The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Nasdaq takes Clearstream’s lead in Europe


Clearstream, an international bond clearing house, has stolen the limelight from the exchanges. This month it is expected to decide whether to merge with Euroclear or submit to a takeover by Deutsche Börse.

A merger between Clearstream and Euroclear could act as a catalyst for the centralization of clearing networks across Europe, which would be a huge cost saving for banks that should be passed on to their clients. The consolidation of Euroclear and Clearstream would leave the way open for further consolidation among the exchanges.

The European exchanges have been very active lately and things are warming up. The London Stock Exchange put up a fight for London futures and options exchange Liffe, only to lose out to Euronext, an exchange formed just last year. Now LSE is considering the possibility of an alliance with a derivatives player.

All this talk of consolidation in Europe raises the idea of an international exchange, with common trading platforms and cooperative clearing and settlement operations. Nasdaq appears to be taking a run at it, having announced its desire to merge with one of the three leading European exchanges.

A partnership between Nasdaq Europe and the Berlin stock exchange has since been announced.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree