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<li id="toc-Clearstream_affair" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Clearstream_affair"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Clearstream affair</span> </div> </a> <ul id="toc-Clearstream_affair-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Iranian_funds_controversy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Iranian_funds_controversy"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Iranian funds controversy</span> </div> </a> <ul id="toc-Iranian_funds_controversy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2022:_Aftermath_of_Russian_invasion_of_Ukraine" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2022:_Aftermath_of_Russian_invasion_of_Ukraine"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>2022: Aftermath of Russian invasion of Ukraine</span> </div> </a> <ul id="toc-2022:_Aftermath_of_Russian_invasion_of_Ukraine-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Joint_ventures" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Joint_ventures"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Joint ventures</span> </div> </a> <ul id="toc-Joint_ventures-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Supervision" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Supervision"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Supervision</span> </div> </a> <ul id="toc-Supervision-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Business_streams" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Business_streams"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Business streams</span> </div> </a> <button aria-controls="toc-Business_streams-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Business streams subsection</span> </button> <ul id="toc-Business_streams-sublist" class="vector-toc-list"> <li id="toc-Asset_Services[24]" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Asset_Services[24]"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Asset Services<sup><span>[</span>24<span>]</span></sup></span> </div> </a> <ul id="toc-Asset_Services[24]-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Global_Securities_Financing[25]" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global_Securities_Financing[25]"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Global Securities Financing<sup><span>[</span>25<span>]</span></sup></span> </div> </a> <ul id="toc-Global_Securities_Financing[25]-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_Fund_Services" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investment_Fund_Services"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Investment Fund Services</span> </div> </a> <ul id="toc-Investment_Fund_Services-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Issuance[30]" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Issuance[30]"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Issuance<sup><span>[</span>30<span>]</span></sup></span> </div> </a> <ul id="toc-Issuance[30]-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Settlement[31]" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Settlement[31]"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>Settlement<sup><span>[</span>31<span>]</span></sup></span> </div> </a> <ul id="toc-Settlement[31]-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Notable_people" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notable_people"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Notable people</span> </div> </a> <ul id="toc-Notable_people-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bibliography" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bibliography"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Bibliography</span> </div> </a> <ul id="toc-Bibliography-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" 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.infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">Clearstream</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Clearstream_Company_Logo.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e2/Clearstream_Company_Logo.jpg/220px-Clearstream_Company_Logo.jpg" decoding="async" width="220" height="36" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e2/Clearstream_Company_Logo.jpg/330px-Clearstream_Company_Logo.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e2/Clearstream_Company_Logo.jpg/440px-Clearstream_Company_Logo.jpg 2x" data-file-width="3626" data-file-height="591" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Subsidiary" title="Subsidiary">Subsidiary</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/Finance" title="Finance">Finance</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">January 2000<span style="display:none"> (<span class="bday dtstart published updated itvstart">2000-January</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="/wiki/Luxembourg_City" title="Luxembourg City">Luxembourg City</a></div>, <div class="ib-company-country country-name"><a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a></div></td></tr><tr><th scope="row" class="infobox-label">Products</th><td class="infobox-data"><a href="/wiki/Central_securities_depository" title="Central securities depository">(International) Central securities depository</a></td></tr><tr><th scope="row" class="infobox-label">Members</th><td class="infobox-data">5,000+</td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Parent_company" class="mw-redirect" title="Parent company">Parent</a></th><td class="infobox-data"><span title="German-language text"><span lang="de" style="font-style: normal;"><a href="/wiki/Deutsche_B%C3%B6rse" title="Deutsche Börse">Deutsche Börse</a></span></span></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><a rel="nofollow" class="external free" href="http://www.clearstream.com">http://www.clearstream.com</a></td></tr></tbody></table> <p><b>Clearstream</b> is a financial services company that specializes in the settlement of <a href="/wiki/Securities" class="mw-redirect" title="Securities">securities</a> transactions and is owned by <span title="German-language text"><span lang="de" style="font-style: normal;"><a href="/wiki/Deutsche_B%C3%B6rse" title="Deutsche Börse">Deutsche Börse</a></span></span> AG. It provides <a href="/wiki/Settlement_(finance)" title="Settlement (finance)">settlement</a> and custody as well as other related services for <a href="/wiki/Securities" class="mw-redirect" title="Securities">securities</a> across all <a href="/wiki/Asset_classes" title="Asset classes">asset classes</a>. It is one of two European International <a href="/wiki/Central_securities_depository" title="Central securities depository">central securities depositories</a> (<a href="/wiki/Euroclear" title="Euroclear">Euroclear</a> being the other). </p><p>Clearstream operates securities settlement systems <sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> based in both <a href="/wiki/Luxembourg" title="Luxembourg">Luxembourg</a> and <a href="/wiki/Germany" title="Germany">Germany</a>, which allow for the holding and transfer of securities. </p><p>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 <a href="/wiki/Central_Bank_of_Luxembourg" title="Central Bank of Luxembourg">Central Bank of Luxembourg</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> In Germany, Clearstream operates the German CSD, Clearstream Banking AG. Clearstream has links to over 50 domestic markets worldwide, and also issues and safekeeps <a href="/wiki/Eurobond_(international)" class="mw-redirect" title="Eurobond (international)">Eurobonds</a>. </p><p>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.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Clearstream has around 2,500 customers in 110 countries.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Clearstream accepts <a href="/wiki/Central_bank" title="Central bank">central banks</a> and <a href="/wiki/Money_laundering#Enforcement_costs_and_associated_privacy_concerns" title="Money laundering">AML-regulated</a> credit institutions (such as regulated banks) as customers. Clearstream does not accept <a href="/wiki/Natural_persons" class="mw-redirect" title="Natural persons">natural persons</a> as customers and no account is opened in the name of a natural person.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Clearstream has therefore been described as a "bank for banks".<sup id="cite_ref-Norman_2007_p._6-0" class="reference"><a href="#cite_note-Norman_2007_p.-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Clearstream has operational centres in Cork, Cardiff, Luxembourg, Prague and Singapore. It also maintains representative offices in London, Hong Kong, Tokyo, Dubai, New York, and Zurich.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 Eurobond market.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>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. </p><p>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.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Clearstream_affair">Clearstream affair</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=2" title="Edit section: Clearstream affair"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Clearstream_affair" title="Clearstream affair">Clearstream affair</a></div> <p>Between 2001 and 2002, two books were published by co-authors <a href="/wiki/Denis_Robert" title="Denis Robert">Denis Robert</a> and Ernest Backes, entitled <i>Révélation$</i> and <i>La Boîte Noire</i>, accusing Clearstream of being a <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> organisation and the worldwide centre for international financial crime committed by major banks, <a href="/wiki/Shell_corporation" title="Shell corporation">shell companies</a>, 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.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Thomson-CSF" title="Thomson-CSF">Thales</a> (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.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>The controversy inspired the film <i><a href="/wiki/The_Clearstream_Affair" title="The Clearstream Affair">The Clearstream Affair</a></i> (2014).<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Iranian_funds_controversy">Iranian funds controversy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=3" title="Edit section: Iranian funds controversy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="2022:_Aftermath_of_Russian_invasion_of_Ukraine">2022: Aftermath of Russian invasion of Ukraine</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=4" title="Edit section: 2022: Aftermath of Russian invasion of Ukraine"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Russian depository blocked all securities held in Clearstream's account at the Russian depository, on 1 March 2022.<sup id="cite_ref-auto_19-0" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The Russian depository also froze payments on securities of Russian issuers from being made to non-Russian individuals and entities.<sup id="cite_ref-auto_19-1" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>After the <a href="/wiki/2022_Russian_invasion_of_Ukraine" class="mw-redirect" title="2022 Russian invasion of Ukraine">2022 Russian invasion of Ukraine</a>, the Russian <a href="/wiki/National_Settlement_Depository" class="mw-redirect" title="National Settlement Depository">National Settlement Depository</a> said on 25 March 2022 that Clearstream had blocked its account.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Also, the ruble bridge between Clearstream and Euroclear was closed.<sup id="cite_ref-auto_19-2" class="reference"><a href="#cite_note-auto-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Furthermore, Clearstream stopped settling trades in Russian securities.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Joint_ventures">Joint ventures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=5" title="Edit section: Joint ventures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In July 2010, Clearstream founded LuxCSD together with the Luxembourg Central Bank, to act as a CSD for Luxembourg.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>In December 2010, Clearstream co-founded REGIS-TR, a joint venture with the Spanish Central Securities Depository Iberclear, to act as a <a href="/wiki/Trade_Repository" title="Trade Repository">trade repository</a> for <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a> transactions, helping participants meet their regulatory reporting obligations brought about by the introduction of the <a href="/wiki/European_Market_Infrastructure_Regulation" title="European Market Infrastructure Regulation">European Market Infrastructure Regulation</a> (EMIR).