Clearstream’s July Volumes Unable to Shake Out of Tight Consolidation

July failed to make waves across Clearstream's volumes, despite seeing the needle move across a few figures.

Clearstream, a provider of post-trade services for financial services participants, has reported its financial metrics for the month ending July 2016 across each of the four units of its global business, which saw a steady performance overall, highlighted by a tepid rise in key figures, according to a Clearstream statement.

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In terms of July 2016, the value of assets under custody held on behalf of customers registered at Clearstream was reported at $14.7 trillion (€13.03 trillion) – this is a growth of less than 1.0% MoM from $14.6 trillion (€12.99 trillion) in June 2016. Looking at a yearly timeframe however, Clearstream’s July 2016’s assets were also lower by a factor of -3.1% YoY from $15.2 trillion (€13.45 trillion) in July 2015.

Moreover, securities held under custody in Clearstream’s international business as an international central securities depository (ICSD) rose to $7.6 trillion (€6.72 trillion) in July 2016, virtually unchanged MoM from $7.6 trillion (€6.74 trillion) in June 2016.

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Meanwhile, securities held under custody in the German central securities depository (CSD) were on the uptick in July 2016, climbing to $5.5 trillion (€4.85 trillion), also marginally unchanged MoM from $5.5 trillion (€5.83 trillion) in June 2016.

Settlement

In July 2016, 2.89 million international (ICSD) settlement transactions were processed at Clearstream, declining -3.7% MoM from 3.0 million transactions in June 2016. On the German domestic market, CSD settlement transactions in July 2016 were 6.15 million, retreating -9.22% MoM from 6.77 million in June 2016 – however, when weighed against its 2015 counterpart, the group also reported a fall of -16.2% YoY from 7.34 million in July 2015.

Global Securities Financing

Regarding Clearstream’s Global Securities Financing (GSF) services, the monthly average outstanding during July 2016 broke a decent decline to move up to $607.6 billion (€539.8 billion), up 3.7% MoM from $586.2 billion (€520.7 billion) in June 2016. The group’s combined services, which include triparty repo, securities lending, and collateral management, also fell by a combined figure of -10.2% YoY from $676.4 billion (€600.8 billion) in July 2015.

Investment Fund Services

Finally, Clearstream’s Investment Fund Services (IFS) processed 1.57 million transactions during the month ending July 2016, which corresponded to an unchanged MoM difference from 1.58 million transactions in June 2016.

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