Euroclear has now been granted six licenses for its various CSDs in Belgium, Finland, France, the Netherlands and Sweden.
Clearstream went live with the InvestorCSD model last year with the aim of providing banks a single access point to both T2S and its ICSD services.
Euroclear Bank will be able to offer clients the choice between euro settlement in both commercial bank and central bank money.
Europe's largest asset managers are working towards launching new and transitioning current Irish-domiciled ETFs to an ICSD settlement structure.
A recent report suggests managers face very little time to select an alternative for Irish-issued ETFs that are still settling in a domestic model.
Can custody be white labelled and adopted by local providers or will custodians with global sub-custody networks dominate?
Total revenues for Brussels-based Euroclear and Luxembourg-based Clearstream increased 8% and 6% respectively.
Industry experts argued further consolidation in the custody industry could be likely, but doubted it will happen within the next 12 months to five years.
Clearstream has partnered with Citi to act as its local account operator giving Ukrainian government bonds access to its ICSD network.