The ratings on Euroclear Bank S.A. reflect the company's very low risk profile, as well as the crucial role it maintains in the international securities markets as operator of the Euroclear settlement system. They also reflect the company's strong and dynamic risk management culture and the strong regulatory framework under which it operates. The ratings are constrained by the group's modest capitalization compared with the high securities volumes settled and the high operational risk inherent in the settlement and custody business. Euroclear is one of the world's largest settlement systems for domestic and international securities transactions, covering bonds, equities and investment funds. Euroclear Bank continues to focus on securities settlement and asset servicing, as well as on related activities such
