Deutsche Brse has denied rumors that it is looking to spin-off Clearstream, its profitable settlement business.
Speaking to GlobalCustodian.com, Frank Gerstenschlager, Member of the Executive Board, Deutsche Brse, said: Clearstream is 100% with the Deutsche Brse Group and that will stay as it is.
There have been reports in the financial press that Deutsche Brse is looking to sell Clearstream, recently stating that the normally conservative exchange group had spun out the majority of its lucrative settlement group, possibly in an aim to sell a stake in the company.
On 23 March the board announced plans to move 51% of its shares in Clearstream to Deutsche Brse Dienstleistungs AG, a separate unit of the group. According to Deutsche Brse this was a move to enhance the groups credit profile, rather than plans to sell Clearstream.
The recent departure of The Children Investment Fund and Atticus as major shareholders, who had been pushing for the sale of Clearstream, and the launch of Xetra International, a soup to nuts pan-European stock and derivatives trading system, also means that any sale is unlikely.
The Xetra system, to be launched in Q4 2009, aims to utilize Eurex Clearing and ClearStream to create a pan-European trading, clearing and settlement package.
Deutsche Brse Dienstleistungs AG, established in June 2007, is a 100% subsidiary of Deutsche Brse AG.