Clearstream Banking
Clearstream is the post-trade business of Deutsche Börse Group. Clearstream Banking S.A. in Luxembourg is one of the two international central securities depositories, and Clearstream Europe AG, called Clearstream Banking AG until 2025, is Germany's central securities depository. Both settle and hold securities for banks, asset managers and central banks.
Two depositories and their names
Clearstream Banking S.A. started as Cedel, which 66 financial institutions set up in 1970 to settle cross-border securities trades with less risk. Cedel merged with Deutsche Börse's settlement business, the combined firm took the name Clearstream on January 10, 2000, and Deutsche Börse has owned all of it since July 1, 2002. As an international central securities depository it handles Eurobonds and gives access to many domestic markets.
The German depository goes back to the Frankfurter Kassenverein of 1949. Under the name Clearstream Banking AG it was the central securities depository for German securities, and in September 2025 it became Clearstream Europe AG. Clearstream's own description counts securities from more than 60 markets.
Settlement in central bank money
German securities settle in TARGET2-Securities, the Eurosystem platform that settles the securities leg and the cash leg in central bank money together. The Bundesbank announced the migration of the German market to T2S with Clearstream Banking AG. The answer Clearing vs settlement explains where clearing ends and settlement begins, and TARGET2 and TIPS covers the Eurosystem side.
Funds, collateral and digital securities
Vestima is Clearstream's platform for fund orders, settlement and custody, and Clearstream says it covers more than 245,000 funds in over 55 fund markets. Its securities services include collateral management, securities lending and liquidity tools; the answer What is collateral? explains the basics.
D7 is Clearstream's platform for issuing and holding securities in digital form. Its first issue was a KfW bond under the German Electronic Securities Act, and D7 DLT adds a distributed ledger for commercial paper and medium-term notes. Clearstream also offers bitcoin and ether custody to institutional clients of Clearstream Banking S.A., with Crypto Finance as sub-custodian. The page on Deutsche Börse in crypto and digital assets has the details, and issuing tokenized securities in Germany covers the legal side.
Upcoming capital markets and digital assets events in Frankfurt
Where post-trade topics meet
Tokenized securities, digital bonds and settlement in central bank money are on the program of the Crypto Assets Conference, which Frankfurt School and Deutsche Börse Group host together in Frankfurt, and of the Frankfurt Forum on Digital Assets & Applications. Finance Loop was a partner of CAC 2026. The page on tokenization in Frankfurt lists further meeting points in the city.
What is Clearstream Banking?
Clearstream Banking S.A. is the international central securities depository of Deutsche Börse Group in Luxembourg. It settles and holds securities, mainly Eurobonds and cross-border holdings, and offers collateral management and fund services.
What is the difference between Clearstream Banking S.A. and Clearstream Europe AG?
Clearstream Banking S.A. in Luxembourg is an international central securities depository for cross-border securities. Clearstream Europe AG, formerly Clearstream Banking AG, is the central securities depository for German securities and settles them through T2S.
What is Clearstream D7?
D7 is Clearstream's platform for issuing and processing securities in digital form without a paper global note. D7 DLT is its variant on a distributed ledger for tokenized commercial paper and medium-term notes.
Does Clearstream hold crypto assets?
Yes, for institutional clients of Clearstream Banking S.A. Clients use their existing Clearstream account, and Crypto Finance (Deutschland) holds the coins as sub-custodian.
Clearstream Banking and Finance Loop
Finance Loop covers settlement, custody and digital securities in its Investment & Digital Assets and Digital Infrastructure & Sovereignty tracks. Finance Loop was a partner of CAC 2026, the Crypto Assets Conference that Frankfurt School and Deutsche Börse Group host in Frankfurt.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.