Credit Suisse Fund Services (Luxembourg) has joined LuxCSD, becoming the first transfer agent (TA) based in Luxembourg to do so. The move makes more than 1,500 investment fund share classes available for delivery versus payment (DVP) settlement in central bank money. Credit Suisse says that the migration will offer benefits to investors, such as reduced settlement risk through direct access to central bank money.
LuxCSD’s link to Clearstream’s investment funds order routing platform means that these funds are available to both domestic and international counterparties. The link to Clearstream is for both market models: the current (I)CSD/TA and the future TARGET2-Securites (T2S) model. There is a growing demand from distributors and investors to facilitate settlement through a T2S based account.
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