Credit Suisse have been announced as the first transfer agent to join LuxCSD: Clearstream and Luxembourg’s Central Bank’s central securities depositary.
CSD is jointly owned and aims to provide Eurozone market access for customers in Luxembourg and throughout Europe. It the future, it aims to provide access to TARGET2- Securities, and the ECB’s pan-European settlement platform.
Credit Suisse will be the first transfer agent, through LuxCSD it will make 1,500 investment fund share classes available, for settlement in central bank money. As a result they hope to benefit from reduced settlement risk.
Through the CSD, distributors of Credit Suisse funds will be able to consolidate settlements on one single platform, against domestic and cross-border counterpaties.
Source: FTSE Global Markets 28/11/13