Tue, 29/09/2009 - 14:31
The Market Authority of the Channel Islands Stock Exchange is making available transaction settlement at Euroclear UK & Ireland for CISX-traded open ended investment companies from 30 November 2009.
The CISX has been trading Oeic since March 2005, and will now be able to offer listed issuers in UK-domiciled (including Guernsey and Jersey) Oeic transaction settlement at Euroclear UK & Ireland for transactions on or outside dealing days.
Euroclear UK & Ireland is the central securities depository for UK, Irish and Channel Island securities and already provides settlement and related services for a wide range of securities traded on the CISX.
Tamara Menteshvili (pictured), chief executive of CISX, says: “The CISX is the first exchange to make Oeic transactions available for settlement at Euroclear UK & Ireland, which will add immeasurably to the Exchange’s appeal to fund managers and investors alike.
“Extending settlement of Oeic transactions to the proven capabilities of Euroclear UK & Ireland will revolutionise the open-ended funds sector by enabling investors to redeem and subscribe to shares electronically on or outside normal dealing days. The move enhances the efficiency of the settlement process for investors and brings new opportunities, both for the exchange and the investment business sector within the Channel Islands. It will have particular significance for securities with monthly or less frequent dealing days, such as in the open-ended property funds market. It is a further example of the exchange’s innovative approach to exchange services.”
Yannic Weber, chief executive officer of Euroclear UK & Ireland, adds: “Bringing automation and standardisation to the processing of investment fund transactions is a high priority for Euroclear UK & Ireland. CISX clients will see their processing costs decline, and the risks and errors associated with manual transaction processing will be reduced substantially as a result of electronic settlement of Oeic transactions at Euroclear UK & Ireland. We are delighted for CISX that it is the first exchange to offer this service to its clients.”
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