(1) The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 [S.I. 1999/2979, amended by S.I. 2001/3929, 2002/1555, 2003/2096, 2006/50, 2006/3221, 2007/832, 2007/108, 2007/126, 2007/1655, 2009/1972.] are amended as follows.

(2) In regulation 2(1) -

(a) insert each of the following definitions at the appropriate place -

""business day" shall cover both day and night-time settlements and shall encompass all events happening during the business cycle of a system;"

""credit claims" means pecuniary claims arising out of an agreement whereby a credit institution grants credit in the form of a loan;"

""interoperable system" in relation to a system ("the first system"), means a second system whose system operator has entered into an arrangement with the system operator of the first system that involves cross-system execution of transfer orders;"

""system operator" means the entity or entities legally responsible for the operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house;";

(b) in the definition of "central counterparty", omit "designated";

(c) in the definition of "clearing house", omit "designated";

(d) in the definition of "collateral security" -

(i) after "including" insert "credit claims and";