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Clearstream

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85: 25: 582:, 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. 768: 353:
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.
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Clearstream in 2007 to close its Iranian customers' accounts. In 2013 Clearstream entered into settlement talks with OFAC. 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.
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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
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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
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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
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Clearstream was 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
474:. 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. 348:
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.
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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 forgeries and dismissed the case.
776: 419:(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 327:(known as Thomson-CSF before 2000) 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. 356:
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.
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The Russian depository blocked all securities held in Clearstream's account at the Russian depository, on 1 March 2022. The Russian depository also froze payments on securities of Russian issuers from being made to non-Russian individuals and entities.
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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.
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refers to the handling of all tasks related to the monitoring of collateral posted by a borrower to meet a financial obligation (optimisation, substitution, top-up, withdrawal, settlement instruction, reporting, processing of
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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 the French defence giant
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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.
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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 du Luxembourg and the
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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
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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.
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Clearstream's services include eligibility assessments, issuance and distribution of domestic, foreign and international (i.e. Eurobonds) new issues of global and domestic instruments:
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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.
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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.
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Clearstream is responsible for the management, safekeeping/custody and administration of securities (assets) under custody. Services include income and redemption payments,
423:(German: "Bundesanstalt fĂĽr Finanzdienstleistungsaufsicht" - BaFin). Moreover, Clearstream is regulated in each market where it has operational centres, for example by the 528:
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
1306: 823: 1194: 244:. In Germany, Clearstream operates the German CSD, Clearstream Banking AG. Clearstream has links to over 50 domestic markets worldwide, and also issues and safekeeps 881: 555:
In addition to providing access to all fund types, Vestima supports their cross-border distribution. Services offered by Vestima include order routing, centralised
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Based in Luxembourg and Germany, Clearstream is subject to the supervision of the regulatory authorities of these two countries. In Luxembourg, the
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Clearstream's collateral management, securities lending and borrowing services are gathered under the Global Liquidity Hub. It provides a pool of
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Also, the ruble bridge between Clearstream and Euroclear was closed. Furthermore, Clearstream stopped settling trades in Russian securities.
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Clearstream has developed the world's largest cross-border fund processing platform, called Vestima. It handles all types of funds, from
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In December 2010, Clearstream co-founded REGIS-TR, a joint venture with the Spanish Central Securities Depository Iberclear, to act as a
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as customers and no account is opened in the name of a natural person. Clearstream has therefore been described as a "bank for banks".
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transactions, helping participants meet their regulatory reporting obligations brought about by the introduction of the
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In July 2010, Clearstream founded LuxCSD together with the Luxembourg Central Bank, to act as a CSD for Luxembourg.
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organisation and the worldwide centre for international financial crime committed by major banks,
1230: 747: 590: 494: 294: 1006:"Nicolas Sarkozy awaits verdict on Clearstream - the political smear case that split the right" 1381: 1097:"Peterson v. Islamic Republic of Iran et al, No. 1:2013cv09195 - Document 166 (S.D.N.Y. 2015)" 863: 853: 693: 678: 663: 610: 502: 460: 316: 200: 170: 606: 598: 518: 511: 396: 312: 259: 646: 263: 131: 84: 1072:"Peterson v. Islamic Republic of Iran, No. 1:2010cv04518 - Document 508 (S.D.N.Y. 2013)" 262:
credit institutions (such as regulated banks) as customers. Clearstream does not accept
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Plumbers and visionaries : securities settlement and Europe's financial market
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Plumbers and Visionaries: Securities Settlement and Europe's Financial Market
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Clearstream has around 2,500 customers in 110 countries. Clearstream accepts
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is a financial services company that specializes in the settlement of
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Clearstream operates securities settlement systems based in both
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said on 25 March 2022 that Clearstream had blocked its account.
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Between 2001 and 2002, two books were published by co-authors
18: 1555: 182: 852:. Chichester, England Hoboken, NJ: John Wiley & Sons. 719:"Securities settlement systems and central counterparties" 236:, which allow for the holding and transfer of securities. 349:
Clearstream challenged the restraints and the handover.
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The majority of securities safekept by Clearstream are
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and returns, notification of corporate events, etc.).
