The CFI confirmed that Clearstream had abused its dominant position in the supply of clearing and settlement services in respect of German securities. Clearing is the process by which contractual obligations of the buyer and the seller of securities are established. Settlement is the transfer of securities from the seller to the buyer and of funds from the buyer to the seller. In 2004, the EC found that Clearstream had abused its dominant position in the clearing and settlement of German securities by refusing to supply certain services to its major rival Euroclear. The EC also found that Clearstream had charged discriminatory prices to Euroclear. Clearstream appealed the EC ’s decision but the CFI rejected this appeal. The CFI confirmed that Clearstream had a de facto monopoly in the clearance and settlement of German securities and that Clearstream had engaged in abusive practices aimed at harming Euroclear