Deutsche Börse Group is preparing to return the banking licenses of two of its key entities, Eurex Clearing AG and Clearstream Banking AG Frankfurt, following recent changes to European regulation that allow for a simplification of their legal and operational set-up, states the Group. The plans are part of a broader effort by the Group to reduce regulatory complexity, now made possible by adjustments in the regulatory environment for CCPs and CSDs.
A key development is the European Central Bank’s announcement on 30 April 2025 that removes the discretionary element for granting CCPs access to its overnight credit facility. The change, made through the ECB’s update of the TARGET guideline, is intended to provide CCPs with more predictable access to central bank liquidity in times of market stress, without requiring them to operate under a banking license.
Eurex Clearing AG, Deutsche Börse’s CCP and one of the largest in the euro area, has started preparing for direct access to this CCP-specific facility. As a result, it is looking to return its banking license, which would no longer be needed under the new framework. Eurex Clearing will continue operating as an EMIR-authorised CCP.
Core CSD role
In parallel, Clearstream Banking AG in Frankfurt is also considering returning its banking license, enabled by the revised Central Securities Depositories Regulation (CSDR Refit). The updated rules allow CSDs to operate without a banking license if they are not engaged in certain types of activities, such as offering credit to participants.
Subject to operational requirements and regulatory approvals, Clearstream Banking AG would shift to a streamlined structure, focusing on its core services of issuance, settlement, safekeeping, and asset servicing as a domestic CSD.
Luxembourg ICSD remains unchanged
Clearstream Banking S.A. in Luxembourg, which acts as the Group’s international central securities depository, is unaffected by the changes. It will continue to use its CRR banking license for Commercial Bank Money settlements and serve as the Group’s designated service CSD under the CSDR Refit.
The proposed changes are not yet final.