<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Supervision">Supervision</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=6" title="Edit section: Supervision"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Based in Luxembourg and Germany, Clearstream is subject to the supervision of the regulatory authorities of these two countries. In Luxembourg, the <a href="/wiki/Commission_de_Surveillance_du_Secteur_Financier" title="Commission de Surveillance du Secteur Financier">Commission de Surveillance du Secteur Financier</a> (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 <a href="/wiki/Federal_Financial_Supervisory_Authority" title="Federal Financial Supervisory Authority">German Federal Financial Supervisory Authority</a> (German: "Bundesanstalt für Finanzdienstleistungsaufsicht" - BaFin). Moreover, Clearstream is regulated in each market where it has operational centres, for example by the <a href="/wiki/Monetary_Authority_of_Singapore" title="Monetary Authority of Singapore">Monetary Authority of Singapore</a>. </p><p>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 <a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Business_streams">Business streams</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=7" title="Edit section: Business streams"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Asset_Services[24]"><span id="Asset_Services.5B24.5D"></span>Asset Services<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=8" title="Edit section: Asset Services[24]"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Clearstream is responsible for the management, safekeeping/custody and administration of securities (assets) under custody. Services include income and redemption payments, <a href="/wiki/Corporate_actions" class="mw-redirect" title="Corporate actions">corporate actions</a> as well as tax and <a href="/wiki/Proxy_voting" title="Proxy voting">proxy voting</a>. </p><p>The majority of securities safekept by Clearstream are <a href="/wiki/Settlement_(finance)#Immobilisation" title="Settlement (finance)">immobilised</a>. 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. </p> <div class="mw-heading mw-heading3"><h3 id="Global_Securities_Financing[25]"><span id="Global_Securities_Financing.5B25.5D"></span>Global Securities Financing<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=9" title="Edit section: Global Securities Financing[25]"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Securities financing is the ability to borrow or <a href="/wiki/Securities_lending" title="Securities lending">lend</a> cash or securities against <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a>. 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 <a href="/wiki/Default_(finance)" title="Default (finance)">default</a>. <a href="/wiki/Collateral_management" title="Collateral management">Collateral management</a> 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 <a href="/wiki/Margin_(finance)#Margin_Call" title="Margin (finance)">margin calls</a> and returns, notification of corporate events, etc.). </p><p>Clearstream's collateral management, securities lending and borrowing services are gathered under the Global Liquidity Hub.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> It provides a pool of <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a> through links to agent banks, trading platforms, <a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">clearing houses</a> and other market infrastructures. </p><p>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 <a href="/wiki/Australian_Securities_Exchange" title="Australian Securities Exchange">ASX</a>, Cetip, Clearstream, Iberclear and Strate.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Investment_Fund_Services">Investment Fund Services</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=10" title="Edit section: Investment Fund Services"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Clearstream has developed the world's largest cross-border fund processing platform, called Vestima.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> It handles all types of funds, from <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a> to <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">exchange-traded funds</a> (ETFs) and <a href="/wiki/Hedge_fund" title="Hedge fund">hedge funds</a>. </p><p>In addition to providing access to all fund types, Vestima supports their cross-border distribution. Services offered by Vestima include order routing, centralised <a href="/wiki/Delivery_versus_payment" title="Delivery versus payment">delivery versus payment</a> (DVP) settlement, safekeeping, asset servicing and collateral management.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Issuance[30]"><span id="Issuance.5B30.5D"></span>Issuance<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=11" title="Edit section: Issuance[30]"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>ICSDs and CSDs are often used to <a href="/wiki/Primary_market" title="Primary market">bring a security issue to the market</a>, 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. </p><p>Clearstream's services include eligibility assessments, issuance and distribution of domestic, foreign and international (i.e. Eurobonds) new issues of global and domestic instruments: <a href="/wiki/Certificates_of_deposit" class="mw-redirect" title="Certificates of deposit">certificates of deposit</a>, <a href="/wiki/Depositary_receipt" title="Depositary receipt">depository receipts</a>, <a href="/wiki/United_States_Treasury_security#Treasury_bill" title="United States Treasury security">treasury bills</a>, <a href="/wiki/Commercial_paper" title="Commercial paper">commercial papers</a>, short-term and medium-term notes, <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, <a href="/wiki/Equity_(finance)" title="Equity (finance)">equities</a>, <a href="/wiki/Warrant_(finance)" title="Warrant (finance)">warrants</a>, equity-linked notes and investment fund shares. </p> <div class="mw-heading mw-heading3"><h3 id="Settlement[31]"><span id="Settlement.5B31.5D"></span>Settlement<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=12" title="Edit section: Settlement[31]"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Notable_people">Notable