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SPDR Irish ETFs complete migration to Euroclear

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Euroclear Bank has announced that State Street Global Advisors (SSGA), the asset management arm of State Street Corporation (STT) has now completed the migration of all of its SPDR Irish-domiciled ETFs to Euroclear’s ICSD model.

SSGA has transitioned the remaining 62 ETFs under the SSGA SPDR ETFs Europe I & II classification to Euroclear’s International issuance structure or ICSD model. The related transactions will settle directly in the ICSD – Euroclear Bank.
 
The first tranche of SSGA’s SPDR ETFs migrated into Euroclear’s international issuance structure in December 2014.
 
Mark Harris, Capital Markets Strategist for SPDR ETFs says: “The international ETF model providers a centralised issuance and post trade environment that removes much of the fragmentation seen under the domestic model for our multi listed products.
 
“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 says: “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.”

At the end of 2017, ETFs to the value of EUR230 billion (USD271 billion) had been issued in the international structure.

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