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Stanley Ross was an enthusiastic early adopter of this service and Kidder Peabody became the first major trading firm to insist that anyone wanting to deal with it would have to become a member of Euroclear. The ICSD quickly became a significant profit centre for Morgan, since it paid little interest on the large and stable amounts of cash held in its clients' cash accounts and was able to invest this cash to reap substantial income.

Concerned that Euroclear would give Morgan Guaranty key insights into its competitors' activities, a group of Luxembourg and foreign banks established Cedel in Luxembourg in September 1970. Bitter competition and rivalry between Euroclear and Cedel would serve to drive down settlement fees further, much to the benefit of customers.

To allay the competitive concerns, Morgan Guaranty sold Euroclear to its users in 1972, though it continued to profit from providing credit to Euroclear's customers until Euroclear set up its own bank in 2000. Cedel was fully acquired by Deutsche Börse in 2002 and is now known as Clearstream.