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Implications of crossborder settlements for central bank policy objectives
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agent backlogged batch borrow bridge deliveries buyer cash account cash deposit risks Cedel and Euroclear Cedel participant central bank central securities depositories choice of law collateral transactions conflict of laws costs and risks counterparties country of issue credit exposures cross-border securities cross-border settlements cross-border trading cross-system settlements custody risk customers debited delivery instruction Deutsche Deutsche Bank direct participants DVP Report effect Euroclear participant final global custodian home country ICSD participants intermediaries internal settlements intraday involved liquidity risks market participants money settlement OEKB operational opportunity costs overnight settlement participant's securities account payment systems potential principal risk proposed deliveries provisional transfers receive replacement cost risk repo repurchase agreement risk of loss securities dealers securities lending securities loans securities settlement systems securities transactions seller settle trades settlement date settlement interval settlement of back-to-back settlement process settlement risks settlement run sub-custodian systemic risk transfer instructions