Clearstream

Clearstream or the Clearstream Group is the central securities depository arm of the Deutsche Börse Group. It provides settlement and custody as well as other related services for securities across all asset classes. Its subsidiary in Luxembourg, Clearstream Banking SA, is one of two world-leading International central securities depositories (ICSDs), the other one being Euroclear Bank. Both the main German national CSD, Clearstream Banking AG, and the national CSD of Luxembourg, LuxCSD, are also part of Clearstream. Clearstream Banking AG and Clearstream Banking SA are held via intermediate holding company Clearstream Holding AG.

As of 2017, Clearstream had around 2,500 customers in 110 countries.

The name "Clearstream" is often misinterpreted as indicating a clearing activity of the Clearstream Group, which is not the case as the clearing arm of Deutsche Börse is a separate entity, Eurex Clearing. This confusion comes from the name originating in a bygone era when securities clearing and settlement were often viewed as a single activity.

Clearstream was formed in January 2000 through the merger of Cedel and Deutsche Börse Clearing. Initially a 50-50 joint venture between Cedel International and Deutsche Börse, it became a fully owned subsidiary of the latter on 1 July 2002.

In July 2010, Clearstream founded LuxCSD together with the Central Bank of Luxembourg (BCL), to act as a CSD for Luxembourg.

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).

In 2021, Clearstream acquired full ownership of LuxCSD by buying out the BCL's 50 percent stake.

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.