Clearstream has gathered a new broad team of industry actors – now embarking on a quest to “resolve operational inefficiencies within the international bond market”.

Investment banks, bond issuers, data vendors, numbering agents, CSDs and asset managers were all on board as Clearstream and friends were approaching their sixth meeting (virtual, these days), last week.

“The objective of the new consortium is to work with all members to reduce operational risks and time delays when issuing bonds under the Regulation S or Rule 144A formats. The consortium will also tackle the significant operational challenges that exist when converting between the two structures in the secondary market,” Clearstream writes in its press release.

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“The added benefits will increase bond market liquidity, as well as reduce transaction costs and reputational risks for the participants who are affected.”

The initiative is said to have been taken by Clearstream’s strategic market development head Adrian Dacruz.