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In ELLIPS a two tier system has been chosen. Direct participation in ELLIPS is reserved for the Post Office, credit institutions authorised in Belgium, credit institutions with a branch registered in Belgium or credit institutions active in Belgium within the scope of the freedom of establishment and freedom to provide services in the European Economic Area. The latter implies the possibility of remote access. The NBB is a member by right. The participants must hold an account with the NBB. Moreover, the direct participants should meet the conditions as described in the rules concerning operational ability, solvability and legal security.
The payment orders of an indirect participant are exchanged through his participant. These payments and the balances and operations of the peripheral systems in which the indirect participant participates (CEC, NBB Securities clearing) are settled on the participant's current account at the NBB. Subject to mutual agreement, the direct and indirect participant may deviate from the general principle of representation. The direct participant must preserve the confidentiality of the payment orders to and from the indirect participant and is bound to a correct execution and management of his payments.