resultat afdenne vurdering var positivt, men der blev ogsåpåvist muligheder for yderligere forbedring. Resultaterne af vurderingen vil blive offentliggjort.
assessment was positive, although issues forfurtherimprovementwereidentified.Theresults of this assessment will be made public.
sten over godkendte valuater.9 Efter at systemetvar taget i brug, øgede bankerne hurtigt værdienog mængden af de transaktioner, der afvikles viasystemet.
In September 2002 the CLS began settling foreign exchange transactions in seven majorcurrencies on a payment versus payment (PVP) basis.8 In September 2003 four additional currencies were addedtothelist of eligiblecurrencies.9Followingthestartofliveoperations, banks quickly increased the values and volumes settled through the system.
I december 2003 afviklede CLS i gennemsnit 37.000 handler om dagen til en værdi af550 mia. amerikanske dollar.
In December 2003 the CLS settled, on average,37,000 trades per day to the value of USD 550billion.
Euroen er dennæstvigtigste afviklingsvaluta i dette system efter dollaren og tegner sig for omkring en fjerdedel af alle bruttobetalinger, som afvikles i systemet.
Afterthe USdollar,theeuroisthesecond most important currency settled in thissystem, accounting for about one-quarter of allgross payments settled in the system.
EURO 1Euro Banking Association (EBA) er et samarbejde mellem EU-baserede banker og EU-filialeraf banker uden for EU.
EURO 1 The Euro Banking Association (EBA) is a cooperative undertaking between EU-based commercial banks and EU branches of non-EUbanks.
EBA har oprettet Euro 1,som er et EU-omspændende, multilateralt system for store kreditoverførsler i euro.
The EBA created a multilateral largevalue EU-wide payment system for euro credittransfers, called EURO 1.
I april2003 etablerede EBA et nyt grænseoverskridende detailbetalingssystem, Step2 (se også afsnit 3 i dette kapitel).
In April 2003 the EBA established a new retail crossborder system, known as “STEP 2” (see also Section 3ofthis chapter).
Step2 afvikler i Euro 1,hvilket har krævet tekniske ændringer i Euro 1.
STEP 2 settlesin EURO 1,makingitnecessarytoimplementsometechnical changes to the latter.
Inovember 2003 indførte EBA den nye fleksibleafviklingsmekanisme, som giver bankerne mulighed for at afvikle deres Step2-positioner i Euro 1 uden direkte at blive medlemmer/aktionærer i Euro 1.
In November2003 the EBA also introduced a new functioncalled the “Flexible Settlement Mechanism”allowing banks to settle their STEP 2 positionsin EURO 1 without becoming direct members/shareholders of EURO 1.
Takket være PvP-mekanismen reduceres valutaafviklingsrisikoen betydeligt i CLS. Eurosystemet hilser denne risikobegrænsende faktor velkommen.
As overseer of EURO 1, the ECB evaluated thechangestothesysteminrespectofitscompliance with the Core Principles.
Bankernehar indtil videre håndteret disse likviditetskravgodt.
The ECBfound only minor issues for concern, which didnot have any significant impact on the safety and efficiency of EURO 1.
Som ansvarlig for overvågning af Euro 1 evaluerede ECB ændringerne af systemet med hensyntil overholdelse af hovedprincipperne.
Thanks to the PVP mechanism, the CLS strongly reduces foreign exchange settlement risk. The Eurosystem welcomes this riskreducing factor.
ECBfandt kun mindre punkter, der gav anledning tilbekymring, men de påvirkede ikke i væsentliggrad Euro 1s sikkerhed og effektivitet.
At the same time, however, the CLS introduces a certain degree of liquidityrisk, as banks are required to make substantialpayments into the CLS at a specific time of theday (between 7 a.m. and 12 noon C.E.T.) and, inthe event of a malfunctioning of the system,may not receive corresponding currencies asexpected.
ECB behandler disse punkter i samarbejde med EBA pået senere tidspunkt.
Banks have thus far handled theseliquidityrequirements well.
CONTINUOUS LINKED SETTLEMENT (CLS)CLS-systemet er beregnet til samtidig, endeligog uigenkaldelig afvikling af valutatransaktioner.
7The ECB cooperates with the other G10 central banks with regard to oversight and, more specifically, systemically important settlement infrastructures, the smooth functioning ofwhich is of vital importance beyond the euro area.8These currencies are the US dollar, the euro, the Japanese yen,the pound sterling, the Swiss franc, the Canadian dollar and the Australian dollar.9These currencies are the Danish krone, the Swedish krona, the Norwegian krone and the Singapore dollar.
