Market infrastructure - Netherlands

15.07.2011

Institutions and organisation

Stock Exchange - Amsterdam Exchange (AEX)

The official Stock Exchange is the Amsterdam Exchange (AEX), part of the Euronext Organisation.

Further to the split of activities between the three stock exchanges of Euronext, Euronext Amsterdam handles the management of joint derivatives as well as data services, marketing, accountancy, regulations and supervision and risk management for traders.

CSD - Euroclear Nederland (ENL)

ENL, a wholly owned subsidiary of Euroclear Bank S.A., is in charge of the custody and transfer of all Dutch securities. Cash is cleared through De Nederlandsche Bank. ENL operates the eRGV single platform that facilitates the Euroclear Settlement of Euronext-zone Securities (ESES).

CSD - Nederlands Interprofessioneel Effectencentrum (NIEC)

NIEC is the CSD for securities not eligible for custody in ENL.

Central Bank - De Nederlandsche Bank (DNB)

DNB uses and manages the TOP/TARGET payment system for euro payments throughout the European Union. In addition, the Department acts as custodian for collateral and other securities, for purposes including the lending of liquidity to banks.

DNB also handles securities transactions and the management for third parties. It performs daily settlements and securities management for Euronext Securities Clearing and provides payment and securities services to foreign central banks.

Central Counterparty - Clearnet (CCP)

Clearnet is the clearing house and central counterparty for markets operated by Euronext.

Regulatory structure

The supervisory powers for the Dutch exchanges are the Autoriteit Financiële Markten (AFM, Authority for the Financial Markets) and De Nederlandsche Bank (DNB) the Dutch Central Bank. The Ministry of Finance and the Ministry of Economic Affairs have supervisory roles.

  • Autoriteit Financiële Markten (AFM, Authority for the Financial Markets)

    The AFM is the securities supervisory board that regulates the custodian banks and its operations and is in charge of supervising, on a continuous basis, all trading that is conducted on the Euronext Amsterdam Exchanges.
  • De Nederlandsche Bank (DNB)

    According to the Act on the Supervision of Investment Institutions, the DNB is responsible for the supervision of all investment institutions. This entails monthly reporting of balance sheet, profit and loss, liquidity and solvency requirements.
  • The Stock Exchange Association (Vereniging voor de Effectenhandel)

    Companies listed on the Euronext Amsterdam Stock Exchange are obliged to report financial publications to the Stock Exchange Association, where they are evaluated.