Each country will, however, need to put in place adequate enabling legislation. In addition, a Trust Fund will be established to assure daily settlements in the event of an inability to settle by one or more participating banks. The cornerstone of the REPSS operational model is a settlement agent which will hold accounts of participants and carry out end-of-day procedures.
At the Twelfth Meeting of the COMESA Committee of Governors of Central Banks held in Tripoli on 8 and 9 November 2007, it was decided that a REPSS participating Central Bank acts as the Settlement Agent for the COMESA Clearing House (CCH) and opens a CCH USD and a CCH EURO account at its Central Bank.