Inden CLS-systemets indførelse blev de todele af handlen betalt hver for sig.
10 Average funding requirements fall in the range of several hundred millions of euro.
Den systemiske risiko i tilfælde af misligholdelse var stor ibetragtning af det typiske tidsinterval mellem afvikling af handlens to dele.
The largest payins account for, onaverage, around 1 billion, while the largest pay-in by anysingle bank thus far amounted to 5.9 billion.
Overvågningen af CLS udføres af G10-landenes centralbanker i tæt samarbejde, med Federal Reserve System som hovedansvarlig for overvågningen.
None of these payins resulted in a negative impact on the euro money markets.
De største indbetalinger tegner sig i gennemsnit for ca. 1 mia. euro, mens den største indbetalingforetaget af en enkelt bank indtil videre har været på 5,9 mia.euro.
The CLS wasestablished as a market response to the pressureexercised by central banks to reduce foreignexchange settlement risk (known as “Herstattrisk”).7 The ECBperformsadualrole with regard to the CLS.
Ingen af disse indbetalinger har haft en negativ effekt påeuropengemarkederne.
It is involved in the oversight of the system and it provides settlement services.
I september 2002 begyndte CLS at afvikle valutatransaktioner i syv vigtige valutaer på PvP-
Oversight of the CLS iscarried out by means ofclosecollaboration
telse har Eurosystemet også omdefineret sin politik vedrørende detailbetalingssystemer.
OVERSIGHT OF RETAIL PAYMENT SYSTEMSInordertocarryoutitsstatutorytaskofpromotingthe smooth operation of paymentsystems, the Eurosystem also refined its policystance on retail payment systems.
letter udvekslingen af betalingsmeddelelser ogandre finansielle meddelelser mellem finansielleinstitutioner over hele verden.
SWIFTThe Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a cooperativeorganisation created and owned by banks whichoperates a network to facilitate the exchange ofpayment and other financial messages betweenfinancialinstitutionsthroughouttheentireworld.
ECB deltager iovervågningen af Swift, der er et samarbejdemellem G10-landenes centralbanker med Nationale Bank van België/Banque Nationale de Belgique som hovedansvarlig for overvågningen.
The ECB contributes to the oversight of SWIFT, which is carried out by means of cooperation between the G10 central banks and the Nationale Bank van België/Banque Nationale de Belgique as the lead overseer.
Efter en offentlig høring iværksat i 2002 vedtog Styrelsesrådet 26. juni 2003 overvågningsstandarder for systemer for detailbetalinger i euro(Oversight standards for euro retail payment systems), der findes på ECBs websted sammenmed den ledsagende pressemeddelelse.
In additionto SWIFT’sresilienceto crises,muchoversightattentionwaspaidtothechangeover to a new network generation (the SWIFTNet migration), completion of which isscheduled by the end of 2004.
Standarderne skal fremme sikkerhed og effektivitet i denne sektor og sikre harmoniseret overvågning af detailbetalingssystemerne i euroområdet.
SWIFT has keptthe overseers regularly informed of the status ofthe network roll-out, of any incidents or of anyenvisaged changes to the SWIFTNet migrationplan.
Alle hovedprincipperne gælder for systemisk vigtige detailbetalingssystemer, hvorimod kun seks af hovedprincipperne gælder for systemer af særlig betydning.
These retail standards are based on the Core Principles for Systemically Important Payment Systems.
Andre detailbetalingssystemer skal opfylde andre relevante standarder (fx Eurosystemets standarder for e-pengeordninger11eller nationale standarder).
Theadoptionofstandardsinthefieldofretailpayment systems is aimed at fostering safety and efficiency in this sector as well as at ensuring the harmonised oversight of retail payment systems in the euro area.
KORRESPONDENTBANKVIRKSOMHEDBankerne har ofte ordninger for levering af betalinger og beslægtede ydelser til andre banker.Det gælder især grænseoverskridende betalinger.Disse ordninger benævnes korrespondentbankvirksomhed.
CORRESPONDENT BANKING Banks often have arrangements to provide payments and related services to each other primarily for payments across national borders. Such arrangements are referred to as correspondent banking.
I EU er korrespondentbankvirksomhed i euro stærkt koncentreret blandt noglefå aktører.
In the EU, euro correspondent banking is a highly concentratedactivity among a few players.
En nyere undersøgelse udført af ECBblandt en række banker i EU viser, at de 10 pct.største respondentbanker tegnede sig for næsten80 pct. af værdien (34 pct. af mængden) af derapporterede korrespondentbankbetalinger ieuro.
