Triparty collateral services (Xemac)
Clearstream’s German CSD and its ICSD offer similar comprehensive triparty collateral services under the Global Liquidity Hub, although they use two different systems: CmaX is used by the ICSD in Luxembourg, while Xemac is used by the CSD in Frankfurt.
Clearstream’s CSD in Frankfurt is a one-stop-shop for all your collateral needs in the German market. In addition to classic Global Liquidity Hub services such as repos and CCP margining, customers can benefit from the following services:
The CSD and ICSD collateral management systems are linked. This allows our international customers to seamlessly manage a single collateral pool within an integrated Clearstream environment. You can thus easily access the CSD’s collateral services, including GC Pooling and collateral pledge to the Deutsche Bundesbank, while retaining your existing setup with Clearstream’s ICSD. CSD customers can also create segregated collateral sub-pools to cover specific collateral exposures on behalf of their clients.