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  In recent years, volumes of cross-border securities trades and settlements have been growing very rapidly, reflecting the increasing integration of global financial markets. Participants in cross-border securities settlement systems are confronted with a variety of risks. In many respects the types of risks associated with cross-border settlements are the same as those that arise in domestic settlements. Nonetheless, the channels through which cross-border settlements are effected may alter the character of some of these risks.
  Settlements of cross-border trades tend to increase the importance and complexity of certain issues, including legal risks, custody risks in tiered securities holding systems and the timing of finality in cross-system settlements. In addition, if money settlements in foreign currencies are funded through foreign exchange transactions, non-resident counterparties face foreign exchange settlement risks.
  Thus it is important that the risks in securities settlement systems be appropriately managed in order that securities settlement systems are not a source of systemic disturbances to securities markets and other payment and settlement systems.
  To promote improvements in the safety and efficiency, cross-border securities
settlement systems should have a well founded, clear and transparent legal basis in the relevant jurisdictions. Entities holding securities in custody should employ accounting practices and safekeeping procedures that fully protect customers’ securities. It is essential that customers’ securities be protected against the claims of a custodian’s creditors. Final settlement should occur no later than the end of the settlement day. Intraday or real-time finality should be provided where necessary to reduce risks. Securities settlement systems should use or accommodate the relevant international communication procedures and standards in order to facilitate efficient settlement of cross-border transactions. In addition, the Continuous Linked Settlement(CLS) system is effective in reducing settlement risk in the foreign exchange arena.

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