That protects the buy-side from any major collapse or bankruptcy. And given the onslaught of new regulations and collateral requirements for banks and their customers, capital efficiency is king. Clearstream is offering collateral services not just on Deutsche Boerse products, but on those traded elsewhere such as SGX in Singapore. The goal goes well beyond that. ClearStream is planning what it calls a worldwide "Liquidity Alliance" which tentatively includes LCH Clearnet, CME Group, ICE, DGCX, CETIP, ASX and Federal Reserve Bank among others. More simply put, Deutsche Boerse and other clearinghouses are building the infrastructure that can shift cash, securities and other instruments around the globe as needed. Along side of that, Clearstream can also provide other services such as securities lending, bi-party and tri-party services to cover exposures across many asset classes, in multiple currencies and multiple time zones.