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Clearstream's ICSD settles trades in international securities and in domestic securities traded across borders. The CSDs settle domestic transactions in the German and Luxembourgish markets. Transactions between the two ICSDs Clearstream and Euroclear are settled via an electronic communications platform, called the Bridge. [32]
Euroclear also disabled its ruble accounts with ING Bank in Russia and Russia's VTB Bank, the result of which was that its clients are no longer allowed to transfer any rubles, and the ruble bridge between Clearstream and Euroclear was closed. [20] Furthermore, Euroclear limited settling trades in Russian securities. [21] [22]
Examples of international CSDs include Clearstream (previously Cedel), Euroclear and SIX SIS. While viewed as a national CSD rather than an ICSD, the US Depository Trust Company (DTC) does hold over $2 trillion in non-US securities and in American depositary receipts from over 100 nations.
The EU's General Court also threw out an appeal by Russia's National Settlement Depository, which is the country's equivalent of the Euroclear and Clearstream clearing houses.
In June 2022, the European Union added NSD to its sanctions list, blocking NSD's accounts in euros, and in Euroclear and Clearstream; as a result, NSD was not able to service forex-denominated bonds issued by Russia and Russian companies. [4] Also in June 2022, the NSD suspended transactions in euros. [4]
Euroclear and Clearstream Banking, Luxembourg are two important examples of international immobilisation systems. Both originally settled eurobonds , but now a wide range of international securities are settled through them including many types of sovereign debt and equity securities.
Deutsche Börse is the owner of Clearstream, a clearing house based in Luxembourg. [5] Despite the COVID-19 pandemic, Deutsche Börse was able to increase its turnover by 15% and its net revenue by 9% in 2020 compared to 2019. In addition, Deutsche Börse's workforce grew by 463 employees in 2020. [6]
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