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Clearstream and Finesti team on ISIN code allocation

25 February 2010  |  1344 views  |  0 Source: Clearstream

Finesti S.A. and Clearstream Banking Luxembourg have concluded a technology partnership agreement to simplify and optimize the allocation of ISIN (International Securities Identification Number) codes for all investment funds under Luxembourg law.

Under the terms of the agreement, Finesti's e-file.lu application will become one of the channels for the electronic submission of requests for the allocation of ISIN codes within Clearstream, in its capacity as a national numbering agency. This entirely electronic solution offers promoters of investment funds several advantages, including traceability and security for allocation requests as well as real-time tracking.

In order to be officially processed, all issued securities, equities, bonds and investment funds must feature an ISIN code allocated by a national agency.
Clearstream undertakes this task in Luxembourg. Each year, Clearstream allocates around 15,000 new ISIN codes to Luxembourg funds.

Philippe Seyll, Head of Investment Fund Services at Clearstream, is delighted about "this initial cooperation between Finesti and Clearstream which is a new step towards further improving efficiency and the infrastructure for handling Luxembourg investment funds".

For his part, Dominique Valschaerts, Finesti's CEO, stated that "this new procedure, which is based on Finesti's e-file tool, complements the already extensive range of its functions, thereby contributing to optimizing the registration procedure of Luxembourg funds".

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