The ICSD model

The international Eurobond market is jointly operated by the two ICSDs. Clearstream’s ICSD, Clearstream Banking Luxembourg (CBL), provides the infrastructure which enables issuers to reach investors anywhere in the world in over 60 markets and in almost 100 denomination currencies at the best price.

Over 14,000 issuers from 130 countries have joined our network which provides access to investors in 110 countries. Our experts can handle governing laws from over 60 jurisdictions.

The ICSD issuance model brings issuers and investors together and acts as a gateway to the entire service suite of Clearstream: once the issuance has been distributed, clients have access to our leading liquidity and collateral management as well as asset services.

The ICSD model enables the issuance of warrants, bonds and equities with different custody structures for physical or global notes.

In addition, ETF issuers can choose Clearstream’s ICSD as their sole issuance location instead of issuing across multiple CSDs. Settlement and distribution also take place at Clearstream, resulting in simplified inventory management and cost-effective trading between different venues.

With TARGET2-Securities, this ICSD issuance model will make it cheaper to transfer ETF shares to markets outside the TARGET-2 environment - such as the UK - enabling all investors to benefit from pan-European ETF liquidity.