Exploring wholesale digital payments: Deutsche Börse Group at the ECB trials

Release date: 25 Oct 2024

In 2024, the ECB invited market participants to explore how new technologies like distributed-ledger technologies (DLT) would work for central bank money settlement. The so-called ECB trials and experiments are aimed at exploring the potential of digital payments targeting a wholesale Central Bank Digital Currency (CBDC). Various trials (productive transactions with real securities and money) and experiments (in a closed mock environment) are carried out.

Together with leading institutions, infrastructures and fintechs, Deutsche Börse Group contributes to this transformative endeavour with its Clearstream and Eurex Clearing businesses.

Clearstream joins as a Market DLT Operator with its leading digital post-trade platform D7 and all three of its central securities depositories (CSDs), covering the domestic markets in Germany and Luxembourg as well as the international market with its ICSD.

Eurex Clearing is ensuring that its risk models and methodologies uphold market integrity and safety by offering the basis for future industry standards, particularly for interoperability between DLT platforms and traditional finance, in which financial market infrastructures like central counterparties (CCPs) will play a crucial role.

Get to know the use cases Deutsche Börse Group already processed successfully!

Conducted use cases to date

Instrument	Participants (role)	Central bank system	Trial (real settlement) or experiment (mock settlement)	Volume	Date
Commercial Paper	Deka (Issuer) DZ Bank (Investor) Clearstream/D7 (Market DLT Operator)	Bundesbank	Trial	€5 m	28 June 2024
Commercial Paper	DZ Bank (Issuer) Deka Bank (Investor) Clearstream/D7 (Market DLT Operator)	Bundesbank	Trial	€5 m	1 July 2024
Commercial Paper	Saxony-Anhalt (Issuer) NatWest (Dealer) Deka Bank (Investor) Clearstream/D7 (Market DLT Operator)	Bundesbank	Trial	€50 m	11 September 2024
Intraday-Repo	JP Morgan (Buyer) DZ Bank (Seller) Eurex Clearing AG (CCP) Eurex Repo (Trading system) Clearstream/D7 (Market DLT Operator)	Bundesbank	Experiment	€5.1 m	12 September 2024
Commercial Paper (Eurobond)	ABN AMRO Bank (Issuer) Rabobank (Investor) ABN AMRO Clearing (Investor) Clearstream/D7 (Market DLT Operator)	Banque de France	Trial	€1.1 m	4 October 2024
Set of cleared Repos	ABN AMRO Bank (Collateral taker/cash provider) ABN AMRO Clearing (Collateral provider/cash taker) Rabobank (Collateral provider/cash taker) Clearstream/D7 (Market DLT Operator) Eurex Clearing (CCP) Eurex Repo (trading platform)	Banque de France	Trial	1.65 m	23 October 2024
Commercial Paper	L-Bank (Issuer) NatWest (Dealer/Investor) Clearstream/D7 (Market DLT Operator)	Bundesbank	Trial	€50 m	25 October 2024
Commercial Paper	Intesa Sanpaolo (Issuer/Investor) Clearstream/D7 (Market DLT Operator)	Banca d’Italia	Trial	€10 m	8 November 2024
Security	European Investment Bank (Issuer) NatWest (Investor) Spuerkeess (Investor) LuxCSD/D7 (Market DLT Operator)	Bundesbank	Experiment		14 November 2024

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Exploring wholesale digital payments: Deutsche Börse Group at the ECB trials

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