The scale of European settlement, in numbers.

Published figures from ECSDA’s member central securities depositories, updated annually.

CSD Factbook

Download 2024

01 EUR 2.44 quadrillion +16.71% on 2024 Value settled by CSDs full year 2025

02 1.5 billion Settlement instructions processed full year 2025

03 EUR 86 trillion +6.73% on 2024 Value of securities held as at 31 December 2025

04 2,943 People employed across members reported by 34 of 40 CSDs

05 9,925 Participant accounts reported by all 40 CSDs

Trend · 2018-2024

Corporate action events over time

events processed across member CSDs (thousands)

Corporate action events over time - events processed across member CSDs, in thousands.
Year	Events (thousands)
2018	1,197.6
2019	1,362
2020	1,527.4
2021	1,902.7
2022	2,357.6
2023	1,907
2024	2,062.2

View data table

Year	Events (thousands)
2018	1,197.6
2019	1,362
2020	1,527.4
2021	1,902.7
2022	2,357.6
2023	1,907
2024	2,062.2

Source & methodology

Total number of corporate-action events involving payments, summed across all reporting member CSDs, in thousands. Matched by the 'corporate action events' column in each year's database (2018-2024).

Source: ECSDA members databases 2018-2024

Trend · 2021-2025

Settlement and custody over time

summed across reporting member CSDs · 35-39 of 39-41 a year

Settlement instructions (millions)
Value of settlement instructions (EUR trillion)
Value of securities held (EUR trillion, right axis)

Settlement and custody over time - settlement instructions, value settled and value held, summed across reporting member CSDs.
Year	Settlement instructions (millions)	Value settled (EUR trillion)	Value held (EUR trillion)	Instructions reporting	Settlement reporting	Holdings reporting
2021	1,759.6	1,677.6	73.7	38 of 39	37 of 39	38 of 39
2022	6,156.6	1,811.1	70.4	38 of 39	37 of 39	38 of 39
2023	1,865.1	1,818.8	74.1	36 of 40	35 of 40	37 of 40
2024	1,806.6	2,092.3	80.2	39 of 40	38 of 40	39 of 40
2025	1,530.7	2,441.8	85.6	39 of 41	38 of 41	38 of 41

View data table

Year	Settlement instructions (millions)	Value settled (EUR trillion)	Value held (EUR trillion)	Instructions reporting	Settlement reporting	Holdings reporting
2021	1,759.6	1,677.6	73.7	38 of 39	37 of 39	38 of 39
2022	6,156.6	1,811.1	70.4	38 of 39	37 of 39	38 of 39
2023	1,865.1	1,818.8	74.1	36 of 40	35 of 40	37 of 40
2024	1,806.6	2,092.3	80.2	39 of 40	38 of 40	39 of 40
2025	1,530.7	2,441.8	85.6	39 of 41	38 of 41	38 of 41

Source & methodology

Each year is the sum, across the member CSDs that reported it, of three columns in the '5. Custody' tab of that year's ECSDA members database: the number of settlement instructions (DVP and FOP, in thousands), their value (EUR millions) and the total value of securities held on account (EUR millions, at that year's exchange rate). A CSD that left a value blank or reported zero is not counted for it.

Source: ECSDA members databases 2021-2025

By country

Custody, by country

Value of securities held, 2025, EUR billion

The interactive map needs JavaScript to draw. Every country's figures are in the data table below.

under 50
50-300
300-2,000
2,000 and above
Member, no figures reported
No member

summed across the member CSDs based in each country · 38 of 42 reported, 2025

Select a country

Choose a shaded country to see its settlement instructions, its securities held and the members based there, or use the data table below.

