Clearstream to Reduce Cut-Off Time for Processing Funds

Clearstream will reduce the cut off time for processing cross border funds on its Vestima platform.

As of Feb. 17, 2014, the standard Vestima cut-off time will be reduced to 15 minutes before the official fund cut-off time. It means, that for more than 90% of investment funds available for order routing on Vestima, the platform can now offer a lead-time of 15 minutes or less before the fund cut-off time.

The improvement lowers issuers’ risks of handling late orders as they benefit from more time to collect and prepare orders received from their customers.

Clearstream guarantees that all orders received by the Vestima cut-off deadline will reach the transfer agent before their set time to receive orders. Valid orders are forwarded to the TA, independently of Vestima cut-off time.