Meeting Central Securities Depositories Regulation (CSDR) requirements
Clearstream's Central Securities Depositories (CSDs) support the objectives of CSDR, which aim to enhance the safety and efficiency of securities settlement and the settlement infrastructures in the EU, while also establishing a more equitable level playing field among European CSDs.
One of the key mechanisms through which CSDR seeks to achieve its objectives is by requiring all CSDs to apply for a licence to operate. The licence sets out a host of performance and operational criteria all CSDs must fulfil, such as enhanced capital and transparency requirements.
Clearstream Banking S.A. (CBL) filed applications pursuant to Article 17 CSDR (core services, non-banking-type ancillary services), Article 55 (banking-type services) and Article 19 CSDR (interoperable link, the Bridge). On 12 April 2021, CBL was granted all three licences.
Clearstream Banking AG (CBF) filed applications pursuant to Article 17 CSDR (core services, non-banking-type ancillary services) and Article 55 (banking-type services). On 21 January 2020, CBF received its CSDR licence for core services and non-banking-type ancillary services and on 24 August 2021 for banking-type services.
The Clearstream CSDs have achieved full CSDR compliance.
The CSDR impacts on financial market operations are wide ranging. In addition to CSDs themselves, the CSDR impacts wider financial market infrastructures, including clearing houses and trading venues. For information on which changes impact clients please refer to the Client Readiness page.