The two leading international central securities depositaries (ICSDs) Euroclear Bank and Clearstream, have simultaneously launched issuance services designed to eliminate paper from the Eurobond market.
By abolishing physical global certificates, the two ICSDs contend that it will modernise the issuance and post-trade process in a market estimated to be worth more than €15 trillion.
According to Clearstream’s head of issuer services and new digital markets, Jens Hachmeister, the initiative “represents a fundamental shift for the international debt markets” by moving from a paper-based history to a fully digital future.
Meanwhile, Isabelle Delorme, head of product strategy added that a market valued at more than €15 trillion and experiencing double digit growth in 2025 could no longer remain paper-based.
“It was neither sustainable nor fit for purpose to meet the needs of borrowers and their partners, including agents, law firms and investors,” said Delorme.
