Commission adopts final decision in Clearstream case

02 June 2004

The Commission finds that Clearstream Banking AG and its parent company Clearstream International SA (“Clearstream”) infringed competition rules by refusing to supply cross-border securities clearing and settlement services and by applying discriminatory prices. The Commission’s investigation revealed that Clearstream refused to supply Euroclear Bank SA (“Euroclear Bank”) with certain clearing and settlement services and applied discriminatory prices to the detriment of this customer.

The Commission has not imposed a fine. Commissioner Monti claims the decision makes it clear that anti-trust rules are being applied in the financial industry and that major providers of securities trading, clearing and settlement services are not above the law.

Commissioner Monti said that the „decision does not favour one particular model, it is not directed against Deutsche Börse’s business model or any other.” Clearstream refused to supply to Euroclear Bank clearing and settlement services for registered shares issued under German law.

Press release

© European Commission