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Bank of Ireland launches pan-European ETF settlement product

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Bank of Ireland Securities Services has launched a pan-European exchange-traded fund settlement platform for ETF issuers, called BoISS ETP Direct. 

The new product is designed to permit ETFs to settle delivery against payment directly in multiple jurisdictions across the EU.

The catalyst for the new system came from the combination of market need and client demand such as Source, the provider of exchange-traded products which launched earlier this year.

Fearghal Woods, director of business development, says: “As the leading service provider to ETFs in Europe, we are delighted to be launching this new offering for our client base. The product is designed to provide a more transparent, cost effective and efficient ETF settlement mechanism across the European depositary network.”

The platform is expected to streamline the trading activities of ETF market makers through reducing costs, minimising risks and improving timeliness of settlement. 

Ted Hood, chief executive at Source, says: “We believe that the European ETF market has huge growth potential, but that improved business processes that leverage technology are vital to that growth. By working with BoISS and our asset manager, Assenagon, Source has been one of the catalyst’s for the creation of ETP Direct and we look forward to seeing this pioneering initiative become the market standard.”

The product will be made available to ETF issuers that use Bank of Ireland as custodian.

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