Euroclear selected for first European listing of ICBC Credit Suisse ETF
Latest initiative further demonstrates Euroclear’s ability to offer international investors access to China ETF products.
Brussels/Hong Kong/London, 29 July 2016 – Euroclear Bank, the Brussels-based international central securities depository (ICSD) has been selected by ICBC Credit Suisse Asset Management International (ICBCCS), the international arm of one of the largest managers in China and the asset management joint venture between ICBC and Credit Suisse, for clearing and settlement of its first internationally listed China equity ETF: ICBC CS WisdomTree S&P China 500 UCITS ETF.
The ETF, using the international issuance structure will be domiciled under Luxembourg law. It will be listed and traded in USD, GBP and RMB on the London Stock Exchange, and settle directly in the ICSD – Euroclear Bank.
ICBCCS was established in 2005 and was the first bank-affiliated asset management subsidiary set up in Mainland China. It manages investments for a wide range of clients including financial institutions, corporations, national pension and corporate enterprise annuity, retail banks, insurance companies and high-net-worth individuals. As of March 2016, ICBCCS and its subsidiaries had more than RMB960 billion in assets under management.
Richard Tang, CEO, ICBC Credit Suisse Asset Management International said: “We are delighted to work with Euroclear Bank, and look forward to continually building efficient China offerings for investors through different strategies.”
Mohamed M'Rabti, Deputy Head of FundsPlace, Euroclear added: "We are very proud to have been part of this unique project with ICBCCS. Our international ETF model has been riding a wave of momentum over the past year to distribute China products to our clients. It is an honour to be the infrastructure provider of choice to support ICBCCS’s ambition to distribute its first China equity ETF, not only in Europe but also globally.”
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About Euroclear Bank
Euroclear Bank provides settlement and related securities services for cross-border transactions involving domestic and international bonds, equities, derivatives and investment funds. Serving major financial institutions located in more than 90 countries, Euroclear Bank, based in Brussels, is part of the Euroclear group. Euroclear Bank is rated AA+ by Fitch Ratings and AA by Standard & Poor’s.
As well as Euroclear Bank, the Euroclear group includes Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 675 trillion in securities transactions in 2015, representing 191 million domestic and cross-border transactions. In the first half of 2016, the group held EUR 27 trillion in assets for clients.
For more information about Euroclear, please visit www.euroclear.com.