Deutsche Börse Reviews Banking Licenses for Eurex Clearing, Clearstream

Following recent regulatory developments, Deutsche Börse Group currently evaluates and prepares steps to reduce regulatory complexity and increase efficiency. This concerns specifically the re-evaluation of the banking licenses of Eurex Clearing AG and Clearstream Banking AG.

Therefore, Deutsche Börse Group welcomes the related announcement by the Governing Council of the European Central Bank (ECB) on 30 April 2025 to remove the discretionary activation for Central Counterparty (CCP) access to overnight credit under the Target guideline.

Eurex Clearing AG, the leading central counterparty in the Euro area, intends to make use of the revised Eurosystem overnight credit facility for CCPs. The CCP facility is intended to provide access to Central Bank liquidity during stressed market conditions.

Based on the ECB’s announcement and still subject to the ECB’s final decision and terms granting CCPs access to the dedicated overnight credit facility, Eurex Clearing has started preparations to access the CCP facility and return its banking license, which would be no longer required. The new set-up will have no impact on the status of Eurex Clearing AG as a licensed CCP under EMIR.

Further, Clearstream Banking AG will be able to focus on its core business as a Central Securities Depository (CSD) for new issuance services, safekeeping, asset servicing, and settlement resulting out of the regulatory changes brought by amendments made to the CSD Regulation (CSDR Refit). Against this background, but subject to certain operational requirements and approval by the competent authorities for the new set-up, Clearstream Banking AG, the German CSD, also intends to return its banking license.

Clearstream Banking S.A., the Luxembourg licensed ICSD, will continue to leverage its CRR license (Capital Requirements Regulation) for Commercial Bank Money settlements and function as the Service CSD of the Group following CSDR refit.