Germany: Harmonisation of Clearstream Banking’s market claims for German taxable securities


Further to Announcement L22009, Clearstream Banking1 informs clients, that as part of its OneClearstream service offering enhancement, effective

3 July 2023

market claim processing for German taxable securities will be enhanced and streamlined across Clearstream Banking entities.

Current situation

For German ISINs, market claims are generated for income and non-income distribution events when a security is traded “cum” (with income entitlement). Clients are credited (buyer) and debited (seller) with the net amount considering the tax deduction.

Impact on clients

The handling of market claims and taxation will be harmonised and applied to all Clearstream Banking clients

All Clearstream Banking clients are considered taxable. Therefore, the seller is always debited with the gross amount, the buyer is credited with the gross amount of less applicable taxes. To ensure that the seller does not suffer an undue tax deduction, a (overnight) tax adjustment process was set up to reimburse the non-German client with a tax credit.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.

Transaction management rules across the Market Link Guides and Client Handbooks will be updated in due course.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.