European Code of Conduct for Clearing and Settlement

The European Code of Conduct for Clearing and Settlement of cash equities recognizes that price transparency is an essential requirement for the integration of European capital markets. The Code outlines several measures to increase price transparency. The objective is to enable customers to better understand the services they will be provided with and the prices they will have to pay for these services and to facilitate the comparison of prices and services on an individual basis. Further measures target improving the reconcilability of customers' ex-post billing and the published prices and services provided.

Deutsche Börse supports these objectives by ensuring full compliance with the measures put down in the Code, such as providing full information on discount and rebate schemes in the respective price lists.

Settlement and custody of cash equities

Fees for settlement, custody, and other services of Clearstream Banking AG, Frankfurt related to cash equities issued in Frankfurt are included in the Domestic Fee Schedule for Customers of Clearstream Banking AG, Frankfurt provided below. For transactions cleared through Eurex Clearing AG no settlement fees are charged by Clearstream Banking AG, Frankfurt.

Fees for settlement, custody, and other services of Clearstream Banking S.A., Luxembourg related to cash equities issued in Luxembourg are listed in the International Fee Schedule provided below.

Links to relevant terms and conditions for both fee schedules are also provided below.

Members of the European Central Securities Depository Association (ECSDA), including Clearstream, have developed a 'Conversion Table' which has the objective of easing comparison of fee schedules of (international) central securities depositories across Europe. The table provided below maps the entries of Clearstream's tariff brochures to a set of common service definitions, based on the Commission’s definitions for post-trading as referenced in the Code. An explanatory document is also provided.

Example calculations for cash equity transactions

To facilitate the understanding of all costs that Deutsche Börse Group's customers will have to pay for trading and post-trading services of cash equity transactions, example calculations are provided below. These calculations show average prices on the basis of a specific customer profile.