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Efficient Clearing & Settlement Mechanisms for Financial Markets

This guide covers existing ISD access rights and new ISD links for clearing and settlement in multiple countries and markets. Learn about participants, central clearing counterparties, securities settlement systems, and local account holders. Understand the key features of the clearing and settlement processes. Find insights into direct and local clearing methods.

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Efficient Clearing & Settlement Mechanisms for Financial Markets

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  1. Insert 3 Clearing and settlement (A): existing ISD access rights Country A: Country B: Country C: Participant A Participant B Participant C 1 2 Market A Market B Direct CM Central clearing Counterparty A Central clearing Counterparty B Local CM 2 1 Local settlement bk Account holder Securities settlement system/CSD A Securities settlement system/CSD B Securities settlement system/CSD C Local CM

  2. Insert 4 Clearing and settlement (B): new ISD links Country A: Country B: Country C: 4 Participant A Participant B Participant C 3 4 Market A Market B 5 Direct CM Central clearing Counterparty A Central clearing Counterparty B Local CM 3 4 B C 4 Securities settlement system/CSD A 3 Securities settlement system/CSD B Securities settlement system/CSD C Local CM

  3. Insert 5 Clearing and settlement: key to inserts 3 & 4

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