Clearstream Banking AG

Clearstream Banking AG is the main national central securities depository (CSD) in Germany. It is a fully owned subsidiary of the Clearstream Group, itself part of Deutsche Börse Group. As of 2018, it was the world's fourth-largest CSD by value of securities held, only surpassed by Fedwire Securities Service, the Depository Trust Company, and Euroclear Bank.^[1]: 69

Overview

On 12 July 1949, the Frankfurter Kassenverein was established to handle the settlement and clearance of securities traded on the Frankfurt Stock Exchange following the wartime and post-war disruption.^[2] The word Kassenverein was a reference to a number of pre-war financial institutions that provided market infrastructure services in the German-speaking work, including the Berliner Kassenverein [de] and the Wiener Giro- und Cassen-Verein, the latter being described as the oldest CSD.^[3]: 39

In 1970-71, the Auslandskassenverein (AKV) was formed to act as clearing and settlement agent and international gateway for German banks to various foreign depositories, including but not limited to Cedel in Luxembourg.^[3]: 39

In December 1989, the Kassenverein arms of the regional stock exchanges in Berlin, Dusseldorf [de], Frankfurt, Hamburg, Hanover [de], Munich, and Stuttgart merged as a single CSD for all of Germany, branded Deutscher Kassenverein (DKV),^[2] henceforth a subsidiary of Deutsche Börse.^[3]: 284

In 1996, the AKV was merged into DKV, which was subsequently renamed Deutsche Börse Clearing AG (DBC) in 1997.^[2]

In 2000, DBC merged with Cedel in Luxembourg, and the merged entity became a fully owned subsidiary of Deutsche Börse in mid-2002.^[3]: 287

See also

• European Central Securities Depositories Association