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Case study: SPDR ETFs international ETF migration

An industry first

Interview with Mark Harris, ETF Capital Markets, SSGA

Challenge

SPDR ETFs were the first ETF issuer to migrate existing domestic CSD products onto the ICSD platform. Being an industry first, there was no defined road map or direct experience to draw upon to deliver the project.

Solution

We partnered with Euroclear to plan and design a detailed migration schedule aligned to our wider re-domiciliation project timeline.

Such an ambitious project required committed resources from across the various SSGA business groups and specific management of a multitude of priorities, deadlines and diverging workstreams. Our legal and product teams were crucial in delivering key milestones from a regulatory perspective that set the framework for the wider project.

Market harmonisation

There was also the need to engage with and align a range of third parties in order to execute on our plan; entities such as the administrator, paying agent, transfer agent, common depository, exchanges, CCPs and market-makers all played important roles in delivering an efficient migration. It was a quintessential team effort.

Outcome

We now have 32 SPDR International ETFs since the original migration in December 2014.

We continue to work closely with Euroclear in supporting the optimisation of the ICSD platform for ETFs and across areas for future collaboration. The ‘can do’ approach from everyone is what made our migration successful and provided for a positive end investor experience.

 

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