Vestima: Near fund cut-off order routing
Effective
17 February 2014
the standard Vestima cut-off time is reduced to 15 minutes before the official fund cut-off time for orders.
Additionally, for orders placed via Vestima for which the Order Receivers recognise Vestima as a “trusted source”, the Vestima cut-off time is fully aligned with the official fund cut-off time.
Clearstream Banking1 guarantees that all orders received before the Vestima cut-off time will reach the Order Receiver before the official fund cut-off time. Valid orders are forwarded promptly to the Order Receiver, independently of the Vestima cut-off time.
Customers may consult Vestima for the applicable cut-off times. The Supported Funds List published on the Clearstream website identifies the Vestima cut-off times and many other details.
Vestima automated order routing service and settlement
Vestima provides centralised order routing access to European and international investment funds markets. All open-ended funds available for settlement and custody in Clearstream Banking are also supported for order routing via Vestima. The complete list of funds is published on the Clearstream website under Supported Funds.
Vestima handles subscriptions, redemptions and switch orders specified by unit quantities or cash amounts, as well as cancellation requests. Restrictions may apply due to the requirements of the Order Receiver and/or the terms of the fund prospectus. Orders are placed in the name of the customer. When applicable, the order is further enriched with additional parameters enabling the Order Receiver to identify the underlying customer and apply distribution agreements accordingly.
Vestima provides full straight-through processing (STP), from order entry to final settlement, by issuing settlement instructions on the customer’s behalf based on the contract notes from the Order Receiver.
Further information
For further information on CreationOnline connectivity access and user setup, or about investment funds order routing, please contact as appropriate:
| Connectivity Support | Vestima Customer Services | |
| Email: | connectlux@clearstream.com | csvestima@clearstream.com |
| Telephone: | +352-243-38110 | +352-243-32833 |
For more general information regarding our products and services, customers may contact Clearstream Banking Customer Services or their Relationship Officer.
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1. Clearstream Banking refers to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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