As he saw it, paragraph 2 (d) referred to settlements of transactions that had taken place: inter-bank payment systems were used to transfer money once a transaction had been agreed and investment securities settlement systems were used to transfer securities.
A su entender, el apartado d) del párrafo 2 se refiere a liquidaciones de operaciones que ya han tenido lugar: los sistemas de pagos interbancarios se utilizan para transferir fondos una vez que se ha convenido una operación y los sistemas de liquidación de valores bursátiles sirven para transferir esos títulos.