Clearstream and LCH SA to Enhance Access to Italian Government Bonds

• Settlement of Italian government debt via Clearstream’s ICSD and CSD 
• Fostering choice for market participants in a strong European capital market network
• Access for LCH SA clearing members to Clearstream’s Pan-European CSD solution

Clearstream and LCH SA broaden their collaboration to enhance the settlement options for Italian government debt. Clearing members of LCH SA will be able to settle all Italian government debt instruments, including cash and repos, at Clearstream.

The initiative marks a significant step towards a more harmonized and integrated European capital market infrastructure. By providing a new settlement venue choice, the collaboration empowers market participants with greater efficiency, reduced fragmentation, and streamlined access to one of Europe’s largest sovereign debt markets.

The new service will enable LCH SA clearing members to consolidate their settlement activity within Clearstream’s robust, pan-European CSD solution, across Clearstream ICSD and CSD accounts. This addition further strengthens Clearstream’s Trade Flow Hub offering, which is connecting the largest trading venues and CCPs. This enhances liquidity management, increases operational efficiency, and provides a single, unified gateway to a wide array of European securities. The move underscores both organizations’ commitment to fostering an open access and connected ecosystem for the benefit of their clients and the wider financial industry.

The service is expected to go live in the course of 2026. 

Michel Semaan, Global Head of RepoClear, LSEG, said: “As a trusted partner in clearing Italian government debt, we are proud to be continuing our collaboration with Clearstream to drive greater efficiency and expand choice for our members—key pillars of a stronger, more competitive European capital market.”

Dirk Loscher, Head of Custody & Investor Solutions at Clearstream, commented: “We are thrilled to expand our successful collaboration with LCH SA to include the Italian bond market. By broadening our Trade Flow Hub proposition for market participants to consolidate the settlement of their cleared and uncleared trade flows with our Pan-European CSD solution, we are not just enhancing service for our clients; we are actively contributing to the strength and harmonization of European capital markets. This initiative furthers our goal of providing a seamless, one-stop solution for accessing European liquidity.”

The inclusion of Italian government debt builds on the existing successful collaboration between Clearstream and LCH SA, which already covers the settlement of French, Belgian, German, Austrian, and Spanish government securities. This extension reinforces the shared vision of both institutions to build a more deeply integrated and efficient post-trade landscape in Europe.

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[Editorial note: Please find here a high-resolution photo of Dirk Loscher.]

About Clearstream

Clearstream is the innovative and trusted post-trade business for the global markets. It runs the leading securities and funds servicing ecosystems of tomorrow.

The company operates the German and Luxembourg central securities depositories and an international central securities depository for the Eurobonds market. With 21 trillion Euros in assets under custody, it is one of the world’s largest settlement and custody firms for domestic and international securities.

It also delivers premier fund dealing, distribution, digital and data services, covering over 55 fund markets worldwide.

Clearstream is part of Deutsche Börse Group, an international exchange organization and provider of innovative market infrastructures.

To learn more, visit us at www.clearstream.com or connect via LinkedIn.