Deutsche Börse rolling out post-trade platform for digitized markets

  • Digital post-trade platform D7 enables end-to-end digital securities processing
  • Over 80% of German securities eligible to be digitized through centralized digital register by mid-2022, enabling same-day-issuance and paperless, automated straight-through processing
  • Launch partners include financial institutions such as DekaBank, Goldman Sachs, Raiffeisen, among others, and global technology partners

Deutsche Börse plans to launch a regulatory compliant, fully digital post-trade platform called D7, anchored in the recently introduced German digital securities law framework. The new cloud-backed and DLT-ready D7 platform will enable market participants to digitize their financial products with continuing access to both existing central and distributed infrastructures and markets.

The D7 platform paves way for same-day-issuance and paperless, automated straight-through processing for the entire value chain of issuance, custody, settlement, payment and asset servicing for digital securities. As of mid-2022, over 80% of German securities will be digitizable via D7, fostering digitization of the German and European financial markets. D7 will complement the Group’s established “7 Market Technology” infrastructure portfolio.

For this transformational step forward in realising a digital future for securities markets, Deutsche Börse has joined forces with several leading global and German financial institutions to create a market-ready digital infrastructure, including BNP Paribas, Citi, DekaBank, Deutsche Bank, dwpbank, DZ Bank, Goldman Sachs, Raiffeisen Bank International and Vontobel.

The D7 platform is being developed in collaboration with long-term strategic technology partners Digital Asset and Microsoft, as well as R3 and VMware.

Stephan Leithner, member of the Executive Board of Deutsche Börse, responsible for Pre- & Post-Trading, said in a statement: “It’s time not only to digitize single processes; it’s time to reinvent post-trading altogether for a stronger, more sustainable and digital future of securities markets.”

Christoph Böhm, CIO/COO and member of the Executive Board of Deutsche Börse, said in a statement: “We are creating the next generation of future-proof financial infrastructure for the digital era, delivering cutting-edge technology and services, and paving the way for the transformation towards digital markets for our industry.”

The complete functionality of the D7 platform will be rolled out in phases over the next few years:

  • November 2021: digital central register – a new central register of Clearstream Banking AG forms the basis for issuance and custody of dematerialized securities for the first time in Germany in compliance with new legislation introduced earlier this year (eWpG). The central register will be linked through Clearstream Banking AG, Frankfurt, to existing core European post-trade infrastructure (e.g. T2S).
  • Mid-2022: dematerialized issuance – D7 supports same-day-issuance and paperless, automated straight-through processing for certificates and warrants issued at Clearstream Banking. This step reduces friction, the need for reconciliation, as well as administrative efforts and costs significantly. 80% of German ISINs will be eligible.
  • 2022-2024: distributed network and DLT capabilities – as an open platform, D7 supports decentralized and delivery-versus-payment (atomic) settlement and custody systems. This will include connection to existing specialized DLT offerings, such as HQLAx for collateral basket lending service and FundsDLT for funds administration/distribution.


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