Eligibility to participate
Participation is subject to the following requirements:
- The SC participant must fulfil the general criteria applicable to Eurosystem monetary policy operations (see Section V, paragraph 1 of the General Terms and Conditions of the Deutsche Bundesbank Terms and Conditions of the Deutsche Bundesbank) (only available in german).
- The SC participant must be a customer of Clearstream Banking AG, Frankfurt (CBF). In addition, the CBF account needs to be recognised and accepted for Real Time Settlement (RTS) against payment.
- The SC participant must grant the Deutsche Bundesbank power of attorney (POA) to give CBF instructions that are legally binding and necessary for self-collateralisation, especially those related to the technical processing of SC using CASCADE.
- The SC participant must open an SC participant standard safe custody account and an SC participant operational safe custody account as well as an SC participant home account and an RTGS account on the Bundesbank’s SSP with participation in the EAI procedure for the purpose of SC processing. This entails the (automatic) opening of a collateral account, which makes it possible to generate a credit line for the SC participant home account in the special event of a return due to a lack of liquidity.
- CBF must be informed of the relevant parameters for participation in the SC procedure, eg the various flagging options, the blocking of SC return transactions and the participation in night-time and daytime processing.