Crucial role in supporting the Euroclear group's leading franchise in the international securities markets. Strong risk management and regulatory framework, which partly mitigates the high operational risk inherent in settlement and custody activities. Dynamic operating environment, requiring constant adaptation to mitigate potential threats and take advantage of opportunities. Minimal financial leverage. Exceptional current liquidity position, aided by good cash flow generation and on-balance-sheet liquid assets. Well-diversified membership with typically good creditworthiness. Strong risk-management controls and track record of very low losses arising from operational and credit risks. The stable outlook on Belgium-based Euroclear Bank S.A. (Euroclear Bank) reflects Standard&Poor's Ratings Services' view that the creditworthiness of the consolidated Euroclear group (Euroclear) will remain resilient. We expect that Euroclear
