SSGA to issue 40 SPDR ETFs via FundSettle
State Street Global Advisors (SSGA) has announced that it has made 40 SPDR ETFs available through Euroclear’s FundSettle fund processing platform.
According to SSGA, the move enables end investors to buy and sell ETF shares like mutual funds, trading at the end-of-day net asset value, through Euroclear’s service offering.
FundSettle, launched by Euroclear in 2000, automates and standardises the straight-through-processing of offshore and domestic fund transactions, opening the SPDR ETFs up to European investors that only invest in mutual funds.
The 40 ETFs include SSGA’s complete range of 29 sector ETFs which will be launched on FundSettle’s Core platform using an international issuance model.
“Settlement will be centralised in Euroclear’s ICSD model, which makes the post-trade process of exchange trades easier and allows for better spreads and liquidity for investors,” said Mohamed M'Rabti, head of both ETFs at Euroclear and FundSettle.
“Furthermore, a selection of SPDR ETFs will be available on our FundSettle platform to support the distribution effort of SPDR ETFs in reaching our mutual fund clients across Europe.”
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