SIS, the Swiss Central Securities Depository, is now using Vestima+, Clearstream's automated order routing system in order to streamline the process of its international investment funds activities.
Since June 2008, SIS has begun to use Vestima+ for order routing and to settle their transactions on the Clearstream settlement platform. The use of Vestima+ is being integrated into SIS´ Global Fund Services (GFS) offering launched in December 2006.
Vestima+ is the automated funds order routing service pioneered by Clearstream.
It is aimed at reducing the costs and difficulties of order processing within the investment funds industry. It provides order issuers with a single entry point for funds, allowing them to route their orders to transfer agents (TAs) using electronic media like an internet-based workstation or SWIFT messages both in ISO 15022 or the new XML 20022 format.
Vestima+ can be used for third party as well as internal order flows. It Vestima+ is the only available system offering free choice of settlement and custody routes.
Over 34,000 investment funds are now available on Clearstream's Vestima+.
According to a study by Deloitte, a consultancy company, the cross border investment funds industry could save up to 30 percent of processing costs and gain over € 300 million by streamlining the processes of cross border mutual funds distribution.
Philippe Seyll, Head of Investment Funds services, Clearstream, said "we are delighted that SIS, a prominent player in the Swiss and international markets, has chosen Clearstream to provide streamlined solutions for its funds offering. We genuinely believe that Clearstream will greatly facilitate the settlement processes for their international investment funds".