The discussion highlights how the design of an SRF would differ based on the objectives of the facility. The current repo operations are conducted with only primary dealers and are designed to ensure a consistently ample supply of reserves to the banking system and support better interest rate control.
Nonetheless, we should bear in mind that achieving greater integration in the field of central clearing may create different challenges than in the case of settlement, namely with regard to risk management. The regulatory framework established at EU and international level ensures that interoperability links are managed in a safe and prudent manner.