Robin Goeritz

CSD Link Atlas

Explore the institutions connecting securities markets.

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Data & help
Institutions
Link records
Third country

Select a location to explore its connections. Scroll or pinch to zoom; drag to move. Keyboard: + / − to zoom, arrows to move, 0 to fit.

Map key
Standard
↳ Operated by an intermediary
Relayed
Interoperable
Third-country CSD
DLT system (no reported links)
Other / mixed network classification
Numbered circle: nearby institutions
Locations are offices or branches, not data centres.

Loading world geometry…

Institutions

Understand how markets connect.

A research atlas of CSDs, settlement systems and their reported relationships.

A central securities depository (CSD) records securities and helps settle trades. Links between these institutions connect markets. This atlas brings their locations, link types and network roles into one place.

Legal & regulatory due diligence

Identify counterparties and jurisdictions, distinguish standard, relayed and interoperable links, and flag intermediary arrangements for a closer review of contracts and applicable law.

Market infrastructure & strategy

Explore where a CSD sits in the network and which institutions connect it to other markets. Build a shortlist for market-access research, then verify asset coverage and service availability with the operators.

Supervisory & resilience research

Find institutions with many connections or a bridging role. Use the model’s removal analysis to identify dependencies worth investigating. Link counts do not measure financial exposure or outage impact.

Policy scenarios & teaching

Compare the recorded network with an illustrative MISP hub arrangement. Discuss how adding connections changes concentration and reachability under the model’s stated assumptions.

Read the map carefully. Office locations are not settlement routes or data centres. A path through the graph does not establish legal access or an executable settlement route. Missing links mean “not recorded here”, not “does not exist”. The MISP view is a scenario, not a forecast or legal conclusion.

Background: CSDR Article 48: links and risk management · ECB: direct and relayed links.

Coverage & data quality

Compared across the embedded map and network datasets · 26 September 2026.

91 / 91Network entities mapped
291 / 294Source records drawable
257Network relationships

What was reconciled

Why the totals differ

The geographic register layer preserves source records, including repeated counterparties and two-way roles. The reconciled network uses unique directed relationships and additional sources. Select either dataset in Tools to see it on the same geographic map.

Six additional network relationships

    What is still incomplete

    Source snapshots

    ESMA register: 2 September 2026; ECB eligible links: 17 September 2026. The wider network also incorporates older and supplementary material. See the export for the full source catalogue.