Some of the funds for which CFAI are the Transfer Agent have been migrated to CFF on 18 February. PFPC International Ltd and State Street International Ireland will follow suit in the coming weeks.

CFF provides DVP (delivery versus payment) settlement services based on synchronous exchange of cash and securities between fund distributors and transfer agents. Capita Financial Administrators Ireland is the 15th member to join CFF since its launch in March 2007.

Philippe Seyll, Head of Clearstream's investment Funds business said "We are very pleased to welcome on board the first transfer agents from Ireland, a major domicile in Europe for funds distributed cross border. This demonstrates CFF's attractiveness for investment funds, regardless of their domicile as CFF offers them one single settlement platform, accelerates and simplifies post-trade operational processes and reduces operational risks."

Clearstream designed CFF as an answer to growing market demand in Europe and in Luxembourg, Europe's largest market for international investment funds with over € 200 billion in assets under management. Although the industry has grown 80 percent since 2005, its post trade area is still characterized by high fragmentation, little standardization and thus operational risk. According to a study by Deloitte, a consultancy, the cross border investment funds industry could save 30 percent of processing costs and gain over € 300 million by streamlining trading, settlement and custody of cross border mutual funds distribution.