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ECB's Coeure details securities settlement reforms

DUBAI (Reuters) - The Eurosystem will in coming weeks finalise a new framework for assessing securities settlement systems to decide eligibility for credit operations, European Central Bank Executive Board member Benoit Coeure said on Wednesday.

Speaking at a banking conference in Dubai, Coeure said the euro zone needed to make its financial market infrastructure less fragmented to become more efficient.

The repatriation requirement is due to be removed from the correspondent central banking model in May 2014, Coeure said.

Support of cross-border, tri-party collateral management services is then due to go live in September 2014, he added.

(Reporting by Martin Dokoupil and David French; Editing by Andrew Torchia)