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may contain excessive or inappropriate references to
975:"French authorities seek end to Taiwan bribes case" 178: 162: 154: 144: 126: 111: 101: 91: 613:, equity-linked notes and investment fund shares. 209:and custody as well as other related services for 16:Clearing and settlement division of Deutsche Börse 1527:"Principles for financial market infrastructures" 521:through links to agent banks, trading platforms, 493:Securities financing is the ability to borrow or 1596:Securities clearing and depository institutions 417:Commission de Surveillance du Secteur Financier 949:"Clearstream wins money laundering libel case" 769:"Deutsche Börse Group - Latest press releases" 421:German Federal Financial Supervisory Authority 365:2022: Aftermath of Russian invasion of Ukraine 1201:. March 25, 2022 – via www.reuters.com. 149:(International) Central securities depository 8: 532:, Cetip, Clearstream, Iberclear and Strate. 198: 168: 77: 1586:Luxembourgian companies established in 2000 217:. It is one of two European International 83: 76: 405:European Market Infrastructure Regulation 65:Learn how and when to remove this message 924:"Deutsche Börse Group - Company history" 1171: 1169: 1167: 710: 1386:: CS1 maint: archived copy as title ( 1379: 1055:"Deutsche Börse's Annual Report 2010" 45:by removing references to unreliable 7: 601:, short-term and medium-term notes, 580:bring a security issue to the market 49:where they are used inappropriately. 525:and other market infrastructures. 334:The controversy inspired the film 311:, accusing Clearstream of being a 14: 1004:Davies, Lizzy (27 January 2010). 824:"Becoming a Clearstream customer" 578:ICSDs and CSDs are often used to 375:2022 Russian invasion of Ukraine 23: 1591:Central securities depositories 981:. 6 August 2008. Archived from 907:"Clearstream Customer Handbook" 425:Monetary Authority of Singapore 219:central securities depositories 379:National Settlement Depository 1: 1307:"Global Securities Financing" 688:Denis Robert, Ernest Backes: 673:Denis Robert, Ernest Backes: 633:platform, called the Bridge. 197:transactions and is owned by 303:and Ernest Backes, entitled 692:(Edition des Arènes, 2002, 677:(Edition des Arènes, 2001, 497:cash or securities against 478:Global Securities Financing 1617: 1427:"Investment Fund Services" 1231:"LuxCSD Customer Handbook" 292: 242:Central Bank of Luxembourg 183:http://www.clearstream.com 1571:Capital markets of Europe 344:Iranian funds controversy 199: 169: 82: 1035:. IMDb. 11 February 2015 536:Investment Fund Services 587:certificates of deposit 557:delivery versus payment 1332:"Global Liquidity Hub" 1032:The Clearstream Affair 848:Norman, Peter (2007). 337:The Clearstream Affair 36:self-published sources 1556:Clearstream's website 723:European Central Bank 546:exchange-traded funds 507:Collateral management 744:"Company Governance" 928:Deutsche-boerse.com 773:deutsche-boerse.com 591:depository receipts 463:as well as tax and 433:Deutsche Bundesbank 79: 1601:2000 in Luxembourg 882:"Office Locations" 295:Clearstream affair 289:Clearstream affair 225:being the other). 1219:. March 23, 2022. 953:Finextra Research 859:978-0-470-72425-5 599:commercial papers 461:corporate actions 278:Eurobond market. 188: 187: 115:January 2000 75: 74: 67: 1608: 1543: 1542: 1540: 1538: 1523: 1517: 1516: 1514: 1513: 1504:. Archived from 1498: 1492: 1491: 1489: 1488: 1479:. Archived from 1473: 1467: 1466: 1464: 1463: 1454:. 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It provides 204: 203: 174: 173: 122: 120: 87: 80: 70: 63: 59: 56: 50: 27: 26: 19: 1616: 1615: 1611: 1610: 1609: 1607: 1606: 1605: 1581:Payment systems 1576:2000s in France 1561: 1560: 1552: 1547: 1546: 1536: 1534: 1533:. 16 April 2012 1525: 1524: 1520: 1511: 1509: 1500: 1499: 1495: 1486: 1484: 1475: 1474: 1470: 1461: 1459: 1450: 1449: 1445: 1435: 1433: 1431:Clearstream.com 1425: 1424: 1420: 1411: 1409: 1400: 1399: 1395: 1378: 1372: 1370: 1366: 1359: 1357:"Archived copy" 1355: 1354: 1350: 1341: 1339: 1330: 1329: 1325: 1316: 1314: 1305: 1304: 1300: 1291: 1289: 1280: 1279: 1275: 1266: 1264: 1255: 1254: 1250: 1240: 1238: 1229: 1228: 1224: 1211: 1210: 1206: 1193: 1192: 1188: 1175: 1174: 1165: 1155: 1153: 1145: 1144: 1140: 1130: 1128: 1120: 1119: 1115: 1105: 1103: 1095: 1094: 1090: 1080: 1078: 1070: 1069: 1065: 1057: 1053: 1052: 1048: 1038: 1036: 1029: 1028: 1024: 1014: 1012: 1003: 1002: 998: 988: 986: 973: 972: 968: 958: 956: 955:. 