digplanet beta 1: Athena
Share digplanet:


Applied sciences






















Industry Finance
Founded January 2000 (2000-January)
Headquarters Luxembourg (city), Luxembourg
Products (International) Central Securities Depository
Members 2,500+
Parent Deutsche Börse
Website http://www.clearstream.com

Clearstream is a post-trade services provider owned by Deutsche Börse AG. It provides settlement and custody as well as other related services for securities across all asset classes. It is one of two European International Central Securities Depositories (Euroclear being the other).

Clearstream operates securities settlement systems [1] based in both Luxembourg and Germany, which allow for the holding and transfer of securities.

Clearstream operates its International Central Securities Depository (ICSD) from Luxembourg. It is also a joint partner in the Luxembourgish Central Securities Depository (CSD), LuxCSD, together with the Central Bank of Luxembourg.[2] In Germany, Clearstream operates the German CSD, Clearstream Banking AG. Clearstream has links to over 50 domestic markets worldwide, and also issues and safekeeps Eurobonds.

In 2014, the value of assets under custody on behalf of customers averaged 12.2 trillion euros; furthermore, Clearstream processed 43.65 million ICSD and 82.68 million CSD settlement transactions.[3]

Clearstream has around 2,500 customers in 110 countries.[4] Clearstream accepts central banks and AML-regulated credit institutions (such as regulated banks) as customers. Clearstream does not accept natural persons as customers and no account is opened in the name of a natural person.[5] Clearstream has therefore been described as a "bank for banks" ("Plumbers and Visionaries, a history of settlement and custody in Europe", Peter Norman).


Clearstream was originally founded as "Cedel" (Centrale de Livraison de Valeurs Mobilières) in September 1970 by 66 of the world's major financial institutions as a clearing organisation whose objective was to minimise risk in the settlement of cross-border securities trading, particularly in the growing Eurobond market.[6]

In 1995, a new corporate structure was introduced, establishing a parent company - Cedel International - with a subsidiary company, Cedelbank; two years later, a new subsidiary - Cedel Global Services - was established.

Clearstream was formed in January 2000 through the merger of Cedel International and Deutsche Börse Clearing. The full integration of Clearstream was completed in July 2002.[7]

Today Clearstream has operational centres in Cork, Luxembourg, Prague and Singapore. It also maintains representative offices in London, Hong Kong, Tokyo, Dubai, New York and Zurich.[8]

Joint ventures[edit]

In July 2010, Clearstream founded LuxCSD together with the Luxembourg Central Bank, to act as a CSD for Luxembourg.[9]

In December 2010, Clearstream co-founded REGIS-TR, a joint venture with the Spanish Central Securities Depository Iberclear, to act as a trade repository for derivatives transactions, helping participants meet their regulatory reporting obligations brought about by the introduction of the European Market Infrastructure Regulation (EMIR).[10]


Based in Luxembourg and Germany, Clearstream is subject to the supervision of the regulatory authorities of these two countries. In Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF) is the prudential regulator with authority over all banks and financial service providers. In Germany, Clearstream is regulated as a bank according to the German Banking Act ("Kreditwesengesetz") and is therefore subject to the prudential supervision of the German Federal Financial Supervisory Authority (German: "Bundesanstalt für Finanzdienstleistungsaufsicht" - BaFin). Moreover, Clearstream is regulated in each market where it has operational centres, for example by the Monetary Authority of Singapore.

As the operator of securities settlement systems in both Luxembourg and Germany, Clearstream is additionally regulated by the central banks of these two countries, namely the Banque Centrale de Luxembourg and the Deutsche Bundesbank.

Clearstream's business streams[edit]

Asset Services[11][edit]

Clearstream is responsible for the management, safekeeping/custody and administration of securities (assets) under custody. Services include income and redemption payments, corporate actions as well as tax and proxy voting.

The majority of securities safekept by Clearstream are immobilised. Securities are reflected in book-entry form in the accounts of customers at Clearstream regardless of whether they are held in physical or dematerialised form. This means that they are no longer represented by physical certificates, but instead by data entered into the Clearstream systems.

Global Securities Financing[12][edit]

Securities financing is the ability to borrow or lend cash or securities against collateral. In securities financing, collateral comprises assets given as a guarantee by a borrower to secure a securities loan and subject to seizure in the event of default. Collateral management refers to the handling of all tasks related to the monitoring of collateral posted by a borrower to meet a financial obligation (optimisation, substitution, settlement instruction, reporting, processing of margin calls and returns, notification of corporate events, etc.).

