Working with Euroclear UK & Ireland, Northern Trust has enhanced its processing capabilities for investment fund transactions in the UK, improving accuracy and increasing efficiency. 

Using the EUI investment fund service, Northern Trust can now offer automated unit settlement capabilities across the funds market, in addition to its existing automated settlement capabilities for equity and bond transactions.

“As the settlement landscape continues to evolve, Northern Trust is focused on ensuring we can offer the most efficient and accurate processing available,” said Justin Chapman, Northern Trust's global head of industry management. 

Katrina Sartorius, head of product management at Euroclear UK & Ireland, added the thought that automated fund services allow its clients to better manage cash and fund unit positions throughout the business day. “Northern Trust joins a select band of leading custodians in moving away from the prohibitively high rates of cost and risk associated with manual fund administration,” she said.

Developed in partnership with approximately 40 fund organisations, Euroclear UK & Ireland’s automated fund processing solution delivers end-to-end automation from the placing of a funds order, to the settlement, transfer, reconciliation and includes the processing of any applicable corporate events, making a fund held in the UK as easy to administer as any other EUI-eligible instrument.

 

 

Global clearing house LCH.Clearnet reports that it has appointed Shona Milne and Stephen Compton to its board of directors.  

Celent reports the release of a new report titled EMIR and CSDR: Understanding the Impact on CCPs and CSDs. 

Eddie Astanin, chairman of the Executive Board of Russia's National Settlement Depository (NSD), has been elected as a candidate for the Board of Directors of the international SWIFT system by Russia financial institutions which are SWIFT members. 

Societe Generale Prime Services – previously known as Newedge – has been approved as a clearing member of ICE Clear Credit and ICE Clear Europe, which are subsidiaries of Intercontinental Exchange (ICE) and provide clearing services to the credit default swap (CDS) markets. 

Niklaus Santschi, the chief executive officer of the Zurich-based Six Group's payment services division, has decided to leave the post he has held since October 2011; he will go at the end of April.