Custody by country - value of settlement instructions, value of securities held and members based there, in EUR billion.
Country	Value of settlement instructions (EUR bn)	Value of securities held (EUR bn)	Members	Notes
Austria	1,462.1	909.3	OeKB CSD
Azerbaijan	no data	no data	National Depository Center
Belgium	861,404.9	21,000.3	Euroclear Bank, Euroclear Belgium
Bosnia and Herzegovina	0.1	13.0	Central Registry RS, Registry of Securities
Bulgaria	1.3	114.6	Central Depository AD
Croatia	25.4	43.5	SKDD
Cyprus	1.4	38.0	Cyprus Stock Exchange
Czechia	676.7	236.7	CSD Prague
Denmark	7,809.9	2,083.2	Euronext Securities Copenhagen
Finland	1,015.3	536.8	Euroclear Nordics \| Finland
France	170,935.6	10,307.7	Euroclear France
Germany	170,120.0	12,683.0	Clearstream Europe AG
Greece	184.3	127.6	Euronext Securities Athens
Hungary	6,046.9	284.6	KELER
Iceland	0.4	0.5	Verðbréfamiðstöð Íslands
Italy	197,262.3	4,394.1	Euronext Securities Milan
Kazakhstan	82.7	325.0	AIX CSD, Central Securities Depository JSC
Latvia	268.7	79.9	Nasdaq CSD SE	Nasdaq CSD SE reports once for LV/EE/LT/IS.
Luxembourg	392,040.0	12,444.1	Clearstream Banking SA, LuxCSD
Malta	2.8	18.9	Malta Stock Exchange
Moldova	0.3	0.1	Single Central Securities Depository
Montenegro	0.4	4.5	CSD&CC Montenegro
Netherlands	7,576.6	1,630.4	Euroclear Nederland
North Macedonia	0.3	7.9	CSD Skopje
Norway	4,516.4	678.6	Euronext Securities Oslo
Poland	28,117.4	720.2	KDPW
Portugal	1,126.4	415.7	Euronext Securities Porto
Romania	369.8	74.7	Depozitarul Central, National Bank of Romania
Serbia	383.9	34.3	CSD and Clearing House
Slovakia	77.5	142.5	CDCP SR
Slovenia	58.5	58.4	KDD
Spain	67,196.9	3,156.1	Iberclear/BME/SIX
Sweden	11,393.3	1,860.3	Euroclear Nordics \| Sweden
Switzerland	no data	4,024.9	SIX SIS
Turkey	30,340.1	590.8	Merkezi Kayıt Kuruluşu A.Ş.
Ukraine	no data	no data	National Depository of Ukraine
United Kingdom	481,345.0	6,536.1	Euroclear UK & International

View data table

Country	Value of settlement instructions (EUR bn)	Value of securities held (EUR bn)	Members	Notes
Austria	1,462.1	909.3	OeKB CSD
Azerbaijan	no data	no data	National Depository Center
Belgium	861,404.9	21,000.3	Euroclear Bank, Euroclear Belgium
Bosnia and Herzegovina	0.1	13.0	Central Registry RS, Registry of Securities
Bulgaria	1.3	114.6	Central Depository AD
Croatia	25.4	43.5	SKDD
Cyprus	1.4	38.0	Cyprus Stock Exchange
Czechia	676.7	236.7	CSD Prague
Denmark	7,809.9	2,083.2	Euronext Securities Copenhagen
Finland	1,015.3	536.8	Euroclear Nordics \| Finland
France	170,935.6	10,307.7	Euroclear France
Germany	170,120.0	12,683.0	Clearstream Europe AG
Greece	184.3	127.6	Euronext Securities Athens
Hungary	6,046.9	284.6	KELER
Iceland	0.4	0.5	Verðbréfamiðstöð Íslands
Italy	197,262.3	4,394.1	Euronext Securities Milan
Kazakhstan	82.7	325.0	AIX CSD, Central Securities Depository JSC
Latvia	268.7	79.9	Nasdaq CSD SE	Nasdaq CSD SE reports once for LV/EE/LT/IS.
Luxembourg	392,040.0	12,444.1	Clearstream Banking SA, LuxCSD
Malta	2.8	18.9	Malta Stock Exchange
Moldova	0.3	0.1	Single Central Securities Depository
Montenegro	0.4	4.5	CSD&CC Montenegro
Netherlands	7,576.6	1,630.4	Euroclear Nederland
North Macedonia	0.3	7.9	CSD Skopje
Norway	4,516.4	678.6	Euronext Securities Oslo
Poland	28,117.4	720.2	KDPW
Portugal	1,126.4	415.7	Euronext Securities Porto
Romania	369.8	74.7	Depozitarul Central, National Bank of Romania
Serbia	383.9	34.3	CSD and Clearing House
Slovakia	77.5	142.5	CDCP SR
Slovenia	58.5	58.4	KDD
Spain	67,196.9	3,156.1	Iberclear/BME/SIX
Sweden	11,393.3	1,860.3	Euroclear Nordics \| Sweden
Switzerland	no data	4,024.9	SIX SIS
Turkey	30,340.1	590.8	Merkezi Kayıt Kuruluşu A.Ş.
Ukraine	no data	no data	National Depository of Ukraine
United Kingdom	481,345.0	6,536.1	Euroclear UK & International

Source & methodology

Each country sums the '5. Custody' tab figures (see the trend above) of the member CSDs attributed to it for the latest imported year — a CSD's own country by default, or an administrator's correction. A CSD credited to a different country, reporting once for several countries, or left out of the figures entirely, is noted in both the country it is based in and the country its figures were attributed to.

