Clearing & Settlement Model

The core CSDs – Euroclear UK & Ireland Limited, Euroclear Bank (Euroclear) and SIS SegaInterSettle AG (SIS) – utilise fast and reliable links in place to support the CCPs. They provide a "virtual" single settlement system, offering SWX Europe members integrated, real-time, inter-CSD settlement at largely domestic rates.

Whilst this infrastructure is a collaboration, the CSDs are also in competition, each providing its own services. Members can choose a single CSD, or a combination of CSDs, to meet their individual settlement requirements. We believe this competition ensures high-quality, low-cost services for our members.

Through our own real-time links, we are able to deliver settlement instructions for trades matched at the exchange to the relevant CCP or, in the case of bilateral transactions, directly to the relevant CSD. The use of CCPs and straight-through processing minimises the possibility of post-trade uncertainty or delay and ensures consistently high settlement ratios and few settlement failures.