Informational reference site. Clearstream Holding AG does not open accounts, hold assets or offer paid services of any kind.
Clearstream Holding AG logo mark Clearstream Holding AG Post-Trade & Custody Reference
Capital markets infrastructure

Understanding how securities are held, cleared and settled.

Clearstream Holding AG is an informational resource on the mechanics behind capital markets infrastructure, securities custody and post-trade financial services — written for practitioners, students and anyone trying to make sense of how a trade becomes a settled position.

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Glass-fronted skyscrapers in a financial district, viewed from below
REF — Financial district, infrastructure overview
What this site covers

Four pillars of the post-trade world

Each pillar below is explained in plain terms, without assuming prior back-office experience.

Securities custody

How custodians hold, segregate and safekeep securities on behalf of investors, and why record-keeping matters.

Clearing & settlement

The path a trade takes from execution to final, irrevocable transfer of securities and cash.

Market infrastructure

The role of central securities depositories, central counterparties and payment systems in daily markets.

Corporate actions

How dividends, splits, redemptions and voting events are processed and communicated to holders.

The lifecycle of a trade

From execution to a settled position

A simplified, four-stage view of what happens after two parties agree to trade.

  1. 01 — Trade capture

    Execution & affirmation

    The trade is agreed, recorded and matched against the counterparty's instructions.

  2. 02 — Clearing

    Netting & risk management

    A clearing entity may net obligations and manage counterparty risk ahead of settlement.

  3. 03 — Settlement

    Delivery versus payment

    Securities and cash move simultaneously, typically within the standard T+2 cycle.

  4. 04 — Custody

    Safekeeping & servicing

    The custodian records the holding and administers any corporate action events that follow.

Rack of servers inside a data centre, representing settlement infrastructure
Behind the scenes

Infrastructure most investors never see

Central securities depositories, messaging networks and reconciliation systems operate quietly behind every transfer of ownership. We write about the standards, protocols and governance that keep that infrastructure reliable.

  • Plain-language explanations of ISO 20022 and SWIFT messaging
  • Overviews of CSDR-aligned settlement discipline concepts
  • Glossary of custody and post-trade terminology
T+2 Standard settlement cycle referenced
ISO 20022 Messaging standard covered
4 Core subject pillars
EN Published language
Business professionals reviewing documents around a meeting table
Who this is for

Written for people who work near the back office

Operations analysts, compliance teams, students and journalists use this site to build a working vocabulary of custody and post-trade concepts before going deeper into rulebooks and regulation.

More about our approach

Clearstream Holding AG publishes general, informational content only. Nothing on this site constitutes financial, investment, legal or custody advice, and no part of this site is used to open accounts, transact, or deliver paid services. Always consult a licensed professional or your own custodian for guidance specific to your circumstances.

Questions about a topic

Suggest a subject or ask a question

We periodically update this site based on reader questions about custody and post-trade infrastructure.

Contact the team