Clearstream's collateral management, securities lending and borrowing services are gathered under the Global Liquidity Hub.[13] It provides a pool of liquidity through links to agent banks, trading platforms, clearing houses and other market infrastructures.

Clearstream is a member of the Liquidity Alliance, which was established in January 2013 as a platform for CSDs to collaborate on collateral management. It was founded by ASX, Cetip, Clearstream, Iberclear and Strate.[14]

Investment Fund Services[15][edit]

Clearstream has developed the world's largest cross-border fund processing platform, called Vestima.[16] It handles all types of funds, from mutual funds to exchange-traded funds (ETFs) and hedge funds.

In addition to providing access to all fund types, Vestima supports their cross-border distribution. Services offered by Vestima include order routing, centralised delivery versus payment (DVP) settlement, safekeeping, asset servicing and collateral management.


ICSDs and CSDs are often used to bring a security issue to the market, as they possess the necessary infrastructure for distributing the securities to the investors as well as for settlement and safekeeping. Clearstream's ICSD also provides custody services, which means that the security can be serviced throughout its entire lifecycle. Clearstream provides the infrastructure which enables issuers to reach investors worldwide.

Clearstream's services include eligibility assessments, issuance and distribution of domestic, foreign and international (i.e. Eurobonds) new issues of global and domestic instruments: certificates of deposit, depository receipts, treasury bills, commercial papers, short-term and medium-term notes, bonds, equities, warrants, equity-linked notes and investment fund shares.


Clearstream's ICSD settles trades in international securities and in domestic securities traded across borders. The CSDs settle domestic transactions in the German and Luxembourgish markets. Transactions between the two ICSDs Clearstream and Euroclear are settled via an electronic communications platform, called the Bridge.[19]

Clearstream operates a delivery versus payment settlement system, ensuring simultaneous settlement of securities and cash transfers on a gross (trade-by-trade) basis. This helps to minimise the risk associated with the settlement of securities.[20]


The Clearstream Affair[edit]

Between 2001 and 2002, two books were published by co-authors Denis Robert and Ernest Backes, entitled "Révélation$" and "La Boîte Noire", accusing Clearstream of being a money laundering organisation and the worldwide centre for international financial crime committed by major banks, shell companies and organised crime all over the world. An investigation opened by the Luxembourg authorities in 2001 found no evidence to support the authors' allegations and the case was dismissed in 2004.[21]

In 2004, a list leaked to a French judge indicated that Clearstream was a money laundering organisation covering illegal activities of French businessmen who were involved in the sale of warships by Thomson-CSF to Taiwan and related bribes paid to French officials and businessmen. An investigation that included the search of Clearstream's premises and an examination of accounts in 2004 found no evidence supporting the accusations.[22]

In the same year, additional anonymous letters and CD-Roms sent to French judges accused Clearstream of running secret accounts for criminals and senior French politicians. In late 2005, French investigating authorities officially declared the documents as forgeries and dismissed the case.[23]

Iranian funds controversy[edit]

In 2008, several groups of plaintiffs commenced enforcement proceedings in the US to satisfy judgments which they had obtained against Iran by restraining certain positions held in a Clearstream securities account with its intermediary bank in the US, and asking for handover of the assets. Clearstream challenged the restraints and the handover.[24]

In 2011, the plaintiffs filed additional claims – this time directly against Clearstream – for damages of USD 250 million in connection with the purported wrongful conveyance of some of the restrained positions. Clearstream entered into a settlement agreement with the plaintiffs that became effective in 2013. The settlement provided for the dismissal of the direct claims against Clearstream, and that the plaintiffs will not further sue Clearstream for damages and in return, Clearstream agreed to not further appeal an order directing the turnover of the restrained customer's assets to the plaintiffs.[25]

In 2013, a number of US plaintiffs from the 2011 case, as well as other US plaintiffs, filed a complaint targeting certain blocked assets that Clearstream holds as a custodian in Luxembourg. In 2015, the US court issued a decision dismissing the lawsuit.[26]

