Settlement

Intraday repo round sees participation from LSEG, DTCC, Euroclear, Societe Generale, amongst other consortium members. 

Appointment covers middle- and back-office support for more than $30bn in global liquid and structured credit portfolios. 

Move will enable clearing members to settle Italian sovereign debt in T2S central bank money, as post-trade players seek to reduce fragmentation across Europe.

Planned DSD aims to link traditional and digital markets, with first phase targeted for 2026 subject to regulatory approval. 

Adrian Whelan, global head of market intelligence at Brown Brothers Harriman says geopolitics is the unavoidable elephant in the room for global regulation. Cross-border firms are facing overlapping and conflicting rules on funds, settlement, ESG, and digital assets - and political tensions are increasingly shaping how regulators enforce them. 

Major banks including Crédit Agricole CIB and Bank of China tap offshore Chinese government bonds for margining. 

CSD-issued tokenised assets to become eligible for credit operations from March 2026.

Collaboration gives clearing members access to Clearstream’s pan-European CSD and ICSD services. 

The new offering will make use of Eurosystem’s T2S platform, which is overseen by the European Central Bank, to enhance European fixed income market consolidation and increase control over post-trade workflows.  

The $150 milllion deal settled T+0 via Euroclear D-FMI, with Citi as issuing and paying agent.