Trading venue and CCP settlement

24.11.2020

The OneClearstream service level enables Clearstream Banking customers of our International Central Securities Depository (ICSD) and Central Securities Depository (CSD) a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF and CBL.

Clearstream Banking also enables settlement and post-trade services for transactions executed on several trading venues which may be settled either through a direct feed to Clearstream Banking (“Bilateral flow”) or cleared through a central counterparty (CCP) (“Cleared flow”) as illustrated in the figure below.

The choice of settlement location as either CBF (T2S) or CBL (ICSD) is determined by the ability of trading venues, CCPs and Clearstream Banking to support these settlement flows. An overview of trading venues and the possibilities available for settling cleared and bilateral settlement flows via Clearstream Banking as a settlement location is given in the trading venues and CCP overview. The overview can be accessed in the attachments section below if logged in as a Premium User.

The Clearstream Banking settlement service is based on a Power of Attorney being granted to the relevant institution (trading venue or CCP) which instructs on behalf of the Clearstream Banking customer for the designated customer accounts.

NB: This service description does not cover the activity concluded at German Stock Exchanges, such as:

  • Trading on FWB Frankfurt Stock Exchange via Xetra - the fully computerised trading system;
  • Trading via Xitaro - the trading system of Börse Stuttgart;
  • Trading via Tradegate Exchange; and
  • Inter-exchange securities transfer (PÜEV) transactions/interbank trading.

Detailed information on the above-mentioned activity is covered in section 3.2 of the CBF Customer Handbook.

The trading venue and CCP settlement service description will be updated as new institutions (CCPs or trading venues) and settlement flows are added to the services offered by Clearstream Banking. Subsequent updates will be made available as and when Clearstream Banking’s market coverage and service offering expands.

Further information

Details of market specific requirements, where applicable, are available in the respective Market Link Guide available under Market Coverage.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Manager.