Source: ECSDA members database 2025

Links between depositories

number of CSD links, by counterparty

Links between depositories - number of CSD links, by counterparty. 371 links in total.
Counterparty	Links	Share
With ECSDA members	256	69%
With other CSDs worldwide	115	31%

View data table

Category	Value
With ECSDA members	256
With other CSDs worldwide	115

Source & methodology

Operational links reported by ECSDA members in the 2025 links exercise, split by whether the linked CSD is an ECSDA member. Totals are ECSDA's own.

Source: ECSDA 2025 CSD Links Matrix · 3 October 2025

Member links, by type

of the 256 links between ECSDA members

Member links, by type - of the 256 links between ECSDA members.
Type	Links
Direct	119
Relayed	93
Indirect	44

View data table

Series	Direct	Relayed	Indirect
Links	119	93	44

Source & methodology

A direct link is operated between the two CSDs; a relayed link runs through a middle CSD; an indirect link is held via a subcustodian. Definitions are ECSDA's own, from the matrix legend.

Source: ECSDA 2025 CSD Links Matrix · 3 October 2025

CSDR authorisation

of 39 CSDs reporting

CSDR authorisation - of 39 CSDs reporting.
Status	CSDs	Share
Authorised under CSDR	27	69%
Not applicable (non-EEA)	12	31%

Authorised under CSDR 2769%
Not applicable (non-EEA) 1231%

View data table

Category	Value
Authorised under CSDR	27
Not applicable (non-EEA)	12

Source & methodology

CSDR licence status as reported in the 2024 members database. "Not applicable" is mostly non-EEA CSDs, which fall outside the Regulation. One CSD left the field blank and is excluded.

Source: 2024 ECSDA Members Database · Reporting year 2024

T2S participation

of 39 CSDs reporting

T2S participation - of 39 CSDs reporting.
Status	CSDs	Share
Participating	19	49%
Not participating	20	51%

Participating 1949%
Not participating 2051%

View data table

Category	Value
Participating	19
Not participating	20

Source & methodology

Whether the CSD participates in TARGET2-Securities, the Eurosystem settlement platform. One CSD left the field blank and is excluded.

Source: 2024 ECSDA Members Database · Reporting year 2024

CSDs holding a banking licence

of 38 CSDs reporting

CSDs holding a banking licence - of 38 CSDs reporting.
Status	CSDs	Share
Holds a banking licence	6	16%
No banking licence	32	84%

Holds a banking licence 616%
No banking licence 3284%

View data table

Category	Value
Holds a banking licence	6
No banking licence	32

Source & methodology

A banking licence lets a CSD provide credit and cash services alongside settlement; the two ICSDs hold one. Two CSDs did not answer and are excluded.

Source: 2024 ECSDA Members Database · Reporting year 2024

Group structure

of 30 CSDs giving a single answer

Group structure - of 30 CSDs giving a single answer.
Structure	CSDs	Share
In a holding company owning other FMIs	12	40%
Owned or controlled by a stock exchange	10	33%
Not part of a group	6	20%
Owned or controlled by a central bank	2	7%

In a holding company owning other FMIs 1240%
Owned or controlled by a stock exchange 1033%
Not part of a group 620%
Owned or controlled by a central bank 27%

View data table

Category	Value
In a holding company owning other FMIs	12
Owned or controlled by a stock exchange	10
Not part of a group	6
Owned or controlled by a central bank	2

Source & methodology

Group-of-infrastructure flags from the Governance tab. Eight CSDs left the flags blank - six of them described their structure in the remarks column instead - and two ticked more than one, so the denominator is 30 of 40, not 40.

Source: 2024 ECSDA Members Database · Reporting year 2024

Settlement money

of 39 CSDs giving a single answer

Settlement money - of 39 CSDs giving a single answer.
Model	CSDs	Share
Central bank money	27	69%
Both central and commercial bank money	7	18%
External commercial bank money	3	8%
Own banking licence	2	5%

Central bank money 2769%
Both central and commercial bank money 718%
External commercial bank money 38%
Own banking licence 25%

View data table

Category	Value
Central bank money	27
Both central and commercial bank money	7
External commercial bank money	3
Own banking licence	2

Source & methodology

How each CSD's DVP settlement is funded. The source column lists the five options down each CSD's rows and marks the answer in the adjacent column - read the label column directly and every CSD returns the first option. One CSD marked two answers and is excluded.

