UBS Steers Business away from Clearstream

January 22, 2002 ( - Taking the view that the ownership and control of clearing and settlement exchanges should remain separate, UBS will move some of its business from Clearstream International, according to Dow Jones.

UBS has indicated to both Clearstream and Deutsche Boerse that it intends to move some of its clearing and settlements business, once Deutsche Boerse completes merger talks to acquire the half of Clearstream that it doesn’t already own.

UBS, disappointed that the merger between Clearstream and Euroclear did not go through, has indicated that the action is dependant in part on the outcome of the talks.