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Clearstream , DekaBank , and DZ Bank have successfully conducted the issuance of two tokenised EUR 5-million bonds using distributed-ledger technology
Clearstream , DekaBank , and DZ Bank have successfully conducted the issuance of two tokenised EUR 5-million bonds using distributed-ledger technology. This marks the first institutional-grade bond issuances in Germany settled in central bank money via DLT.
The transactions were facilitated entirely on Deutsche Börse’s D7 DLT platform, covering issuance, distribution, and settlement processes. DekaBank served as the issuer while DZ Bank acted as the investor, with roles reversed in the second issuance. Clearstream operated as the DLT Market Operator, leveraging its D7 digital securities platform developed in partnership with Google Cloud.
Integration with the Bundesbank Trigger Solution ensured seamless settlement within the European TARGET2 payment system. According to deutsche-boerse.com, issuing bonds on DLT improves transparency and automation, minimising manual intervention. Settlement in central bank money offers increased safety, liquidity, and alignment with monetary policy objectives for both issuers and investors.
The trials conducted by the ECB in a live environment with real central bank money are scheduled from May to November 2024, aiming to explore the potential of DLT in wholesale transactions. More information about the three companies Clearstream operates the German and Luxembourg central securities depositories and an international central securities depository for the Eurobonds market. It also delivers premier fund execution, distribution, data and reporting services, covering over 55 fund markets worldwide.
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. DekaBank is a wholly owned subsidiary of the German Sparkasse savings banks and forms an integral part of the Sparkassen-Finanzgruppe.
As for DZ Bank, it is the central institution in the cooperative financial network and serves around 700 cooperative banks. DZ BANK has branches in London, New York, Singapore and Hong Kong as well as subsidiaries and representative offices in various financial centres around the world. .
Jul 02, 2024 08:40
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