In addition to its issuer-CSD franchises, Clearstream operates a large number of links to cash, securities and commodity markets across the globe, providing direct and secure access to the largest domestic liquidity pools. Currently, our network of links covers countries representing around 86% of global GDP.
As the demand for access to new markets, currencies and instruments develops, we will continue to expand our global network and deliver innovative market access solutions that meet your needs.
Around 100 currencies are currently eligible in our International Central Securities Depository (ICSD) via our connectivity channels, ClearstreamXact and CreationOnline. Currencies can either be "full settlement" or "denomination only", where an instrument is issued in one currency, but the redemptions and settlement are conducted in another, such as USD.
Customers also enjoy access to 58 domestic securities markets worldwide, plus the international market, via a network of local sub-custodians and Central Securities Depositories (CSDs).
This network is constantly reviewed and analysed by Clearstream's Network Management. The "Agent Bank Selection and Maintenance" document, attached below for Premium Users only, gives an overview of the establishment and maintenance of the network.
Clearstream accesses counterparties in the domestic markets either via a direct link to the CSD or via an indirect link to the CSD through an account held with a local sub-custodian (see diagram). Where it holds a direct account with a local CSD, Clearstream may decide to appoint a local agent bank as account operator in order to deliver the level of service required by our clients.
Detailed information on the services that Clearstream offers in each market can be found in the Creation and CASCADE Market Guides.