Depending how quickly liquidity is requested the inventory of the portfolio should be
split and held with different custodians. For example:
Ω The credit line with the Bundesbank is dependent on the volume of pledgeable
securities held in the depot with the Bundesbank.
Ω If a repo is done with the market one part of the inventory should be held with a
national or an international custodian to ensure settlement.
Ω For settlement purposes the securities should be deliverable easily in national
settlement systems and in/between international depositary systems.
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