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Credit Suisse Fund Services joins LuxCSD as first Luxembourg-based TA

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Credit Suisse Fund Services has become LuxCSD’s first Luxembourg-based transfer agent, meaning that more than 1,500 of its investment fund share classes are now available for DVP (delivery versus payment) settlement in euros.

The migration to LuxCSD will bring a series of benefits to investors in Credit Suisse investment funds, including reduced settlement risk through direct access to central bank money.
 
As a result of LuxCSD’s link to Clearstream’s investment funds order routing platform, these funds are available to both domestic and international counterparties.
 
In view of the implementation of TARGET2-Securites (T2S) – the future, harmonised platform for settlement that the European Central Bank is currently developing, replacing the current set up of domestic CSDs – LuxCSD will support Credit Suisse Fund Services (Luxembourg) SA to be best positioned for the growing demand from distributors/investors to facilitate settlement through a T2S based account.
 
Distributors of Credit Suisse funds will be able to consolidate settlement against domestic and cross-border counterparties on one single platform.
 
Claude Metz, head of transfer agency at Credit Suisse Fund Services (Luxembourg) SA, 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, harmonised settlement platform in Europe.”
 
Patrick Georg, LuxCSD’s general manager, says: “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.”

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