The ratings on Euroclear Bank S.A. reflect its very low-risk profile, and the significant role the company maintains in the international financial markets as the primary operating entity of the Euroclear group's clearing and settlement system. Given the Euroclear system's importance as a global leader in international securities clearing, settlement, and custody, Standard&Poor's considers that there is an incentive for central banks and securities market participants to ensure that Euroclear Bank remains able to meet its clients' clearing obligations. Within the Euroclear system, which is one of two main European clearing and settlement organizations, Euroclear Bank focuses on securities clearing and settlement, securities lending and borrowing, custody, collateral management, money transfer, and ancillary banking services. As settlement is
