Scale with confidence — centralized liquidity through ICSD. 

Issuing ETFs across Europe can be operationally complex — with fragmented CSDs, multiple national settlement systems, and duplicative fund servicing. 

Clearstream solves this with a suite of issuance models tailored to the needs of global ETF issuers. 

ICSD Issuance

Clearstream’s ICSD issuance model centralizes ETF liquidity across borders, minimizing fragmentation and operational risk. 
ICSD issuance improves liquidity formation, shortens time to market for ETF launches, and ensures higher operational efficiency for Authorized Participants (APs) and market makers. 

ICSD+ Liquidity Consolidation

Automated primary market transaction thanks to a direct connection with the transfer agent. This leads to lower operational risk and cost, especially for multi-listed ETFs.  

Issuers gain seamless access to both: ICSD counterparties and clients via Clearstream’s centralized issuance and settlement network, and Domestic T2S counterparties and clients through direct connectivity across all major European markets. 

Domestic Issuance (Germany)

Clearstream’s German CSD issuance model supports issuers targeting local markets while benefiting from full T2S settlement harmonization, providing flexibility to balance local focus and European reach. 

Additional Advantages

• Access to both Central Bank Money and Commercial Bank Money liquidity pools. 
• Integration with major transfer agents for primary market creation/redemption. 
• Harmonized post-trade flows reduce settlement risks and corporate action mismatches. 

Streamlined, standardized regulatory reporting. 

Compliance in the ETF world has become increasingly complex, with multiple overlapping requirements across jurisdictions: 

PRIIPs, SFDR, and MiFID II

Kneip’s regulatory reporting services streamline the creation and dissemination of disclosure documents required under European regulations — ensuring ETF issuers meet evolving investor protection standards. 

Cross-Jurisdictional Templates

Through a harmonized template approach, issuers can simplify regulatory submission processes even when distributing ETFs across multiple EU member states. 

API-Driven Reporting

Kneip integrates with asset managers’ operational systems via APIs, minimizing manual intervention, reducing errors, and ensuring timely updates. 

Additional Advantages: 

• Compliance with the latest ESG disclosure regulations (SFDR). 
• Automated annual and event-driven updates. 
• Supports multi-share class and multi-currency ETF structures. 

Connect to more distributors — without the hassle. 

Reaching new platforms and distributors can be time-consuming and complex. With Clearstream’s Compass, you do not need to manage separate agreements with every intermediary. 

Instead, you can rely on our established infrastructure and partnerships to make your ETFs available to a wide network of banks, retail platforms, and other distribution channels across Europe — all through a single point of access. 

With Compass, you can: 

• Expand your reach without negotiating individual contracts. 
• Increase visibility for your ETFs across Europe’s leading distribution networks. 
• Rely on Clearstream as your facilitator for scalable growth. 

 Learn more about Compass