DTCC expands Fund/Serv platform to support European cross-border funds

DTCC expands Fund/Serv platform to support European cross-border funds

The Depository Trust & Clearing Corporation (DTCC) has upgraded its Fund/Serv trade processing platform to offer end-to-end processing and marketing of cross-border trades from European centres in Luxembourg and Dublin.

DTCC says it is responding to approaches by European firms for an automated and centralised processing solution for cross-border funds.

The Fund/Serv platform now enables trades of European securities to be accepted in euros, with settlement outside of clearing subsidiary NSCC. Offshore US dollar and non-US dollar funds have been isolated and processing identifiers have been assigned to these funds.

Users can also submit a trade date that is different from the processing date and can add, change or delete their own currency and country lists to reflect different trade and settlement dates.

The new features were developed with guidance from a 34-member advisory committee of both US and non-US-headquartered firms which deal in cross-border funds.

Peter Marshall, vice president, Mutual Fund Services for NSCC, says there will be further releases of the system next year.

"We're committed to continuing work in the European markets to address more of the specific issues in cross-border trading of funds," adds Marshall.

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