Source: 2024 ECSDA Members Database · Reporting year 2024

Corporate action activity

events, new issues and redemptions in 2024 (thousands)

Corporate action activity - events, new issues and redemptions in 2024, in thousands.
Measure	2024 (thousands)
CA events	2,082
New issues	711
Redemptions	676

View data table

Series	CA events	New issues	Redemptions
2024	2,082	711	676

Source & methodology

Corporate action events, newly issued ISINs and redemptions, in thousands. Reported by 37-38 of 40 CSDs; the rest answered "not available", so these are floors rather than totals.

Source: 2024 ECSDA Members Database · Reporting year 2024

Largest shareholder type

CSDs by the owner type holding the biggest stake (37 of 40 reporting)

Largest shareholder type - CSDs by the owner type holding the biggest stake, 37 of 40 reporting.
Owner type	CSDs
Private / other	11
Stock exchange	10
Government	7
Banks	4
Central bank	4
CCP	1

View data table

Series	Private / other	Stock exchange	Government	Banks	Central bank	CCP
2024	11	10	7	4	4	1

Source & methodology

Derived from the shareholding percentage matrix, not from the ownership flags: the matrix is complete and machine-readable where the flags are not. Each CSD is counted once, against whichever owner type holds its largest stake. Three CSDs reported no percentages.

Source: 2024 ECSDA Members Database · Reporting year 2024

Form of issuance, by instrument type

number of CSDs accepting each instrument in each form

Dematerialised
Both forms

Form of issuance, by instrument type - number of CSDs accepting each instrument in each form.
Form	Equities	Investment funds	Government debt	Corporate debt	Other
Dematerialised	28	23	29	28	26
Both forms	10	10	9	11	10

View data table

Series	Equities	Investment funds	Government debt	Corporate debt	Other
Dematerialised	28	23	29	28	26
Both forms	10	10	9	11	10

Source & methodology

Counts of CSDs, not of spreadsheet rows - the source holds one row per instrument type per CSD, so a share taken across rows measures the wrong thing. Coverage varies by instrument, from 33 of 40 for investment funds to 39 for equities. Two forms are omitted because they are all but unused: one CSD holds equities immobilised, and none reported DLT-native issuance.

Source: 2024 ECSDA Members Database · Reporting year 2024

Members by size of reported revenue

30 CSDs reporting 2024 revenue, EUR 3.0bn between them

Members by size of reported revenue - 30 CSDs reporting 2024 revenue, EUR 3.0bn between them.
Revenue band	CSDs
Under EUR 5M	8
EUR 5-25M	8
EUR 25-100M	9
Over EUR 100M	5

View data table

Series	Under EUR 5M	EUR 5-25M	EUR 25-100M	Over EUR 100M
2024	8	8	9	5

Source & methodology

Counts of CSDs by revenue band, not a ranking - the source tab restricts disclosure to publicly available data under EU competition law, so no member is named or ranked. Of 40 CSDs: 6 filed nil, 1 answered "not available", and 3 filed in a unit other than the thousands the sheet specifies and are excluded rather than rescaled. The remaining 30 total EUR 3.0bn.

Source: 2024 ECSDA Members Database · Reporting year 2024

Services offered by members

share of 40 CSDs offering each service

Services offered by members - share of 40 CSDs offering each service. Shares are independent and do not sum to 100%.
Service	Share of 40 CSDs
Information Services	75%
National Numbering Agency	70%
Issuer services	50%
e-Voting Platform	48%
Matching	48%
Technological solutions	38%
Legal Entity Identifier (LEI)	32%
Securities lending & borrowing	28%
Triparty Services	22%
Funds Order Routing	22%
Cash and other cash services	22%
Trade Repository Services	20%
Use of DLT	15%
Valuation Services	10%

View data table

Category	Value
Information Services	75%
National Numbering Agency	70%
Issuer services	50%
e-Voting Platform	48%
Matching	48%
Technological solutions	38%
Legal Entity Identifier (LEI)	32%
Securities lending & borrowing	28%
Triparty Services	22%
Funds Order Routing	22%
Cash and other cash services	22%
Trade Repository Services	20%
Use of DLT	15%
Valuation Services	10%

Source & methodology

Share of the 40 CSDs in the 2024 members database offering each service. A CSD may offer several, so these are independent shares and do not sum to 100%.

Source: 2024 ECSDA Members Database · Reporting year 2024