Arising from the above, the U.S. Treasury Department Office of Foreign Assets Control (OFAC) investigated certain securities' transfers in 2008 within Clearstream's settlement systems regarding US Iran sanctions regulations. These 2008 transfers had been undertaken as part of the decision taken by Clearstream in 2007 to close its Iranian customers' accounts. In 2013 Clearstream entered into settlement talks with OFAC.[27] The matter was resolved in 2014 through a settlement and payment of USD 151.9 million that does not constitute a final determination that a violation of Iran sanctions had occurred.[28]


  • Peter Norman: Plumbers and Visionaries: Securities Settlement and Europe's Financial Market. (Wiley, 2008, ISBN 0470724250)
  • Denis Robert, Ernest Backes: Révélation$ (Edition des Arènes, 2001, ISBN 2912485282)
  • Denis Robert, Ernest Backes: La Boîte Noire (Edition des Arènes, 2002, ISBN 291248538X)


  1. ^ https://www.ecb.europa.eu/paym/pol/activ/clearing/html/index.en.html
  2. ^ http://www.luxcsd.com/luxcsd-en/about-luxcsd/companygovernance
  3. ^ http://deutsche-boerse.com/dbg/dispatch/en/notescontent/dbg_nav/press/10_Latest_Press_Releases/25_Clearstream/INTEGRATE/mr_pressreleases?notesDoc=0F4961D3C8F1EF50C1257DCD00369099&newstitle=clearstreamsdecemberandyear201&location=press
  4. ^ http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are
  5. ^ http://www.clearstream.com/clearstream-en/about-clearstream/becoming-a-clearstream-customer
  6. ^ "Clearstream Customer Handbook" (PDF). p. 230. 
  7. ^ http://deutsche-boerse.com/dbg/dispatch/en/kir/dbg_nav/about_us/10_Deutsche_Boerse_Group/50_Company_History?horizontal=page4_DB_History_2000-2009
  8. ^ http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are/office-locations
  9. ^ "LuxCSD Customer Handbook" (PDF). p. 9. 
  10. ^ http://www.regis-tr.com/index.php/media-centre/press-releases/76-otc-derivatives-trade-repository-regist-tr-starts-operations
  11. ^ http://www.clearstream.com/clearstream-en/products-and-services/asset-services
  12. ^ http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing
  13. ^ http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing/global-liquidity-hub
  14. ^ http://www.clearstream.com/blob/11358/2bc37b359ab16dd3e481528735430dd5/liquidity-alliance-brochure-data.pdf
  15. ^ http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services
  16. ^ http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services/vestima
  17. ^ http://www.clearstream.com/clearstream-en/products-and-services/issuance--1-/
  18. ^ http://www.clearstream.com/clearstream-en/products-and-services/settlement
  19. ^ http://www.clearstream.com/clearstream-en/products-and-services/settlement/commercial-bank-money-settlement--icsd-/settlement-overview/bridge
  20. ^ http://www.bis.org/cpmi/publ/d101.htm?
  21. ^ http://www.finextra.com/news/fullstory.aspx?newsitemid=11516
  22. ^ http://uk.reuters.com/article/2008/08/06/france-taiwan-corruption-idUKL625816220080806
  23. ^ http://www.theguardian.com/world/2010/jan/27/clearstream-nicolas-sarkozy-dominique-de-villepin
  24. ^ "Deutsche Börse's Annual Report 2010" (PDF). p. 122. 
  25. ^ http://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2010cv04518/364024/508/
  26. ^ http://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2013cv09195/421817/166/
  27. ^ http://www.dgap.de/dgap/News/adhoc/deutsche-boerse-deutsche-boerse-subsidiary-clearstream-enter-into-settlement-discussions-with-ofac/?companyID=273&newsID=744552
  28. ^ http://www.dgap.de/dgap/News/adhoc/deutsche-boerse-settlement-between-deutsche-boerse-subsidiary-clearstream-and-ofac-effective/?companyID=273&newsID=785799

External links[edit]

Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Clearstream — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.
28073 videos foundNext > 

Manipulations une histoire française Episode 2 Clearstream la banque des banques SD

Clearstream : la finance occulte

Clearstream , la banque des banques. faites ce que je dis, pas ce que je fais...

Antennas Direct Clearstream Antenna Review

Most of the television antenna's we've installed in the past few years have been larger outdoor units, set up specifically to capture all of the available stations in ...

affaire clearstream, banque mafieuse www.egaliteetreconciliation.fr (dispo sur megasearch)

(dispo sur megasearch) Affaire clearstream, banque mafieuse! http://www.egaliteetreconciliation.fr.

