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.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.
A total of US$4.88 trillion of debt has been sold so far this year reports Dealogic, close to the level of 2007 when US$4.91 trillion of bonds were issued over the same period.