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DTCC to introduce multi-currency settlement for EU investment funds

23 September 2010  |  2699 views  |  0 Source: DTCC

The Depository Trust & Clearing Corporation (DTCC) announced today its plans to introduce multi-currency settlement for European investment fund transactions through its Fund/SERV® ("Fund/SERV") suite of services.

This service, which is subject to regulatory approval and will be available by early 2011, streamlines how offshore fund transactions are handled, giving the nearly 10,000 European investment funds the opportunity to expand their distribution networks across borders while significantly reducing processing challenges.

The new service will be offered through a new DTCC subsidiary called DTCC Solutions Worldwide Ltd. and settlement will now be available in Euros and pound sterling in addition to U.S. dollars. The business unit overseeing the cross-border service will have offices in London, making it a centrally located facility for global funds processing. DTCC will also establish a best-practice users' group to ensure that the new multi-currency platform continues to meet the needs of customers.

"Fund/SERV's multi-currency platform enhances Fund/SERV's suite of offshore fund processing capabilities," said Annemarie Gilly, DTCC vice president and head of Global Mutual Funds, who spoke today at SunGard's London City Day conference. "Our ability to settle fund trades in Euros and pound sterling will fill a long-standing void in global funds processing as well as substantially reduce processing fees and handling costs for market participants."

Cross-border funds, primarily those domiciled in Dublin and Luxembourg, are processed on Fund/SERV, the U.S. securities industry standard for processing and settling investment fund transactions. Currently, however, Fund/SERV, which is offered through a DTCC subsidiary, National Securities Clearing Corporation (NSCC), provides settlement only in U.S. dollars.

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