A recent surveyconducted by the ECB among a sample of banksin the EU showed that the top 10% of reporting banks accounted for almost 80% of the value (34% of the volume) of the reported correspondent banking payments in euro.
Der er endda visse tegn på yderligere koncentration af korrespondentbankvirksomheden.
There are even some indications of further concentration of the correspondent banking business.
På dette tidspunkt ser Eurosystemet ikke nogenumiddelbar systemisk risiko ved denne høje koncentration, da korrespondentbankvirksomhedkun udgør en brøkdel af de samlede betalingsstrømme i euro.
The retail standards provide indicators forcategorising retail payment systems assystemically important retail payment systems,retail systems of prominent importance andother retail payment systems.
Langt størstedelen af betalingsstrømmene udføres via interbankbetalingssystemer (fx Target).
All Core Principles will be applied to systemicallyimportant retail payment systems, whereas onlya selection of six Core Principles will be appliedto systems of prominent importance.
I lyset af Eurosystemetsinteresse i, at det finansielle system som helheder stabilt, vil Eurosystemet fortsat overvåge udviklingen inden for dette område.
Otherretail payment systems will have to comply withother applicable standards (e.g. Eurosystemstandards for e-money schemes11 or standardsadopted at the national level).
E-PENGESYSTEMEREn fælles overvågning af e-pengesystemer fra Eurosystemets side er beskrevet i rapporten"Electronic money system security objectives"fra maj 2003.
E-MONEY SYSTEMS A common oversight approach by the Eurosystem with regard to e-money was described in its report entitled “Electronic money system security objectives” in May
Alle relevante e-pengeordninger vilblive vurderet af NCBerne på baggrund af dissestandarder i 2004.
11“Report on electronic money”, August 1998; “Electronic moneysystem security objectives”, May 2003.
E-BETALINGERI de seneste år har den stigende anvendelse af nykommunikationsteknologi og behovet for specifikke betalingsmekanismer i forbindelse med e-
At this stage, the Eurosystem does not see anyimmediate systemic risk in this high degree ofconcentration, as the share of correspondent banking constitutes only a fraction of the overall payment flows in euro.
OVERVÅGNING AF DETAILBETALINGSSYSTEMERFor at kunne fremme betalingssystemernes smidige funktion ifølge sin traktatmæssige forplig-
The large majority ofthe paymentflows are executed via interbank funds transfer systems (e.g. TARGET).
De kriterier, som anvendes i forbindelse med vurderingerne, er beskrevet i rapporten "Standards for the use of EUsecurities settlement systems in ESCB creditoperations", som blev godkendt af EMI i november 1997 og omhandler ni standarder.
All relevante-money schemes will be assessed against thesestandards by the NCBs in the course of 2004.
Samtidighar bankerne også udviklet nye måder, hvorpåkunderne kan få adgang til deres konti og foretage betalinger.12 ECB ønsker at skabe et samarbejdsforum for interessenterne og at tilbyde analyser og statistik til støtte for markedetsbestræbelser på at udvikle endnu mere effektiveog sikre betalingsmekanismer.
Second, the Eurosystem cooperates with other authoritiesresponsible for the regulation and oversight ofsecurities clearing and settlement systems at the EU level.
ECBs overvågningsaktiviteter i forbindelse med betalingerover internettet og mobile netværk vil i førsteomgang være rettet mod de pågældende instrumenters og systemers sikkerhed.
Contributions to the Giovannini Group, a forum of financial experts which advises the European Commission on financialsectorissues,weremadeandincludedinthesecond Giovannini Report14.
For at opfyldedisse målsætninger har ECB i maj 2003 genoprettet observatoriet for elektroniske betalingssystemer (electronic Payment Systems Observatory, ePSO). ePSO-projektet blev oprindeligiværksat i 2000 i Europa-Kommissionens regi.Det omfatter et websted til udveksling af information om innovative elektroniske betalingssystemer og -instrumenter (www.e-pso.info) og indeholder et elektronisk diskussionsforum, enfortegnelse over e-betalingsordninger samt artikler om aktuelle emner.
Asregardsinternational cooperation, the ECB also took part in projects initiated by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) with a viewtodevelopingrecommendationsforcentralcounterparties. Finally, the ECB contributed tothe CPSS “Report on the role of central bankmoney in payment systems”15.
