Recital 19

(19)The reduction of systemic risk requires, inter alia, settlement finality and therefore a SIPS operator should use its best efforts to achieve the SIPS’s designation under Directive 98/26/EC of the European Parliament and of the Council ⁶ . Intraday or real time settlement is also advisable if compatible with the SIPS general business model and necessary to enable the SIPS operator and participants to manage their respective credit and liquidity risks.