Editing Clearstream (section)

==Operations==
{{Self-published|section|date=February 2025}}
Clearstream accepts [[central bank]]s and [[Money laundering#Enforcement costs and associated privacy concerns|AML-regulated]] credit institutions (such as regulated banks) as customers. Clearstream does not accept [[natural persons]] as customers and no account is opened in the name of a natural person.<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/about-clearstream/becoming-a-clearstream-customer |title=Becoming a Clearstream customer |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323181206/http://www.clearstream.com/clearstream-en/about-clearstream/becoming-a-clearstream-customer |archive-date=2015-03-23 |url-status=dead }}</ref>

Clearstream has operational centres in [[Cork (city)|Cork]], [[Cardiff]], [[Luxembourg]], [[Prague]], and [[Singapore]]. It also maintains representative offices in [[London]], [[Hong Kong]], [[Tokyo]], [[Dubai]], [[New York City|New York]], and [[Zurich]].<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are/office-locations |title=Office Locations |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323190618/http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are/office-locations |archive-date=2015-03-23 |url-status=dead }}</ref>

===Asset Services===
Source:<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/asset-services |title=Asset services |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323194235/http://www.clearstream.com/clearstream-en/products-and-services/asset-services |archive-date=2015-03-23 |url-status=dead }}</ref>

Clearstream is responsible for the management, safekeeping/custody and administration of securities (assets) under custody. Services include income and redemption payments, [[corporate actions]] as well as tax and [[proxy voting]].

The majority of securities safekept by Clearstream are [[Settlement (finance)#Immobilisation|immobilised]]. Securities are reflected in book-entry form in the accounts of customers at Clearstream regardless of whether they are held in physical or dematerialised form. This means that they are no longer represented by physical certificates, but instead by data entered into the Clearstream systems.

===Global Securities Financing===
Source:<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing |title=Global Securities Financing |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150318075422/http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing |archive-date=2015-03-18 |url-status=dead }}</ref>

Securities financing is the ability to borrow or [[securities lending|lend]] cash or securities against [[collateral (finance)|collateral]]. In securities financing, collateral comprises assets given as a guarantee by a borrower to secure a securities loan and subject to seizure in the event of [[default (finance)|default]]. [[Collateral management]] refers to the handling of all tasks related to the monitoring of collateral posted by a borrower to meet a financial obligation (optimisation, substitution, top-up, withdrawal, settlement instruction, reporting, processing of [[Margin (finance)#Margin Call|margin calls]] and returns, notification of corporate events, etc.).

Clearstream's collateral management, securities lending and borrowing services are gathered under the Global Liquidity Hub.<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing/global-liquidity-hub |title=Global Liquidity Hub |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323202533/http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing/global-liquidity-hub |archive-date=2015-03-23 |url-status=dead }}</ref> It provides a pool of [[market liquidity|liquidity]] through links to agent banks, trading platforms, [[clearing house (finance)|clearing houses]] and other market infrastructures.

Clearstream is a member of the Liquidity Alliance, which was established in January 2013 as a platform for CSDs to collaborate on collateral management. It was founded by [[Australian Securities Exchange|ASX]], [[CETIP]], Clearstream, [[Iberclear]] and [[Strate CSD|Strate]].<ref>{{cite web |url=http://www.clearstream.com/blob/11358/2bc37b359ab16dd3e481528735430dd5/liquidity-alliance-brochure-data.pdf |title=Archived copy |access-date=2015-05-07 |url-status=dead |archive-url=https://web.archive.org/web/20150518085605/http://www.clearstream.com/blob/11358/2bc37b359ab16dd3e481528735430dd5/liquidity-alliance-brochure-data.pdf |archive-date=2015-05-18 }}</ref>

===Investment Fund Services===
Clearstream has developed the world's largest cross-border fund processing platform, called Vestima.<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services/vestima |title=Vestima |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323202834/http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services/vestima |archive-date=2015-03-23 |url-status=dead }}</ref> It handles all types of funds, from [[mutual fund]]s to [[exchange-traded fund]]s (ETFs) and [[hedge fund]]s.

In addition to providing access to all fund types, Vestima supports their cross-border distribution. Services offered by Vestima include order routing, centralised [[delivery versus payment]] (DVP) settlement, safekeeping, asset servicing and collateral management.<ref>{{cite web|url=http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services|title=Investment Fund Services|website=Clearstream.com|access-date=1 August 2018}}</ref>

===Issuance===
Source:<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/issuance--1-/ |title=Issuance |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150518085510/http://www.clearstream.com/clearstream-en/products-and-services/issuance--1-/ |archive-date=2015-05-18 |url-status=dead }}</ref>

ICSDs and CSDs are often used to [[Primary market|bring a security issue to the market]], as they possess the necessary infrastructure for distributing the securities to the investors as well as for settlement and safekeeping. Clearstream's ICSD also provides custody services, which means that the security can be serviced throughout its entire lifecycle. Clearstream provides the infrastructure which enables issuers to reach investors worldwide.

Clearstream's services include eligibility assessments, issuance and distribution of domestic, foreign and international (i.e. Eurobonds) new issues of global and domestic instruments: [[certificates of deposit]], [[depositary receipt|depository receipts]], [[United States Treasury security#Treasury bill|treasury bills]], [[commercial paper]]s, short-term and medium-term notes, [[bond (finance)|bonds]], [[equity (finance)|equities]], [[warrant (finance)|warrants]], equity-linked notes and investment fund shares.

===Settlement===
Source:<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/settlement |title=Settlement |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323180717/http://www.clearstream.com/clearstream-en/products-and-services/settlement |archive-date=2015-03-23 |url-status=dead }}</ref>

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 Banking SA and Euroclear Bank are settled via an electronic communications platform, called the Bridge.<ref>{{Cite web |url=http://www.clearstream.com/clearstream-en/products-and-services/settlement/commercial-bank-money-settlement--icsd-/settlement-overview/bridge |title=Bridge |access-date=2015-05-07 |archive-url=https://web.archive.org/web/20150323194442/http://www.clearstream.com/clearstream-en/products-and-services/settlement/commercial-bank-money-settlement--icsd-/settlement-overview/bridge |archive-date=2015-03-23 |url-status=dead }}</ref>

Clearstream operates a delivery versus payment settlement system, ensuring simultaneous settlement of securities and cash transfers on a gross (trade-by-trade) basis. This helps to minimise the risk associated with the settlement of securities.<ref>{{cite journal|url=http://www.bis.org/cpmi/publ/d101.htm?|title=Principles for financial market infrastructures|date=16 April 2012|website=Bis.org|access-date=1 August 2018}}</ref>