HANetf last week began migrating a number of its Irish ETFs to a centralised settlement platform offered by Euroclear Bank.
The migration of ETFs held in an Irish ICAV structure was due to finish on Monday and comes as Ireland aims to meet a year-end deadline for migration of ETF issuers to the ‘international central securities depository’ model.
Eurcolear and rival international central securities depository Clearstream offer centralised issuance and settlement service for ETFs listed on multiple exchanges. The model is intended to increase efficiencies and reduce complexity.
HANetf, which is based in London, held the ETFs in the UK’s Crest system and said holdings would be replaced by Crest Depository Interests (CDIs), which operate under the terms of the Crest International Settlement Links Service. The ISINs will not change.
The six ETFs migrated to the ICSD system include the Emerging Markets Internet & Ecommerce Ucits ETF – Accumulating, and other thematic ETFs linked to cloud computing and medical cannabis, among others.
Ireland has 60% of Europe’s ETF assets under management, according to KPMG.
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