The EU Commission finds an undertaking refusing to supply certain clearing and settlement services to one of its customers by also applying discriminatory prices is an anticompetitive conduct (Clearstream)

The Clearstream decision: the application of Article 82 to securities clearing and settlement* On 2 June 2004 the Commission adopted a decision finding that Clearstream Banking AG and its parent company Clearstream International SA violated Article 82 by refusing to supply certain clearing and settlement services to one of its customers (Euroclear Bank SA), and by applying discriminatory prices to that same customer. 1. Clearing, settlement and custody Securities clearing and settlement are necessary steps for a securities trade to be completed. In the decision, clearingis referred to as the process that ensures that the buyer and the seller have agreed on an identical transaction and that the seller is selling securities which it is entitled to sell. Settlementis the transfer of

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Eduardo Martínez-Rivero, Rosalind Bufton, The EU Commission finds an undertaking refusing to supply certain clearing and settlement services to one of its customers by also applying discriminatory prices is an anticompetitive conduct (Clearstream) , 2 June 2004, e-Competitions June 2004, Art. N° 36889

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