Clearstream Banking AG announces that effective December 2025 its clients can subscribe to CBF’s new automated Smart Realignment Service to manage settlement fails of securities deliveries.

Becoming even more important under a compressed T+1 cycle, the service aims to increase settlement efficiency and may decrease CSDR penalties, by reducing the number of s failing delivery instructions due to a lack of securities on or after the intended settlement date. To provision these deliveries, CBF will automatically generate realignments from other eligible securities accounts of the subscribing client.

The service considers any fails in securities of the markets being in the scope of the service (“Full scope service”) as a trigger for CBF to generate realignment instructions. Alternatively, clients can limit the service to only cover securities delivery fails related to their Eurex “special Repo” trading activity (“Special scope service”).

If a relevant settlement fail was detected, a realignment instruction will be generated to transfer an available held-free securities long position from a client’s dedicated source accounts to the same client’s target accounts lacking the securities. Source accounts can be with CBF and/or Clearstream Banking S.A. (CBL).

Only CBF client securities main accounts categorised as own assets and linked to the same legal entity (LEI) are eligible for the service. Specific CBF sub-accounts can also be assigned in combination with their main account. Client accounts with no LEI assigned are not eligible.

Settlement fails in securities that are eligible for settlement in CBF for the following markets are in scope of the service:

• Austria;
• Belgium;
• France (except for registered shares);
• Germany;
• Greece;
• Italy;
• Netherlands;
• Spain;
• Portugal;
• Selected XS/ EU ISINs.