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Clearstream Offers Direct Access to the Icelandic Market Infrastructure


Clearstream has built the safest possible access to hold Icelandic securities

Clearstream, the international central securities depository (ICSD) within Deutsche Börse Group, will be the first ICSD to open a full Delivery Versus Payment (DvP) link to Iceland for bonds and equities plus a full range of asset servicing with cash accounts at the central bank and securities accounts at the Central Securities Depository (CSD).

Agreements forged with the Icelandic Central Bank and the country’s CSD mean that Clearstream has built the safest possible access to hold Icelandic securities via a Delivery versus Payment (DvP- or against payment) link enabling irrevocable delivery of securities with the guarantee of payment by the counterparty.
Previously Clearstream had an indirect free of payment link via Danske Bank ie enabling irrevocable delivery of securities but without the guarantee of payment by the counterparty.

Mark Gem, a member of Clearstream’s executive board said: “At the time of the financial crisis most financial institutions lost confidence in the Icelandic system but Clearstream worked hard and quickly to strengthen its existing links with Iceland. Today, Clearstream is delighted to help bring back stability to Iceland by first securing the cash link with the central bank and then later by upgrading our service range while ensuring the best possible risk-free environment for our customers.”

Einar Sigurjónsson, CEO of the Icelandic Securities Depository, said “we at the Icelandic Securities Depository ltd. (ISD) are very pleased about Clearstream becoming a direct participant in the Icelandic financial market. We believe that it will be a great benefit for our clients and help establishing opportunities and trust for the international investors towards the Icelandic market.”

With this addition, Clearstream’s network now reaches 46 domestic markets around the globe: 29 in Europe, 5 in the Americas, 12 in the Asia Pacific region and in South Africa, Australia and New Zealand. It is the widest network of any international central securities depository (ICSD) and enables counterparties in local markets to efficiently settle eligible securities through Clearstream’s operational hub in Luxembourg.

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