Market infrastructure – Netherlands
Institutions and organisation
Stock exchange
The Amsterdam Exchange is a wholly owned subsidiary of Euronext, the European stock exchange for Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris (www.euronext.com).
CSD – Euroclear Nederland (ENL)
ENL, a wholly owned subsidiary of Euroclear S.A., is in charge of the custody and transfer of all Dutch securities. Cash is cleared through De Nederlandsche Bank.
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.
Regulatory structure
The supervisory powers for the Dutch exchange 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.