Realignment Guide - United States of America


The links between Clearstream Banking’s platforms, CASCADE and Creation, and several Central Securities Depositories (CSD) enable clients to transfer eligible securities (that is, securities accepted in CASCADE and in Creation and by the appropriate CSD) from one platform to the other, for example, from Collective Safe Custody (CSC) to Non-Collective Safe Custody (NCSC) and vice versa. These transfers, that exclude by definition any change of beneficial ownership, are referred to in this document as Creation-CASCADE realignments.
The realignment process is initiated by clients as follows:

  • For realignment from CASCADE to Creation:
    • In CASCADE, by an instruction to deliver securities free of payment to the account of Clearstream Banking S.A., Luxembourg with the corresponding depository, in favour of the client’s account in Creation.
    • In Creation, by an instruction to receive securities, free of payment, from CASCADE.
  • For realignment from Creation to CASCADE:
    • In Creation, by an instruction to deliver securities, free of payment, to the account of Clearstream Banking AG, Frankfurt with the corresponding CSD, in favour of the client’s account in CASCADE.
    • In CASCADE, no instruction is required for U.S. and CA securities.
      For receipts in DE securities a match instruction must be provided by active matchers.


Clearstream Banking does not accept any responsibility for any cross-border settlement delays. The instruction specifications contained on these webpages are correct at the time of publication for currently eligible securities.

Please note that Clearstream Banking is not always advised of changes affecting these specifications. However, Clearstream Banking will update this information on the Clearstream Banking website ( as soon as it is made aware of any amendment.