Jeffrey Tessler


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 1 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - Background of international central securities depositories (ICSDs) - the ICSD duopoly - international vs domestic markets - the case against Clearstream in the EU


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 2 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - the competition at stock exchanges - diversification of exchanges - industry-level consolidation - vertical vs horizontal models: vertical won


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 3 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - Joint ventures instead of acquisitions for interoperability - keeping local systems but allowing access - regulatory efficiencies provide opportunities for CSDs in Europe


“Can Clearstream replicate its core businesses in new markets?”


“Can Clearstream replicate its core businesses in new markets?”

November 2009

(Part 4 of 4) Conversation with Jeffrey Tessler, CEO, Clearstream, on replicating core business in other markets - interoperability in Asia - ICSD harmonisation - Clearstream in Asia