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Recital 35

Recital 35

(35)In order to avoid settlement risks due to the insolvency of a settlement agent, a CSD should settle, whenever practical and available, the cash payments of its securities settlement system through accounts opened with a central bank. Where that option is not practical and available, such as where a CSD does not meet the conditions to open an account with a central bank other than that of its home Member State, the CSD should be able to settle the cash payments for all or part of its securities settlement systems in a currency other than that of the country where the CSD is established through accounts opened with CSDs or with credit institutions authorised to provide banking services under the conditions laid down in Regulation (EU) No 909/2014.

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