Clearstream has won a mandate to carry out fund processing in the Swiss financial centre, taking up a role formerly held by rival Euroclear.

The appointment was made by SIX Group, a Swiss-based, bank-owned infrastructure.

SIX said it had chosen Clearstream, which operates the Vestima fund processing platform, as a strategic partner to consolidate its fund processing activities.

Thomas Zeeb, head of securities and exchanges at SIX, said: “Partnering with an organisation that places the same focus on operational integrity and efficiency as SIX was a critical requirement for us when conducting a review of our primary fund provider.”

Philippe Seyll, co-chief executive of Clearstream Banking the appointment would create “high operational synergies in investment fund processing for both sides”.

Clearstream and Euroclear are both international central securities depositories and compete for industrial-scale fund processing business.

Euroclear, which operates the FundsPlace platform, has had considerable success with its centralised settlement capability for exchange-traded funds (ETFs) that trade on multiple venues. In April, State Street Global Advisors said it had completed moving its range of its Irish-domiciled ETFs to Euroclear’s platform.

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