DWS adopts ICSD issuance of ETFs with Clearstream


Clearstream, together with leading asset manager DWS, migrates Xtracker I and II range of ETFs to an international issuance and settlement structure. 

Xtrackers are DWS’s comprehensive range of ETFs ad ETCs listed across 11 exchanges globally with a broad offering covering core benchmarks, ESG, emerging markets, currencies, strategic beta and commodities. 

A significant advantage of the ICSD issuance model is that it utilises the well proven, efficient settlement infrastructure of the two ICSDs (Clearstream and Euroclear) that market participants from around the world have been accustomed to for 50 years. 

Under this international issuance solution, both settlement and distribution can take place in Clearstream’s ICSD, resulting in simplified inventory management and cost-effective trading between different venues, including the support of trades at the Frankfurt Stock Exchange via Clearstream's CSD in Germany and the ”Bridge” interoperability with Euroclear’s ICSD, and onward further settlement at the full range of CSDs and venues linked to Clearstream. 

 Regardless of whether a product issuer uses local CSDs or the centralised ICSD, seamless connectivity is crucial to the user experience, and Clearstream is proud to provide this system alongside our own domestic issuance models.