Euroclear and Clearstream take major steps towards digitisation
29 September 2025 SIBOS
Image: Pixel_Chaser/stock.adobe.com
Euroclear Bank and Clearstream have decided to take major steps towards digitising the Eurobond market.
As from the first quarter of 2026, the two international central securities depositories (ICSDs) will be ready to support the issuance of Eurobonds in dematerialised form, eliminating the need for paper certificates.
The ICSDs have co-developed a data standard, the Issuance and Processing Taxonomy (IPT).
The IPT has been designed as an industry-wide, technology-agnostic standard and supports different communication channels, including APIs.
In December 2025, the two ICSDs will publish an extension to the IPT to include token taxonomy for distributed ledger technology (DLT).
The IPT is aligned with the International Capital Market Association’s (ICMA’s) Bond Data Taxonomy (BDT).
These initiatives lay the foundation for a fully digital Eurobond market, with the potential for automated lifecycle management and the integration of DLT, the firms say.
Isabelle Delorme, head of product strategy and innovation at Euroclear, says: “This joint initiative represents a significant milestone for the Eurobond market and for the wider industry.
“Our new taxonomy is a game changer for clients wanting to use APIs to issue Eurobonds and preparing to issue tokenised bonds.
“By embracing digital transformation, we are unlocking real benefits for our clients and shaping a more efficient, secure, and sustainable market — keeping the Eurobond market at the forefront of innovation.”
Jens Hachmeister, head of issuer services and new digital markets at Clearstream, adds: “The digitisation of the Eurobond market is a testament to the collaborative efforts between the ICSDs and across the industry.
“It opens exciting possibilities for further innovation where Eurobonds can serve as a blueprint for strong and efficient European capital markets.
“The modernisation of this global success story based in Europe enables greater accessibility for our ICSD clients and all participants.”
As from the first quarter of 2026, the two international central securities depositories (ICSDs) will be ready to support the issuance of Eurobonds in dematerialised form, eliminating the need for paper certificates.
The ICSDs have co-developed a data standard, the Issuance and Processing Taxonomy (IPT).
The IPT has been designed as an industry-wide, technology-agnostic standard and supports different communication channels, including APIs.
In December 2025, the two ICSDs will publish an extension to the IPT to include token taxonomy for distributed ledger technology (DLT).
The IPT is aligned with the International Capital Market Association’s (ICMA’s) Bond Data Taxonomy (BDT).
These initiatives lay the foundation for a fully digital Eurobond market, with the potential for automated lifecycle management and the integration of DLT, the firms say.
Isabelle Delorme, head of product strategy and innovation at Euroclear, says: “This joint initiative represents a significant milestone for the Eurobond market and for the wider industry.
“Our new taxonomy is a game changer for clients wanting to use APIs to issue Eurobonds and preparing to issue tokenised bonds.
“By embracing digital transformation, we are unlocking real benefits for our clients and shaping a more efficient, secure, and sustainable market — keeping the Eurobond market at the forefront of innovation.”
Jens Hachmeister, head of issuer services and new digital markets at Clearstream, adds: “The digitisation of the Eurobond market is a testament to the collaborative efforts between the ICSDs and across the industry.
“It opens exciting possibilities for further innovation where Eurobonds can serve as a blueprint for strong and efficient European capital markets.
“The modernisation of this global success story based in Europe enables greater accessibility for our ICSD clients and all participants.”
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