Euroclear banking

Cleared through a pan-European clearing system, that is, Clearstream Banking Societe Anonyme or Euroclear Bank SA/NV, as operator of the Euroclear System. 

In 2002 CREST merged with the Euroclear company. The merger was announced by the respective Boards of the two companies in July 2002, for effect from September 2002. From this time CRESTCo became a wholly owned subsidiary of Euroclear pic. CRESTCo shareholders received a 19% stake in the merged body. In 2004 CRESTCo is expected to become part of Euroclear Bank SA/NV. 

Transactions in Germany are usually settled through Clearstream Banking AG, Frankfurt, a subsidiary of Deutsche Borse AG, formed as a result of the merger of Deutsche Borse Clearing AG and Cedel International. The remainder are settled via Euroclear or Clearstream International. 

Repo settlement is carried out via a domestic custodian bank or via Euroclear or Clear-stream Banking. Generally BTPs, CCTs and BOTs settle domestically while CTEs settle though Euroclear and/or Clear-... 

As at February 2003 there were 21 banks that acted as common depositaries on behalf of Euroclear and Clearstream, although the majority of the trading volume was handled by just three banks, JPMor-gan Chase Bank, Citibank NA, and Deutsche Bankers Trust. The common depositary is responsible for ... 

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