people</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=13" title="Edit section: Notable people"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Jeffrey_Tessler" title="Jeffrey Tessler">Jeffrey Tessler</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=14" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Peter Norman: <i>Plumbers and Visionaries: Securities Settlement and Europe's Financial Market</i>. (Wiley, 2008, <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0470724250" title="Special:BookSources/0470724250">0470724250</a>)</li> <li>Denis Robert, Ernest Backes: <i>Révélation$</i> (Edition des Arènes, 2001, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/2912485282" title="Special:BookSources/2912485282">2912485282</a>)</li> <li>Denis Robert, Ernest Backes: <i>La Boîte Noire</i> (Edition des Arènes, 2002, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/291248538X" title="Special:BookSources/291248538X">291248538X</a>)</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/paym/pol/activ/clearing/html/index.en.html">"Securities settlement systems and central counterparties"</a>. <i>European Central Bank</i><span class="reference-accessdate">. Retrieved <span class="nowrap">1 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=European+Central+Bank&rft.atitle=Securities+settlement+systems+and+central+counterparties&rft_id=https%3A%2F%2Fwww.ecb.europa.eu%2Fpaym%2Fpol%2Factiv%2Fclearing%2Fhtml%2Findex.en.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150518104158/http://www.luxcsd.com/luxcsd-en/about-luxcsd/companygovernance">"Company Governance"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.luxcsd.com/luxcsd-en/about-luxcsd/companygovernance">the original</a> on 2015-05-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Company+Governance&rft_id=http%3A%2F%2Fwww.luxcsd.com%2Fluxcsd-en%2Fabout-luxcsd%2Fcompanygovernance&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150518072507/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">"Deutsche Börse Group - Latest press releases"</a>. <i>deutsche-boerse.com</i>. Archived from <a rel="nofollow" class="external text" href="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">the original</a> on 18 May 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">1 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=deutsche-boerse.com&rft.atitle=Deutsche+B%C3%B6rse+Group+-+Latest+press+releases&rft_id=http%3A%2F%2Fdeutsche-boerse.com%2Fdbg%2Fdispatch%2Fen%2Fnotescontent%2Fdbg_nav%2Fpress%2F10_Latest_Press_Releases%2F25_Clearstream%2FINTEGRATE%2Fmr_pressreleases%3FnotesDoc%3D0F4961D3C8F1EF50C1257DCD00369099%26newstitle%3Dclearstreamsdecemberandyear201%26location%3Dpress&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20170303053329/http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are">"Who we are"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are">the original</a> on 2017-03-03<span class="reference-accessdate">. Retrieved <span class="nowrap">2017-02-19</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Who+we+are&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fabout-clearstream%2Fwho-we-are&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150323181206/http://www.clearstream.com/clearstream-en/about-clearstream/becoming-a-clearstream-customer">"Becoming a Clearstream customer"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/about-clearstream/becoming-a-clearstream-customer">the original</a> on 2015-03-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Becoming+a+Clearstream+customer&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fabout-clearstream%2Fbecoming-a-clearstream-customer&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-Norman_2007_p.-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-Norman_2007_p._6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNorman2007" class="citation book cs1">Norman, Peter (2007). <i>Plumbers and visionaries : securities settlement and Europe's financial market</i>. Chichester, England Hoboken, NJ: John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-470-72425-5" title="Special:BookSources/978-0-470-72425-5"><bdi>978-0-470-72425-5</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/297185749">297185749</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Plumbers+and+visionaries+%3A+securities+settlement+and+Europe%27s+financial+market&rft.place=Chichester%2C+England+Hoboken%2C+NJ&rft.pub=John+Wiley+%26+Sons&rft.date=2007&rft_id=info%3Aoclcnum%2F297185749&rft.isbn=978-0-470-72425-5&rft.aulast=Norman&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150323190618/http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are/office-locations">"Office Locations"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are/office-locations">the original</a> on 2015-03-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Office+Locations&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fabout-clearstream%2Fwho-we-are%2Foffice-locations&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.clearstream.com/blob/10702/18ba88d5e20e7f6c77c75415680a1396/hbecomp-pdf-data.pdf">"Clearstream Customer Handbook"</a> <span class="cs1-format">(PDF)</span>. p. 230.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Clearstream+Customer+Handbook&rft.pages=230&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fblob%2F10702%2F18ba88d5e20e7f6c77c75415680a1396%2Fhbecomp-pdf-data.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged July 2020">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="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">"Deutsche Börse Group - Company history"</a>. <i>Deutsche-boerse.com</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Securities+Financing&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Fglobal-securities-financing&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150323202533/http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing/global-liquidity-hub">"Global Liquidity Hub"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/products-and-services/global-securities-financing/global-liquidity-hub">the original</a> on 2015-03-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Liquidity+Hub&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Fglobal-securities-financing%2Fglobal-liquidity-hub&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150518085605/http://www.clearstream.com/blob/11358/2bc37b359ab16dd3e481528735430dd5/liquidity-alliance-brochure-data.pdf">"Archived copy"</a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/blob/11358/2bc37b359ab16dd3e481528735430dd5/liquidity-alliance-brochure-data.