4.3VÆRDIPAPIRCLEARING- OG VÆRDIPAPIRAFVIKLINGSSYSTEMER
Thecriteria used for these assessments can be foundin the report entitled “Standards for the use of EU securities settlement systems in ESCB credit operations”, which was endorsed by the EMI in November 1997andcomprises ninestandards.
I 2003 blev 22 værdipapirafviklingssystemervurderet (herunder fire systemer i tre EU-lande,der endnu ikke har indført euroen).
As part oftheexercisecarried outin 2003,22 SSSs were assessed (including four systemslocated in the three EU countries which have not
De værdipapirafviklingssystemer, der blev vurderet, overholdt i det store og hele standarderne.
E-PAYMENTS In recent years, the increasing use of new communications technologies and the need forspecific payment mechanisms for e-commerce have created opportunities for new intermediaries to facilitate the sending and processing of payment instructions.
I nogle tilfælde er der dog stadig behov for forbedringerfor at opnå fuld overholdelse.
Inorder to achieve these objectives, in May 2003the ECBrelaunchedtheelectronic Payment Systems Observatory (ePSO).
Eurosystemetanerkender og overvåger systemoperatørernesbestræbelser på at forbedre overholdelsen afstandarderne.
The ePSO project was initially launched in 2000 underthe auspices of the European Commission.
Der er fx gjort en indsats for at øgeden operationelle driftssikkerhed med særlig fokus på fortsat drift i tilfælde af en katastrofe.Nogle systemer har forhøjet antallet af reservesites og forbedret backupfaciliteterne.
Itconsistsofawebsiteusedforsharinginformation on innovative electronic paymentsystems and instruments (www.e-pso.info) andcontainsanelectronicdiscussionforum,aninventory of e-payment schemes and articles ontopical subjects of interest.
Desudenhar nogle lande gennemført ændringer i dereslovgivning for at øge systemernes juridiske fundament.
The Eurosystem has thus far played two roles inthe field of securities clearing and settlementsystems.
Endelig er der også gjort en indsats forat nedbringe den risiko, som kan opstå, når transaktioner afvikles på nettobasis.
First, the Governing Council assessesthe compliance of EU SSSs with specific user
12En nærmere beskrivelse findes i artiklen "Elektroniske betalingeri Europa" i ECB Månedsoversigt for maj 2003.13I mangel af harmoniserede EU-overvågningsstandarder betragtesbrugerstandarderne i praksis som fælles standarder for EUs værdipapirafviklingssystemer og er derfor nævnt i dette kapitel.
12For further details see the article entitled “Electronification ofpayments in Europe” in the May 2003 issue of the ECB’s Monthly Bulletin. 13 In the absence of EU harmonised oversight standards, the userstandards have been regarded as de facto common standards for EU SSSs and, therefore, are dealt within this chapter.
Brugerstandarderne udgør dog ikke omfattende standarder forovervågning af eller tilsyn med værdipapirafviklingssystemer.14"Second Report on EU Clearing and Settlement Arrangements",Giovannini-gruppen, Bruxelles, april 2003, offentliggjort på Europa-Kommissionens websted www.europa.eu.int.15BIS, august 2003.
Nevertheless, the user standards are not intended to be a comprehensive set of standards for the oversight or supervisionof SSSs.14“Second Report on EU Clearing and Settlement Arrangements”,the Giovannini Group, Brussels, April 2003, published on the European Commission’s website at www.europa.eu.int.15BIS, August 2003.
og CESR gennemførte i fællesskab en offentlighøring om disse standarder.
consultation on these standards was conductedjointly by the ESCB and the CESR.
Således blev der nedsat en arbejdsgruppe bestående af en repræsentant frahver centralbank i ESCB og hver værdipapirtilsynsmyndighed i CESR.
For example, efforts have beenmade to increase operational reliability with a special focus on business continuity in the event of a disaster.
Gruppens arbejde fokuserede hovedsagelig på atudvikle europæiske standarder for clearing ogafvikling på grundlag af anbefalinger udarbejdetaf CPSS og IOSCO (benævnt CPSS-IOSCO).Under udarbejdelsen af disse standarder toggruppen også højde for behovet for at fjerne dehindringer for effektive grænseoverskridendeclearing- og afviklingsprocesser i EU, som er beskrevet i Giovannini-gruppens rapporter.
Thus the future ESCB-CESR standards will apply to securities market infrastructures and, in particular, to central counterparties and nationaland international central securities depositories.It is envisaged that some standards will alsoapply to major custodian banks (“systemicallyimportant custodians”) which are very activein the field of clearing and settlement.
