INTERNATIONAL: Clearstream and Euroclear to Digitize Eurobond Market

Thursday September 25 2025

On 25^th September 2025, Clearstream and Euroclear announced significant steps toward digitizing the Eurobond market.

As from Q1/2026, the two ICSDs will support the issuance of Eurobonds in dematerialized form, eliminating the need for paper certificates and representing a milestone in the adoption of automation and new technologies across the entire Eurobond lifecycle.

In their continued efforts to reduce fragmentation, the ICSDs have co-developed a data standard, the Issuance & Processing Taxonomy (IPT). The IPT is designed as an industry-wide, technology-agnostic standard. It supports different communication channels, including application programming interfaces (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) Bond Data Taxonomy (BDT).

By digitizing the Eurobond market, Clearstream and Euroclear are unlocking substantial benefits for market participants—faster and more efficient trading, lower vault operation costs through the elimination of physical certificates, stronger security against loss, theft, or forgery, and full transparency with an accessible electronic ownership record. These initiatives lay the foundation for a fully digital Eurobond market, with the potential for automated lifecycle management and the integration of distributed-ledger technology. Clearstream and Euroclear remain committed to driving this transformation to further optimise the Eurobond market and realize its full potential.

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