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2015-05-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fblob%2F11358%2F2bc37b359ab16dd3e481528735430dd5%2Fliquidity-alliance-brochure-data.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: archived copy as title (<a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">link</a>)</span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150323202834/http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services/vestima">"Vestima"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services/vestima">the original</a> on 2015-03-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Vestima&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Finvestment-funds-services%2Fvestima&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/products-and-services/investment-funds-services">"Investment Fund Services"</a>. <i>Clearstream.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">1 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Clearstream.com&rft.atitle=Investment+Fund+Services&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Finvestment-funds-services&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150518085510/http://www.clearstream.com/clearstream-en/products-and-services/issuance--1-/">"Issuance"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/products-and-services/issuance--1-/">the original</a> on 2015-05-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Issuance&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Fissuance--1-%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150323180717/http://www.clearstream.com/clearstream-en/products-and-services/settlement">"Settlement"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/products-and-services/settlement">the original</a> on 2015-03-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Settlement&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Fsettlement&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150323194442/http://www.clearstream.com/clearstream-en/products-and-services/settlement/commercial-bank-money-settlement--icsd-/settlement-overview/bridge">"Bridge"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.clearstream.com/clearstream-en/products-and-services/settlement/commercial-bank-money-settlement--icsd-/settlement-overview/bridge">the original</a> on 2015-03-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-05-07</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bridge&rft_id=http%3A%2F%2Fwww.clearstream.com%2Fclearstream-en%2Fproducts-and-services%2Fsettlement%2Fcommercial-bank-money-settlement--icsd-%2Fsettlement-overview%2Fbridge&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1"><a rel="nofollow" class="external text" href="http://www.bis.org/cpmi/publ/d101.htm?">"Principles for financial market infrastructures"</a>. <i>Bis.org</i>. 16 April 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">1 August</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bis.org&rft.atitle=Principles+for+financial+market+infrastructures&rft.date=2012-04-16&rft_id=http%3A%2F%2Fwww.bis.org%2Fcpmi%2Fpubl%2Fd101.htm%3F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AClearstream" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Clearstream&action=edit&section=16" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.clearstream.com">Clearstream's website</a></li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Clearstream&oldid=1247666233">https://en.wikipedia.org/w/index.php?title=Clearstream&oldid=1247666233</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Capital_markets_of_Europe" title="Category:Capital markets of Europe">Capital markets of Europe</a></li><li><a href="/wiki/Category:2000s_in_France" title="Category:2000s in France">2000s in France</a></li><li><a href="/wiki/Category:Payment_systems" title="Category:Payment systems">Payment systems</a></li><li><a href="/wiki/Category:Luxembourgian_companies_established_in_2000" title="Category:Luxembourgian companies established in 2000">Luxembourgian companies established in 2000</a></li><li><a href="/wiki/Category:Central_securities_depositories" title="Category:Central securities depositories">Central securities depositories</a></li><li><a href="/wiki/Category:Securities_clearing_and_depository_institutions" title="Category:Securities clearing and depository institutions">Securities clearing and depository institutions</a></li><li><a href="/wiki/Category:2000_in_Luxembourg" title="Category:2000 in Luxembourg">2000 in Luxembourg</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:All_articles_with_dead_external_links" title="Category:All articles with dead external links">All articles with dead external links</a></li><li><a href="/wiki/Category:Articles_with_dead_external_links_from_July_2020" title="Category:Articles with dead external links from July 2020">Articles with dead external links from July 2020</a></li><li><a href="/wiki/Category:Articles_with_permanently_dead_external_links" title="Category:Articles with permanently dead external links">Articles with permanently dead external links</a></li><li><a href="/wiki/Category:CS1_maint:_archived_copy_as_title" title="Category:CS1 maint: archived copy as title">CS1 maint: archived copy as title</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Articles_with_self-published_sources_from_September_2019" title="Category:Articles with self-published sources from September 2019">Articles with self-published sources from September 2019</a></li><li><a href="/wiki/Category:All_articles_with_self-published_sources" title="Category:All articles with self-published sources">All articles with self-published sources</a></li><li><a href="/wiki/Category:Articles_containing_German-language_text" title="Category:Articles containing German-language text">Articles containing German-language text</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 25 September 2024, at 09:41<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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