I 2003 lagde arbejdsgruppen sidste hånd på enrapport med 19 standarder, der skal gøre EUsværdipapirclearing- og værdipapirafviklingssystemer mere sikre, robuste og effektive. ESCB
The reporton the ESCB-CESR standards is expected to befinalised by mid-2004.
I rapporten søgte arbejdsgruppen at anvende enfunktionel indfaldsvinkel, dvs. at anvende standarderne på alle relevante funktioner i forbindelse med værdipapirclearing og værdipapirafvikling uden hensyn til de udøvendeinstitutioners juridiske status.
COOPERATION WITH THE COMMITTEE OFEUROPEAN SECURITIES REGULATORSIn2001the Governing Council approved a framework for cooperation on securities clearing and settlement systems between the ESCB and the Committee of European Securities Regulators (CESR).
De fremtidige ESCB-CESR-standarder vil således gælde forinfrastrukturerne på værdipapirmarkederne, isærde centrale modparter samt nationale og internationale værdipapircentraler.
In particular, aworkinggroupwassetup,composedofarepresentative from each central bank of the ESCB and from each securities regulator fromthe CESR.
Det forventes, atnogle standarder også vil gælde for større depotbanker ("systemisk vigtige depotbanker"), der ermeget aktive inden for clearing og afvikling.
Theworkofthegroupfocusedmainlyondeveloping Europeanstandardsforclearingand settlement, based on the recommendations of the CPSS and the IOSCO (referred to as “CPSS-IOSCO”).
Dadet er vigtigt at undgå forvridning ved identifikation af "systemisk vigtige" enheder, omfattededen offentlige høring et særligt spørgeskema omdet hensigtsmæssige i at medtage depotbanker,og om, hvordan større depotbanker bør identificeres.
When developing thesestandards,the working group alsotookintoaccounttheneedtoremovethebarrierstoefficient crossborder clearing and settlementprocesses in the EU, as identified in the abovementioned Giovannini Group reports.
Resultaterne af høringen er offentliggjortpå ECBs og CESRs websteder. Rapporten om ESCB-CESR-standarderne forventes at værefærdig medio 2004.
In2003theworkinggroupfinalisedaconsultativereport consisting of a set of 19standardsaimedatincreasingthesafety,soundness and efficiency of securities clearingandsettlementsystemsinthe EU. A public
EUROPÆISKE OGINTERNATIONALESPØRGSMÅL
EUROPEAN ANDINTERNATIONALISSUES
Europæiske Råds møde 12. og 13. december2003 lykkedes det ikke for stats- og regeringscheferne at nå til enighed om forfatningsudkastet.
EUROPEAN ISSUES draft Constitution and transmitted it to the European Council.
Det Europæiske Råd opfordrede det irskeformandskab til at vurdere mulighederne for atopnå enighed og melde tilbage til Det Europæiske Råd i marts 2004.
In accordance with Article 48 ofthe Treaty on European Union(TEU), the Italian Presidency of the Council convened an Intergovernmental Conference(IGC) to discuss and formally adopt changes to the existing Treaties.
ECB fulgte både konventet og regeringskonferencen meget nøje og bidrog til drøftelserne omspørgsmål, der var relevante for ECBs og ESCBsopgaver og mandat. Disse bidrag omfattede tobreve, som ECBs formand sendte til konventetsformand i maj og juni 2003 for at videregive Styrelsesrådets forslag til forbedringer af det førsteforfatningsudkast.
The IGC started its proceedings in October.
Begge breve blev offentliggjort på ECBs websted.
The European Council invited the Irish Presidency to make an assessment of the prospectsfor progress and report to the European Council in March 2004.
I 2003 havde ECB fortsat regelmæssig kontaktmed fællesskabsinstitutioner og -organer.
In 2003 the ECB continued to maintainitsregular contacts with Community institutionsandbodies.ECBrepresentativesattendedmeetings of the ECOFIN Council when mattersrelating to the tasks and objectives of the ESCBwere discussed.
Repræsentanter for ECB deltog i møder i Ecofinrådet, når spørgsmål vedrørende ESCBs mål ogopgaver blev behandlet.
The President of the ECOFINCouncil and the relevant Commissioner alsomade use of their right to participate in meetingsof the Governing Council when they deemed itappropriate.
Endvidere deltog formanden for Ecofin-rådet og den relevante kommissær også i Styrelsesrådets møder, når de fandtdet passende.
The President of the ECB and the governors of the NCBs participated in two informal meetingsofthe ECOFIN Council,which took place in Athens (Greece) and Stresa(Italy) in April and September respectively.