Clearstream

Clearstream is a room of international Compensation located at the Luxembourg, specialized in the exchange of titles and doubled of a bank Clearstream Banking S.A., based in Germany. They are now divisions of Deutsche Börse.

Since 2001, it is in the center of a financial, industrial and international business: the Business Clearstream 1, and in 2006, in the middle of a politico-financial Business: the Business Clearstream 2.

Description

Clearstream is a ICSD, International Central Securities Depository, or International Central Agent. Its trade is the payment delivery on the market of the eurobonds (more than 80% of its activities) as well as the payment delivery of the titles on the German domestic market. Since 2002 it is a subsidiary company with 100% of the group Deutsche Boerse AG.

History

Clearstream was created in 1971 under the name of CEDEL. Cedel International is specialized in the payment delivery of the euro obligations (eurobonds and was created by a banking syndicate in order not to leave the monopoly of these activities with Euroclear, then property of the US bank JPMorgan. It is a clearing house (clearing house). Euroclear is the other power station of payment delivery for the eurobonds.

The customers of Clearstream who are banks or financial institutions and some companies (4 in 2006), open an account in Clearstream by which will be regulated delivered their transactions with their counterpart it even banks or financial institution. No private individual can open of account at Clearstream. At the request of the customers, the accounts can be published or not-published in order to facilitate the compensations between their distinct Filiales. The accounts whatever they are subjected to same controls. In 1996, Clearstream obtains its banking license.

In January 2000 it became Clearstream by the fusion of Cedel International and Deutsche Börse Clearing, a subsidiary company of Deutsche Börse Group, owner of the Bourse of Frankfurt which holds 50% of them. In July 2002, Deutsche Börse buys the 50% remainder of Clearstream International for 1,6 billion Euro S. In 2004, Clearstream contributed for 114 million euros to the result of Deutsche Börse. The same year, it carried out 50 million transactions.

Industrial and international financial business

Clearstream was the subject of two books by the journalist Denis Robert: Révélation$ in 2001 and the Block box in 2002. These works are the starting point of the Affaire Clearstream 1. Following these books, Luxembourg justice was pressed by the international community to open legal information which was finally concluded by nona place because of the regulation of the facts. Denis Robert was condemned for slandering twice and gained a third lawsuit. Two of the lawsuits are in call. In France, a parliamentary inquiry however made it possible to check the reality of the mechanisms of dissimulation reported by the author. It is the discovery in the middle of financial planet of a kind of block box of world finance. It is the discovery which this tool contains a kind of “double bottom”, i.e. beside the official transactions, others are dissimulated. With departure, clearing houses, clearing, it is system which revolutionizes the transborder transfers, which makes them faster, surer. But one needs that is done in the transparency, with controls.

The double identity of Clearstream, at the same time Central Securities Depository (CSD) international and banks, takes part in the lack of clarity of these financial institutions, just like that of Euroclear Bank, whose seat is based in Brussels. The great share made with the use of the Tax shelters in the international transfers one of the elements striking of is discovered of Denis Robert about the organizations like Clearstream, but the possibility offered for the customers of the ICSD, and suitable for the banking system itself, to use the technique of the " correspond banking" show the possibility for possible drifts of the total financial system.

Politico-financial business

In 2004, Business Clearstream 2, a corbel addressed to the judge Renaud Van Ruymbeke in load of the Affaire of the frigates of Taiwan of the letters of false lists indicating that several French politicians had accounts at Clearstream by which the money of the commissions poured during the business of the Frigates had forwarded. The judge concluded after investigation that it was about a handling. In 2006, these politicians carried felt sorry for and an investigation was open, causing large movements in the French political world.

The judges concluded that the data-processing list provided by the corbel had been adulterated, in order to imply innocent characters. Four people were put in examination in this business, Jean-Louis Gergorin, ex-tallies of EADS, Imad Lahoud, ex-data processing specialist working for EADS and condemned for swindle in another business, Florian Bourges, ex-listener of Arthur Andersen shown to have concealed lists of Clearstream at the time of one to that carried out for this company at the summer 2001 and Denis Robert.

For Jean de Maillard, vice-president of the Court of Bankruptcy of Orleans: “ There is a political will not to control these rooms of financial equalization whereas they are in the middle of universalization, Clearstream has its seat in Luxembourg and Luxembourg justice did everything so that investigations N `do not succeed. I have experience of the police investigations and legal and in this file all was done to dissimulate the truth. ”

An investigation of France2 the Right To know revealed the lower parts of this business.

Sources

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