SSGA migrates remaining SPDR ETFs to Euroclear’s international structure

Apr 25th, 2018 | By | Category: ETF and Index News

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State Street Global Advisors (SSGA) has completed the migration of its entire suite of Irish-domiciled SPDR ETFs to Euroclear’s international issuance structure.

State Street Global Advisors (SSGA) has migrated its SPDR Irish-domiciled ETFs to Euroclear’s International Issuance Structure

State Street Global Advisors has migrated its entire suite of Irish-domiciled SPDR ETFs to Euroclear’s international issuance structure.

Launched in 2013, Euroclear’s international structure for ETFs brings increased efficiency to a process that had previously only been supported by fragmented domestic market practices across Europe.

Euroclear provides one place of settlement—an international central securities depository (ICSD)—thereby significantly reducing the complexity, cost and risk involved in ETF issuance.

As of the 2017 year-end, ETFs to the tune of $271 billion had been issued in the international structure, which represented over one-third of the European ETF market.

The first tranche of SSGA’s SPDR ETFs migrated into Euroclear’s international issuance structure in December 2014. The latest batch of funds to migrate included 62 ETFs.

Mark Harris, capital markets strategist for SPDR ETFs, commented, “We believe the model will, over time, deliver a number of key benefits for our market participants whilst providing a solid platform for the continued growth of our European ETF business. We are pleased to be at the forefront of this infrastructure evolution and we look forward to continuing our partnership with Euroclear Bank and driving further efficiencies for our end investors.”

Mohamed M’Rabti, deputy head of FundsPlace, Euroclear, added, “SPDR were the first to migrate to our international ETF structure and we are proud they have continued the journey with us to this final migration. Having all SPDR ETFs on the ICSD platform will allow SSGA’s clients to benefit from all the features of the model, such as securities lending, multi-currency settlement and longer settlement windows.”

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