Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Germany’s BaFin tells Eurex Clearing, Clearstream to clean up organisational deficiencies

by uma
0 comment

FRANKFURT (Reuters) – Germany’s financial supervisory authority (BaFin) said on Thursday it has ordered clearing house Eurex Clearing and digital securities processor Clearstream Holding to remedy organisational deficiencies.

The order, which was sent to the companies at end of November, was to “ensure proper business organization” following a breach of requirements, BaFin said in a statement.

Clearstream and Eurex Clearing, both subsidiaries of Deutsche Boerse, are to report regularly to BaFin and the Bundesbank on the progress made in remedying the deficiencies, BaFin said but did not give further details.

BaFin has additionally ordered Eurex Clearing to take appropriate internal security measures to meet requirements for risk management.

Spokespersons for Eurex Clearing and Clearstream said BaFin’s announcement relates to audits conducted by the supervisory authority during 2021 on compliance with the minimum requirements for risk management.

For Eurex Clearing, the subject of the audits were within the area of IT outsourcing as well as monitoring measures with regard to tax risks through the use of the clearing infrastructure, its spokesperson said. Clearstream’s audits were also related to outsourcing requirements, its spokesperson said.

Both Eurex Clearing and Clearstream initiated appropriate measures, so internal processes have since been strengthened significantly, the spokespeople added. Remediation plans have been submitted to BaFin, they said.


(This story has been corrected to fix the description of Eurex Clearing in paragraph 1, add full name to headline and subsequent mentions)



(Reporting by Emma-Victoria Farr and Tom Sims, editing by Susan Fenton)