External settlement
The settlement of transactions between a Clearstream customer and a counterparty other than another Clearstream or Euroclear customer is called external settlement. These include instructions for the physical delivery of euro-instruments or domestic securities.
Settlement of external transactions with counterparties in domestic markets varies according to the market and the instrument.
Details on the processing of external instructions and related securities and cash instruction deadlines can be found in the Market Coverage sections for each market.