Clearstream
| Clearstream International SA
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|---|---|
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| legal form | Société anonyme |
| founding | 2000 |
| Seat | Luxembourg |
| Number of employees | 1,767 |
| sales | 727.3 million euros |
| Branch | Financial services |
| Website | www.clearstream.com |
| As of December 31, 2018 | |
Clearstream International SA is a settlement and custody company based in Luxembourg that emerged in 2000 from the merger of Deutsche Börse Clearing AG (formerly Deutscher Kassenverein AG ) and Cedel International . Clearstream also acts as a central securities depository for the international capital markets and for German and Luxembourg domestic securities . The company is wholly owned by Deutsche Börse AG .
Company profile
The core business is the service as a central securities depository, i.e. the settlement and custody of securities. The value of the securities held by Clearstream averaged around EUR 11.303 trillion in 2018. This makes Clearstream one of the largest global providers of securities services. In Germany , most of the securities are technically managed by Clearstream. Clearstream also offers value-added services such as global securities financing and mutual fund services. The electronic storage of securities information plays a special role.
Clearstream's settlement volume in 2018 was 48.4 million transactions.
history
The roots of collective safe custody in Germany go back to the year 1882, when the Bank des Berliner Kassenverein AG in Berlin began to exercise the function of a central securities depository bank . This was followed in 1887 by the Liquidationskasse in Hamburg , the Kassenverein AG in Cologne (1923) and the Rheinisch-Westfälische Kassenverein AG in 1924 in Essen.
In 1942, the Reichsbank took over all of the eleven German cash registers that had existed up to then, including their securities collection and processing business.
In 1949, with the exception of the Bremen stock exchange, new securities collection banks (cash registers) were (re) established in the form of stock corporations on every German stock exchange :
- June 29, 1949: Norddeutsche Kassenverein AG in Hamburg
In 1970, the German Foreign Treasury Association was founded, the shareholders of which were the regional German treasury associations. On December 29, 1989, the seven German Kassenvereine merge to form the Deutsche Kassenverein AG . In October 1997 the Deutscher Kassenverein AG was renamed Deutsche Börse Clearing AG .
As a result of the merger of Deutsche Börse Clearing AG with the settlement organization Cedel International , Clearstream International SA was created at the beginning of 2000 with its headquarters in Luxembourg, all of whose shares are held by Deutsche Börse AG .
Affairs
2001
In 2001 with the publication of the book "Révélation $" by Denis Robert and ex-Clearstream employee Ernest Backes, Clearstream was accused of being an international platform for money laundering and tax evasion through an illegal system of secret accounts. The Luxembourg judiciary carried out an investigation and found that there was no substance to such charges. After ten years of trials by Clearstream and other banks against them, the authors were finally acquitted by the French Court of Appeal (Cour de Cassation).
2004
In spring 2004 the "second Clearstream Affair" took place, which attracted more attention. The judge Renaud van Ruymbeke anonymously received lists that dealt with the France-Taiwan frigate scandal and that allegedly showed that several French politicians had secret accounts with Clearstream, including Nicolas Sarkozy , through which illegal payments had been processed. During the investigation, the judge found that the lists were forged. In 2006, the politicians concerned filed a lawsuit and an investigation was opened, which has caused a great stir in French politics. Three people were convicted in January 2010, Jean-Louis Gergorin, Imad Lahoud and Florian Bourges. Journalist Denis Robert was acquitted on the grounds of freedom of expression.
Litigation over Iranian funds
Clearstream is involved in the US litigation 2 billion dollars on an account with Citigroup that stated by the US Treasury ( US Treasury should come) from Iran. The US District Court for the Southern District of New York ruled in June 2008 that this balance should be frozen. The reason for this is a lawsuit brought by US marines who were killed or injured in a terrorist attack on barracks in Beirut in 1983 .
Cum ex entanglement
The ARD -Tagesschau reported on 27 August 2019 from state counsel arranged searches of business premises Clearstream in Eschborn purpose Means of Detection . The public prosecutor's office in Cologne arranged for them because of sufficient evidence that the company was involved in illegal cum-ex transactions. The press spokesman for Deutsche Börse said that the company would "as in the past cooperate fully with the authorities".
literature
- Denis Robert, Ernest Backes: The silence of money. The Clearstream scandal . Pendo-Verlag, Zurich 2003, ISBN 3-85842-546-X .
- David Loader: Clearing, Settlement, and Custody . Butterworth-Heinemann, Oxford 2002, ISBN 0-7506-5484-8 , ( Operations Management Series ).
- Jean-Pierre Thiollet , Beau linge et argent sale. Fraude fiscale internationale et blanchiment des capitaux . Anagrams édition, Croissy-sur-Seine 2002, ISBN 2-914571-17-8 .
- David M. Weiss: Global Securities Processing. The Markets, the Products . New York Institute of Finance, Paramus, NJ et al. 1998, ISBN 0-13-323965-9 .
Web links
- www.clearstream.com - Company website
Individual evidence
- ↑ a b c d Annual Report 2018. (PDF) In: deutsche-boerse.com. Retrieved August 27, 2019 .
- ↑ Who we are. Clearstream, accessed February 19, 2017 .
- ↑ Share and history of the bank of the Berliner Kassenverein (PDF; 406 kB).
- ^ Reinhold Adrian, Karl Friedrich Hagenmüller , Gerhard Diepen, Thomas Heidorn: Der Bankbetrieb , pages 312 ff.
- ↑ Historical Archive No. 76 of June 29, 1949 Page 11 ( Memento of August 8, 2014 in the Internet Archive )
- ^ Bernhard Schmid: The Clearstream Affair. In: telepolis . May 9, 2006. Retrieved February 19, 2017 .
- ^ Clearstream affair: EADS managers in custody. In: ORF . Retrieved February 19, 2017 .
- ↑ Jay Solomon: US Freezes $ 2 Billion in Iran Case. In: The Wall Street Journal . December 12, 2009. Retrieved February 19, 2017 .
- Jump up ↑ Cum-Ex scandal raid on Deutsche Börse subsidiary. In: www.tagesschau.de. Retrieved August 27, 2019 .