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February 24, 2010

Clearstream, Finesti Sign Agreement For Optimum Allocation Of ISIN Codes

Clearstream Banking Luxembourg and Finesti have completed a technology partnership agreement to streamline and optimize the allocation of international securities identification number (ISIN) codes for all investment funds under Luxembourg law.

By CBR Staff Writer

According to the agreement, Finesti’s application will be one of the channels for the submission of requests electronically for the allocation of ISIN codes within Clearstream, in its capacity as a national numbering agency.

The electronic solution offers several benefits to promoters of investment funds, including traceability and security for allocation requests as well as real-time tracking.

All issued securities, equities, bonds and investment funds, in order to be officially processed, should feature an ISIN code allocated by a national agency, which Clearstream undertakes in Luxembourg. Each year, Clearstream allocates around 15,000 new ISIN codes to Luxembourg funds.

Dominique Valschaerts, CEO of Finesti, said: “This new procedure, which is based on Finesti’s e-file tool, complements the already extensive range of its functions, thereby contributing to optimizing the registration procedure of Luxembourg funds.”

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Philippe Seyll, head of investment fund services at Clearstream, said: This initial cooperation between Finesti and Clearstream is a new step towards further improving efficiency and the infrastructure for handling Luxembourg investment funds.

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