A unique CSD* model with Straight Through Processing (STP) from orders routing to settlement
On the one hand, orders are placed by investors via their custodians. The custodian has a direct, or indirect access to the Euroclear Funds order routing platform.
On the other hand, the fund transfer agent acts as centralizing agent in Euroclear France, featuring an STP and delivery versus payment (DVP) process. After settlement, shares are registered on the investor’s account opened in the books of its custodian.
*Central Securities Depository