Meeting Central Securities Depositories Regulation (CSDR) requirements

Reference

Service level

CBL | 6-series account | CEU Legacy

Last Updated

31.01.2025

Clearstream's Central Securities Depositories (CSDs) support the objectives of CSDR, which aim to enhance the safety and efficiency of securities settlement and the settlement infrastructures in the EU, while also establishing a more equitable level playing field among European CSDs.

One of the key mechanisms through which CSDR seeks to achieve its objectives is by requiring all CSDs to apply for a licence to operate. The licence sets out a host of performance and operational criteria all CSDs must fulfil, such as enhanced capital and transparency requirements.

Clearstream Banking S.A. (CBL) filed applications pursuant to Article 17 CSDR (core services, non-banking-type ancillary services), Article 55 (banking-type services) and Article 19 CSDR (interoperable link, the Bridge). On 12 April 2021, CBL was granted all three licences.

Clearstream Europe AG (CEU) filed applications pursuant to Article 17 CSDR (core services, non-banking-type ancillary services) and Article 55 (banking-type services). On 21 January 2020, CEU received its CSDR licence for core services and non-banking-type ancillary services and on 24 August 2021 for banking-type services.

The Clearstream CSDs have achieved full CSDR compliance.

The CSDR impacts on financial market operations are wide ranging. In addition to CSDs themselves, the CSDR impacts wider financial market infrastructures, including clearing houses and trading venues. For information on which changes impact clients please refer to the Client Readiness page.

External Links

CSDR Refit (Regulation (EU) 2023/2845 of the European Parliament and of the Council of 13 December 2023 amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories and amending Regulation (EU) No 236/2012) CSDR (Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012)CDR (EU) 2017/392 with regard to regulatory technical standards (RTS) on CSD authorisation CIR (EU) 2017/394 on implementing technical standards (ITS) on CSD authorisation CDR (EU) 2017/390 with regard to regulatory technical standards (RTS) on prudential requirements CDR (EU) 2017/391 with regard to regulatory technical standards (RTS) on internalised settlements CIR (EU) 2017/393 on implementing technical standards (ITS) with regard to internalised settlements CDR (EU) 2017/389 as regards the parameters for the calculation of cash penalties for settlement fails and the operations of CSDs in host Member States CDR (EU) 2018/1229 with regard to regulatory technical standards (RTS) on settlement discipline EU Commission ESMA Q&A – Central Securities Depositories Regulation CSSF – CSDR Art. 7 User Guide ECB – TARGET2-Securities (T2S)