DeliveryVersusPayment

2 posts tagged “DeliveryVersusPayment”

Clearing & Settlement2026-10-16

Twenty-Plus CSDs, One Settlement Engine: How T2S Delivers Euro DvP

More than twenty euro-area CSDs never merged, yet they share one settlement engine in T2S. Following a cross-border bond trade, this article explains T2S accounts, the DvP process, cross-CSD realignment and auto-collateralisation, how T2S divides work with T2, and how it compares with Bond Connect and Pontes.

Clearing & Settlement2026-09-13

What Does Bond Connect Actually Connect? Deconstructing Cross-Border Settlement Mechanisms Behind Southbound and Northbound Links

This article analyzes the financial market infrastructures behind Bond Connect's Southbound and Northbound links, detailing nominee holding, multi-tier custody, and CMU-CIPS DvP mechanisms.