New syndicated DVP closing model – Market feedback and next steps


The new syndicated DVP closing model, first proposed by the ICSDs on 30 November 2020, and aimed at reducing credit and liquidity risks for all market players, has now been widely discussed between each ICSD and its respective client base.

Based on the positive market feedback received, the ICSDs are pleased to confirm that the implementation of the new model for syndicated new issues against payment will go ahead. The ICSDs are looking forward to implementing this new model end of Q4 2021 for the benefit of the market and will continue to work towards future enhancements to the model as necessary. The exact migration date still needs to be determined - Based on further market consultation.

Further information

If you have any comments or questions about this proposal, please contact your Clearstream relationship manager or