Clearstream, Germany


“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