DTCC Connection

Aug 02, 2010 • DTCC Connection

Fund/SERV Streamlines Global Funds Processing With Multi-Currency Settlement

by Richard Marulanda


DTCC will soon provide straight-through processing of offshore mutual fund transactions with the introduction of multi-currency settlement. Leveraging the power of its Fund/SERV® platform, DTCC is streamlining offshore fund transactions, giving both U.S. and non-U.S. funds and distributors the ability to expand their distribution and significantly reduce processing challenges.


Today, cross-border funds, mainly those domiciled in Dublin and Luxembourg, are processed on Fund/SERV, a service offered through DTCC subsidiary National Securities Clearing Corporation. Until now, settlement has only been in U.S. dollars; soon, for funds traded on Fund/SERV, settlement will be available for euros and pounds sterling, too.


“The ability to settle fund trades in euros and pound sterling is the next logical step in our strategy to extend Mutual Fund Services to the global funds market,” said Ann Bergin, DTCC managing director and general manager, Wealth Management Services. “We are now moving forward with this phase aimed at filling a long-standing void in global funds processing.”


Located in London

With production targeted for the fourth quarter of 2010, the Settlement Operations team for this service will be located in London, making it a centrally located facility for global funds processing.


DTCC is establishing a best-practice users’ group to ensure that Fund/SERV and the new multi-currency platform continue to meet the needs of customers.


“Participation in this group will give our customers an opportunity to play a significant role in the development, enhancement and evaluation of our services,” said Annemarie Gilly, DTCC vice president, Wealth Management Services Product Management. “Continued collaboration is essential to providing our customers with new services that help them connect and expand their businesses.” @


[For more information about Fund/SERV’s multi-currency platform, NSCC customers may contact their relationship manager or Paul Lacher at 212.855.5673 or placher@dtcc.com. You may also visit www.dtcc.com to watch the webinar]


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