State Street shifts ETFs to Euroclear ICSD

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State Street Global Advisors (SSgA) is migrating 13 SPRD branded exchange traded funds to an international structure under Irish law, with the assistance of Euroclear, which is providing an international central securities deposit (ICSD) facility.

Shifting the legal structure of the ETFs is intended to cut costs, with the ICSD platform facilitating primary market issuance and trading settlement. The 13 affected ETFs currently are listed on Euronext Paris, Euronext Amsterdam, Euronext Brussels, Borsa Italiana, SIX Swiss Exchange and will also list on the London Stock Exchange.

Stephan Pouyat, global head of Capital Markets at Euroclear, said: “We applaud SSGA’s recent announcement to rationalise their offering. By simplifying the issuance and post-trade processing in the European ETF market, liquidity providers will be able to significantly improve service levels towards end investor clients and ultimately lower the cost of owning ETFs.”

Paul Young, head of Capital Markets Group, SPDR ETFs EMEA said: “We anticipate that the new international structure will alleviate many of the operational complexities, costs and risks when settling ETF units and realigning them in the incumbent CSD structure. This is an exciting development and further demonstrates our commitment to enhancing the service we offer clients.”


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Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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