Participant requirements Bankgirot’s Clearing and Settlement Service

Institutions that wish to participate in Bankgirot's clearing and settlement service must apply for participation. The institution must both at entry and continuously fulfil all participation requirements. Bankgirot conducts annual monitoring of each participant's compliance with the participation requirements.

1.

PARTICIPANT REQUIREMENTS BANKGIROT’S CLEARING AND SETTLEMENT SERVICE

1.1

Introductory requirements

1.1.1

Be an institution which, according to chapter 21 § 1 in the securities markets act (2007:528) and § 8 in the systems for settlement of obligations on finance markets act (1999:1309), has a right to participate in clearing and settlement systems respectively.

1.1.2

Bankgirot provides the Clearing Information System to the Participants in the Clearing and Settlement System so that they are able to check Settlement Totals for themselves and, where applicable, for their Indirect Clearing Members. For the Participants, connection to the Clearing information system (or equivalent) through signing an agreement to this effect, is a prerequisite to being able to make use of the Clearing and Settlement Service.
   

1.2

Financial requirements

1.2.1

Meet the capital requirements stated in the legislation and the regulations applying to the relevant institution at any given time.
   

1.3

Technical requirements

1.3.1

Be able to connect technically to Bankgirot’s Clearing and Settlement Service.

1.3.2

Have sufficiently secure technical systems in compliance with
Bankgirot's criteria below:

a) Is there an appropriate organisation in place to manage IT security?
b) Are there sufficient contingency procedures (redundancy) as regards: Employees, Data communication, System, Power supply?
c) Is there documentation of performing annual risk analysis?
d) Is there documentation of performing risk analysis for single point of failures?
e) Are there reports of annual intrusion analyses?
f) Is there protection against viruses and malware (malicious code)?
g) Is there access control?
h) Is there physical protection at the data operating site such as:
Perimeter protection, Fire protection and Water damage protection?

1.4

Risk management requirements

1.4.1

Maintain risk management routines necessary for the system which meet Bankgirot’s criteria below:

a) Are there persons in the organisation appointed as responsible for risk management?
b) Are there established policies and other relevant documentation concerning risks that have been created to ensure risk management?
c) Is there an established risk management plan within the organisation?
d) Are there procedures for the distribution of information concerning risk management within the organisation?
e) Is there an established methodology for managing operational
problems?
f) Are there escalation procedures for risk and problem situations,
including names recipients of non-conformance reports?
g) Is there an organised internal control function, i.e. internal auditing, risk control and compliance function?

1.5

Mandatory requirements

1.5.1

Have an organisation with defined roles and personnel who can meet the technical requirements, personnel trained in regulations for Clearing and Settlement Service and personnel who can meet the risk management requirements.
   

1.6

Product requirements

1.6.1

Be able to settle in currencies agreed with Bankgirot.

DISCLAIMER: The English version is a translation of the original Swedish version, for information purposes only. In case of a discrepancy, the Swedish original will take precedence.