Credit Suisse Fund Services Migrates Share Class Settlement to LuxCSD

Credit Suisse Fund Services in Luxembourg has joined LuxCSD to make more than 1,500 investment fund share classes available for DVP settlement in EUR central bank money.
By Janet Du Chenne(59204)
Credit Suisse Fund Services in Luxembourg has joined LuxCSD to make more than 1,500 investment fund share classes available for DVP settlement in EUR central bank money.

The migration to the Luxembourg CSD offers investors in Credit Suisse investment funds benefits such as reduced settlement risk through direct access to central bank money. Thanks to LuxCSD’s link to Clearstream’s investment funds order routing platform, these funds are available to both domestic and international counterparties.

Distributors of Credit Suisse funds will be able to consolidate settlement against domestic and cross-border counterparties on one single platform and benefit thanks to LuxCSD’s link to Clearstream from both market models: the current (I)CSD/TA and the future TARGET2-Securites (T2S) model.

Claude Metz, head of Transfer Agency at Credit Suisse Fund Services (Luxembourg) says: “With T2S approaching we expect an increasing demand from fund distributors to facilitate CSD settlement in order to benefit from T2S. The migration to LuxCSD ensures we are well positioned for a smooth transition to T2S – the future, harmonized settlement platform in Europe.”

“We are pleased to welcome the first Transfer Agent using LuxCSD’s fund issuance and settlement services. The migration of fund shares handled by Credit Suisse is a further milestone for LuxCSD in fulfilling its mandate to prepare the Luxembourg investment funds industry for the implementation of T2S and to ensure an easy transition for market participants”, said Patrick Georg, LuxCSD’s general manager.

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