Specifically, the two will be building a central registry system for Clearstream – Deutsche Börse's international central securities depository (ICSD) – based on a centralised database which will form the basis for the issuance and custody of dematerialised securities in compliance with new legislation introduced earlier this year in Germany. The launch of the digital central register is planned for November 2021 and will be linked through T2S – the existing pan-European settlement system. In a subsequent rollout in mid-2022, D7 will also support same-day-issuance and paperless, automated straight-through processing for certificates and warrants issued at Clearstream. Deutsche Börse said this step reduces friction, the need for reconciliation, as well as, administrative efforts and costs significantly. The final step of the rollout – only a vague 2022-2024 timeline was given for this aspect – will see D7 support decentralised and delivery-versus-payment settlement and custody systems.