Deutsche Börse Group to reduce regulatory complexity
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Deutsche Börse Group to reduce regulatory complexity 10 July 2025 Reporter: Carmella Haswell
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Deutsche Börse Group has confirmed it will re-evaluate the banking licences of Eurex Clearing AG and Clearstream Banking AG.
It comes as the group aims to evaluate and prepare steps to reduce regulatory complexity and increase efficiency.
The move follows a recent decision by the Governing Council of the European Central Bank (ECB) to remove all discretionary activation for central counterparty access to overnight credit, under the TARGET guideline.
Eurex Clearing intends to make use of the revised Eurosystem overnight credit facility for central counterparty clearing houses (CCPs) — the CCP facility is intended to provide access to central bank liquidity during stressed market conditions.
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 “no longer be required”.
According to Deutsche Börse Group, the new set-up will have no impact on the status of Eurex Clearing as a licensed CCP under the European Market Infrastructure Regulation (EMIR).
Further, Clearstream Banking will focus on its core business as a central securities depository (CSD) for new issuance services, safekeeping, asset servicing, and settlement.
This is a result of the regulatory changes brought by amendments made to the CSD regulation — the Central Securities Depositories 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, the German CSD, also intends to return its banking license.
Clearstream Banking S.A., the Luxembourg-licensed ICSD, will continue to leverage its Capital Requirements Regulation license for commercial bank money settlements and function as the service CSD of the group following the CSDR Refit.
Stephan Leithner, CEO of Deutsche Börse Group, says: “As a full-service financial market infrastructure group, we continually seek opportunities to reduce regulatory complexity and increase efficiency.
“This is beneficial not only for our clients and shareholders, but also for the broader financial ecosystem. We welcome in this context the efforts for simplification and global competitiveness undertaken at European level.
“We are engaged in a constructive dialogue with our regulators to identify solutions that preserve the safety and integrity of our services and processes for our clients, while simultaneously simplifying structures and improving efficiency.”
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