| Depending on where the customer's counterparty wishes to receive settlement, Clearstream provides internal, Bridge or external settlement. -
Internal settlement: for transactions with counterparties in Clearstream -
Bridge settlement: for transactions with counterparties in Euroclear Bank -
External settlement: for transactions with counterparties outside the two ICSDs Processing cycles The settlement day consists of two main settlement processings, night-time processing (NTP) and real-time processing (RTP), completed by the end of day processing. Night-time processing The night-time settlement cycle includes a series of batch runs, file exchanges over the Bridge with Euroclear Bank and transaction data interchanges with depository banks, domestic settlement systems and cash correspondent banks. All instruction types are eligible for settlement in the night-time processing. Real-time processing Real-time processing runs through the day and is followed by the end of day processing. It includes the real-time processing of internal instructions, further file exchanges over the Bridge with Euroclear Bank and simultaneous exchanges of instructions with depository banks, domestic settlement systems and cash correspondent banks. If the customer chooses to have instructions considered for settlement beyond the mandatory period, all internal instructions unsettled at the end of the mandatory settlement period are recycled during the real-time settlement period. Bridge instructions for which the customer has chosen to be considered for settlement consideration beyond the mandatory period are also recycled during the file exchanges with Euroclear Bank during the optional settlement period. Back-to-back processing The same securities can be received and delivered (back-to-back) several times during a settlement cycle. These are processed in 'transaction chains' of all transactions in the same security within the same settlement cycle. Unsettled securities transactions are recycled in several cycles as new information is received from depositories and from Euroclear Bank over the Bridge. | 
