The correspondent central banking model (CCBM) was introduced by the Eurosystem at the start of Stage Three of Economic and Monetary Union (EMU) in January 1999. Its main purpose is to ensure that all marketable and non-marketable assets eligible for use in monetary policy operations or to obtain liquidity in TARGET2 are made available to all its counterparties, regardless of where the assets or the counterparty are situated. L Links between securities settlement systems (SSSs) in various countries have been established for some time. Insofar as the ECB's Governing Council has deemed such links eligible for use in Eurosystem credit operations, they represent a valid alternative to the CCBM. It is also possible for Eurosystem counterparties to use the aforementioned links in combination with the CCBM for the purposes of Eurosystem credit operations. In addition, triparty collateral management services offered by triparty agents (TPAs) on a cross-border basis are supported via the CCBM (as of 29 September 2014), subject to the respective triparty agents having been approved as eligible for use in Eurosystem credit operations. The purpose of this brochure is to explain to the Eurosystem's counterparties and other market participants involved in CCBM procedures how the CCBM works, and to give a general overview of the model's main features and evolution. For further information, counterparties should contact the national central banks (NCBs) of the Eurosystem.

"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).

Active use of local currency-denominated bonds for cross-border collateral transactions could help the development of regional bond markets by mitigating risks, reducing the credit costs of financial institutions, and expanding market liquidity. This report identifies the challenges faced by regional collateral markets and proposes seven policy recommendations for promoting the cross-border use of local currency bonds as collateral in the Association of Southeast Asian Nations plus the People’s Republic of China, Japan, and the Republic of Korea—known collectively as ASEAN+3.

Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.