securities settlement system
as defined in Regulation (EU) No 909/2014 of the European Parliament and of the Council of…, Article 2(1), point (10) (Definitions)
(10)
‘securities settlement system’ means a system under the first, second and third indents of point (a) of Article 2 of Directive 98/26/EC that is not operated by a central counterparty whose activity consists of the execution of transfer orders;