Euroclear snapped up for ETF listing

Euroclear will provide clearing and settlement services for the ICBC ETF.
By Paul Walsh
ICBC Credit Suisse Asset Management has selected Euroclear for clearing and settlement services of its first internationally listed Chinese equity exchange traded fund (ETF).

The ICBC CS WisdomTree S&P China 500 UCITS ETF will be domiciled under Luxembourg law and will be listed and traded in USD, GBP and RMB on the London Stock Exchange.

It will be settled directly in the international central securities depository (ICSD)

“Our international ETF model has been riding a wave of momentum over the past year to distribute China products to our clients,” said Mohamed M’Rabti, deputy head of FundsPlace, Euroclear.

“It is an honour to be the infrastructure provider of choice to support ICBCCS’s ambition to distribute its first China equity ETF, not only in Europe but also globally.”

Established in 2005, ICBCCS and its subsidiaries currently hold RMB960 billion in assets under management.

“We are delighted to work with Euroclear Bank, and look forward to continually building efficient China offerings for investors through different strategies,” said Richard Tang, CEO, ICBC Credit Suisse Asset Management International.

Last month Euroclear were revealed to be settling the first ETF by an independent Chinese issuer in Europe directly on Euroclear bank.