Clearstream And Euroclear Eliminate Paper Certificates In €14 Trillion Eurobond Market Overhaul

Clearstream and Euroclear, the two international central securities depositories (ICSDs), are implementing significant digitisation initiatives for the Eurobond market, which represents the world's third-largest debt market with a current value of €14 trillion.

The ICSDs will support the issuance of Eurobonds in dematerialised form from the first quarter of 2026, eliminating the need for paper certificates and marking a milestone in the adoption of automation and new technologies across the entire Eurobond lifecycle.

The organisations have co-developed the Issuance & Processing Taxonomy (IPT), a technology-agnostic data standard designed for industry-wide implementation. The IPT supports different communication channels, including application programming interfaces (APIs), and is aligned with the International Capital Market Association's Bond Data Taxonomy.

In December 2025, the two ICSDs will publish an extension to the IPT to include token taxonomy for distributed-ledger technology. The digitisation initiative aims to deliver faster and more efficient trading, lower vault operation costs through the elimination of physical certificates, enhanced security against loss, theft or forgery, and full transparency with accessible electronic ownership records.

Isabelle Delorme, Head of Product Strategy & Innovation at Euroclear, said:

"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."

Isabelle Delorme, Head of Product Strategy
& Innovation, Euroclear

Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, commented:

"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 clients and all participants."

Jens Hachmeister, Head of Issuer Services
& New Digital Markets, Clearstream

The Eurobond market supports asset classes including exchange-traded products, structured securities and certain equities, catering to issuers and investors across all time zones. The market encompasses 350,000 distinct Eurobonds with 12,000 issuers based across 130 countries, representing a more diverse issuer base than any other bond market worldwide.

The Eurobond ecosystem operates through a network of global corporate trust banks, dealers and specialised service agents. Eurobonds can be issued under more than 50 governing laws and in up to 100 denomination currencies.

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