The EBA Clearing Company has announced the introduction of a new participation status, labelled ‘Pre-fund Participation (PFP),’ to the EURO1 clearing platform. The news follows the recent approval of PFP by the Governing Council of the European Central Bank (ECB). PFP participation allows newly joined STEP2 banks that are neither EURO1 nor STEP1 participants to directly and individually settle their daily STEP2 obligations. Unlike full EURO1 participants, PFP participants do not extend bilateral credit lines to other banks on the clearing platform nor do they need to appoint a EURO1 settlement bank.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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