Denis Robert "Clearstream, l'enquête" - Archive INA

Denis ROBERT rejoint Jean-Marie PONTAUT et Gilles GAETNER, sur le plateau de Thierry ARDISSON. Denis ROBERT, auteur du livre "Clearstream, ...

Résumé de l'affaire Clearstream

17 septembre 2009 Reportage faisant le point sur l'affaire Clearstream dont le procès s'ouvre lundi prochain. Au départ, il s'agit de listes de titulaires de ...

FREE TV no more cable BILLs Clearstream 4 antenna with a CPA-19 Clearstream Pre-Amplifi

Ultra Long Range HDTV Antenna from Antennas Direct This antenna with the clear stream preamplifier kit will blow your mind when you hook it up I am ...

Which HDTV Antenna Should I Buy? Clearstream or Sky OTA HD

After seeing this video, Antennas Direct shipped me a new antenna. They have a lifetime warranty. Call them if yours has gone bad.

ClearStream™ 4 Assembly, Antennas Direct

Visit // http://antennasdirect.com Mail // info@antennasdirect.com Call // 1-877-825-5572 Product Info // http://goo.gl/OAuoKR The Antennas Direct Clearstream™ ...

The Man Who Knew Too Much (Clearstream Affair)

This film gives a journalist's account of the interactions between some European banks and Clearstream in Luxembourg which, according to Denis Robert, are a ...

28073 videos foundNext > 

5393 news items

Thu, 08 Oct 2015 12:52:30 -0700

Antennas Direct ClearStream 2V Available at Lowe's. BY KolbeCoErica | Posted: Thursday, October 08, 2015 11:42 AM. Contact: Jeremy Nulik. KolbeCo Marketing Resources. p. 636-379-3895 ext 14. jeremy@kolbeco.net. FOR IMMEDIATE RELEASE.
Financial News (subscription)
Thu, 08 Oct 2015 04:03:45 -0700

Euroclear and Clearstream, Europe's two largest international central securities depositories, have made long-awaited improvements to a collateral agreement known as 'the Bridge'. The move aims to speed up the transfer of collateral between the ...

Asset Servicing Times

Finance Magnates
Thu, 10 Sep 2015 03:19:42 -0700

Clearstream, a provider of post-trade services for financial services participants, has just released its financial metrics for the month ending August 2015 across each of its four streams of its global business, according to a Clearstream statement.
Sun, 20 Sep 2015 23:42:28 -0700

BRIEF-Clearstream Banking Luxembourg S.A. Clients increases stake in Pro Kapital Grupp - Nasdaq OMX Tallinn. Sept 21. Sept 21 NASDAQ OMX Tallinn: * Clearstream Banking Luxembourg S.A. Clients increases stake in Pro Kapital Grupp to 24.57 pct ...

Irish Examiner

Irish Examiner
Mon, 28 Sep 2015 17:11:15 -0700

ClearStream's medical devices are used to clear blocks in the coronary and peripheral arteries and its products are used by cardiologists, radiologists, and vascular surgeons in angioplasty procedures. According to the directors' report section of the ...

Asset Servicing Times

Asset Servicing Times
Thu, 10 Sep 2015 08:22:30 -0700

Post-trade services provider Clearstream enjoyed an 8 percent increase to its overall assets under custody held on behalf of customers, which rose to 13.2 trillion from 12.2 trillion in August 2014, according to Clearstream data. There was also a 10 ...
PR Web (press release)
Mon, 28 Sep 2015 05:11:15 -0700

Clearstream Entertainment proudly announces the casting of former Miss World Romania Lavinia Postolache in the tense psychological thriller film, “Alone on the Beach.” Lavinia Postolache is on of the best-known Romanian models and actresses and is ...
ISS Magazine
Mon, 05 Oct 2015 07:15:00 -0700

Structured to fully support compliance with the European Market Infrastructure Regulation (EMIR) and created in close consultation with Commerzbank and Clearstream clients, TradeCycle services span derivatives clearing, custody, collateral management, ...

Oops, we seem to be having trouble contacting Twitter

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!

Searchlight Group

Digplanet also receives support from Searchlight Group. Visit Searchlight