Which clearing and settlement systems does the World Bank use for its debt instruments?
World Bank bonds clear through a variety of international and domestic clearing systems. The most widely used systems include the bookentry systems operated by the Federal Reserve or the Depository Trust Company (DTC) in the United States, and Euroclear and Clearstream in Europe. Electronic securities and payment transfer links have been established among these systems and others which enable our debt securities to be issued, held and transferred among the various clearing systems. The Federal Reserve Bank of New York is the fiscal and paying agent for US Dollar denominated World Bank bonds in the United States and held through the bookentry system operated by the Federal Reserve Banks. Citibank, N.A., London office, is the Global Agent for debt securities issued in the United States and held through DTC and for securities held through Euroclear, Clearstream and other clearing systems. For Discount Notes of the World Bank, the Federal Reserve Bank of New York acts as the fiscal agent.
