Clearstream, the international settlement house, has been found guilty by the European Commission of breaking competition rules in its handling of Euroclear, its Brussels-based rival, but has escaped a fine. Clearstream refused to process German securities for Euroclear and charged it higher fees than other depositories.

The commission said that Clearstream had contravened European competition law by failing to supply clearing and settlement services to Euroclear for German securities, and that this impaired Euroclear's ability to provide services to its clients.