Clearstream and LCH SA broaden their collaboration to enhance the settlement options for Italian government debt.

Clearing members of LCH SA will be able to settle all Italian government debt instruments, including cash and repos, at Clearstream.

The initiative marks a significant step towards a more harmonized and integrated European capital market infrastructure. By providing a new settlement venue choice, the collaboration empowers market participants with greater efficiency, reduced fragmentation, and streamlined access to one of Europe’s largest sovereign debt markets.

The new service will enable LCH SA clearing members to consolidate their settlement activity within Clearstream’s robust, pan-European CSD solution, across Clearstream ICSD and CSD accounts. This addition further strengthens Clearstream’s Trade Flow Hub offering, which is connecting the largest trading venues and CCPs.

This enhances liquidity management, increases operational efficiency, and provides a single, unified gateway to a wide array of European securities. The move underscores both organizations’ commitment to fostering an open access and connected ecosystem for the benefit of their clients and the wider financial industry.

The service is expected to go live in the course of 2026.

Michel Semaan, Global Head of RepoClear, LSEG, said:

“As a trusted partner in clearing Italian government debt, we are proud to be continuing our collaboration with Clearstream to drive greater efficiency and expand choice for our members—key pillars of a stronger, more competitive European capital market.”

Dirk Loscher, Head of Custody & Investor Solutions at Clearstream, commented:

“We are thrilled to expand our successful collaboration with LCH SA to include the Italian bond market. By broadening our Trade Flow Hub proposition for market participants to consolidate the settlement of their cleared and uncleared trade flows with our Pan-European CSD solution, we are not just enhancing service for our clients; we are actively contributing to the strength and harmonization of European capital markets. This initiative furthers our goal of providing a seamless, one-stop solution for accessing European liquidity.”

The inclusion of Italian government debt builds on the existing successful collaboration between Clearstream and LCH SA, which already covers the settlement of French, Belgian, German, Austrian, and Spanish government securities. This extension reinforces the shared vision of both institutions to build a more deeply integrated and efficient post-trade landscape in Europe.