Trade Flow Hub
Clearstream’s Pan-European CSD solution offers clients a single point of access to all T2S markets with comprehensive instruments coverage and complemented by fully harmonized asset services for both our CSD and ICSD clients.
Our Trade Flow Access, an integral feature of our Pan-European CSD solution, offers dedicated post-trade services for transactions executed on several trading venues which may be settled either through a direct feed to Clearstream (“Bilateral flow”) or cleared through a central counterparty (CCP) (“Cleared flow”). This service is based on Power of Attorney given by the client to the trading venues or to the CCPs to instruct on their CBL or CBF accounts.
International investors are relieved from cumbersome processes for cross-border transactions, such as having to maintain accounts at different settlement or custody locations that support the security in question. Consolidation possibilities of such flows are an integral part of our European CSD solution.
The choice of settlement location as either via our Pan-European CSD (T2S) or our ICSD is determined by the ability of trading venues, CCPs and Clearstream to support these settlement flows.
An overview of trading venues and the possibilities available for settling cleared and bilateral settlement flows via Clearstream as a settlement location is given in the trading venues and CCP overview, see under Attachments below.
Further information
Clearstream’s 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 client for the designated client accounts.
Note: The above service description does not cover the activity concluded at German stock exchanges, such as:
- Trading on Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock Exchange) via Xetra – the fully electronic trading platform,
- Trading via Xitaro – the trading system of Börse Stuttgart,
- Trading via Tradegate Exchange,
- Inter-exchange securities transfer (PÜEV) transactions/interbank trading.
Detailed information on the above-mentioned activity is covered in section 3.2 of the CBF Client 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. Subsequent updates will be made available as and when Clearstream’s market coverage and service offering expands.
Clients interested to settle a specific trading venue or CCP flow should approach their Relationship Manager to discuss service offering.