29 March 2004 947: 946: 942: 932: 930: 922: 921: 917: 909: 905: 904: 900: 891: 889: 880: 879: 875: 860: 847: 846: 842: 833: 831: 822: 821: 817: 808: 806: 797: 796: 792: 782: 780: 767: 766: 762: 753: 751: 742: 741: 737: 727: 725: 717: 716: 712: 707: 655: 647:Jeffrey Tessler 643: 630: 626: 622: 620: 619: 576: 572: 568: 566: 565: 538: 523:clearing houses 491: 487: 483: 481: 480: 457: 453: 449: 447: 446: 441: 413: 390: 367: 346: 317:shell companies 297: 291: 275: 264:natural persons 140: 134: 132:Luxembourg City 118: 116: 71: 60: 54: 51: 40: 28: 24: 17: 12: 11: 5: 1614: 1612: 1604: 1603: 1598: 1593: 1588: 1583: 1578: 1573: 1563: 1562: 1559: 1558: 1551: 1550:External links 1548: 1545: 1544: 1518: 1493: 1468: 1443: 1418: 1393: 1348: 1323: 1298: 1273: 1248: 1222: 1217:Financial Post 1204: 1186: 1163: 1138: 1113: 1101:Law.justia.com 1088: 1076:Law.justia.com 1063: 1060:. p. 122. 1046: 1022: 996: 966: 940: 915: 912:. p. 230. 898: 873: 858: 840: 815: 790: 779:on 18 May 2015 760: 735: 709: 708: 706: 703: 702: 701: 690:La BoĂ®te Noire 686: 671: 658:Peter Norman: 654: 651: 650: 649: 642: 641:Notable people 639: 618: 615: 595:treasury bills 564: 561: 537: 534: 479: 476: 445: 444:Asset Services 442: 440: 437: 412: 409: 389: 388:Joint ventures 386: 377:, the Russian 366: 363: 345: 342: 309:La BoĂ®te Noire 293:Main article: 290: 287: 274: 271: 201:Deutsche Börse 186: 185: 180: 176: 175: 171:Deutsche Börse 166: 160: 159: 156: 152: 151: 146: 142: 141: 136: 130: 128: 124: 123: 113: 109: 108: 103: 99: 98: 93: 89: 88: 73: 72: 55:September 2019 31: 29: 22: 15: 13: 10: 9: 6: 4: 3: 2: 1613: 1602: 1599: 1597: 1594: 1592: 1589: 1587: 1584: 1582: 1579: 1577: 1574: 1572: 1569: 1568: 1566: 1557: 1554: 1553: 1549: 1532: 1528: 1522: 1519: 1508:on 2015-03-23 1507: 1503: 1497: 1494: 1483:on 2015-03-23 1482: 1478: 1472: 1469: 1458:on 2015-05-18 1457: 1453: 1447: 1444: 1432: 1428: 1422: 1419: 1408:on 2015-03-23 1407: 1403: 1397: 1394: 1389: 1383: 1369:on 2015-05-18 1365: 1358: 1352: 1349: 1338:on 2015-03-23 1337: 1333: 1327: 1324: 1313:on 2015-03-18 1312: 1308: 1302: 1299: 1288:on 2015-03-23 1287: 1283: 1277: 1274: 1263:on 2013-02-15 1262: 1258: 1252: 1249: 1236: 1232: 1226: 1223: 1218: 1214: 1208: 1205: 1200: 1196: 1190: 1187: 1182: 1178: 1172: 1170: 1168: 1164: 1152: 1148: 1142: 1139: 1127: 1123: 1117: 1114: 1102: 1098: 1092: 1089: 1077: 1073: 1067: 1064: 1056: 1050: 1047: 1034: 1033: 1026: 1023: 1011: 1007: 1000: 997: 984: 980: 976: 970: 967: 954: 950: 944: 941: 929: 925: 919: 916: 908: 902: 899: 888:on 2015-03-23 887: 883: 877: 874: 869: 865: 861: 855: 851: 844: 841: 830:on 2015-03-23 829: 825: 819: 816: 805:on 2017-03-03 804: 800: 794: 791: 778: 774: 770: 764: 761: 750:on 2015-05-18 749: 745: 739: 736: 724: 720: 714: 711: 704: 699: 695: 691: 687: 684: 680: 676: 672: 669: 665: 661: 657: 656: 652: 648: 645: 644: 640: 638: 634: 625: 616: 614: 612: 608: 604: 600: 596: 592: 588: 583: 581: 571: 562: 560: 558: 553: 551: 547: 543: 535: 533: 531: 526: 524: 520: 515: 513: 508: 504: 500: 496: 486: 477: 475: 473: 468: 466: 462: 452: 443: 438: 436: 434: 428: 426: 422: 418: 410: 408: 406: 402: 398: 393: 387: 385: 382: 380: 376: 371: 364: 362: 358: 354: 350: 343: 341: 339: 338: 332: 328: 326: 320: 318: 314: 310: 306: 302: 296: 288: 286: 283: 279: 272: 270: 267: 265: 261: 260:AML-regulated 257: 256:central banks 252: 249: 247: 243: 237: 235: 231: 226: 224: 220: 216: 215:asset classes 212: 208: 202: 196: 192: 184: 181: 177: 172: 167: 165: 161: 157: 153: 150: 147: 143: 139: 133: 129: 125: 114: 110: 107: 104: 100: 97: 94: 90: 86: 81: 69: 66: 58: 48: 44: 38: 37: 32:This article 30: 21: 20: 1535:. 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Index

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Subsidiary
Finance
Luxembourg City
Luxembourg
(International) Central securities depository
Parent
Deutsche Börse
http://www.clearstream.com
securities
Deutsche Börse
settlement
securities
asset classes
central securities depositories
Euroclear
Luxembourg
Germany
Central Bank of Luxembourg
Eurobonds
central banks
AML-regulated
natural persons
Clearstream affair
Denis Robert
money laundering

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