Without imposing any fines, the European Commission said Clearstream International SA and its German subsidiary, Clearstream Banking AG, infringed competition rules by refusing to supply its cross-border securities clearing and settlement services to a top competitor, Luxembourg-based Euroclear. The Commission said it would not fine the
company because there is currently no EU case law dealing with clearing and settlement. The body brought formal charges against Clearstream in April 2003, marking its first effort to stop anticompetitive behavior in the sector.