Seeking a list (with contact information) of European-based and
European-traded mutual funds with next-day (T+1) settlement. It's not
important to me in which European country they are based, though
ideally they would not be traded in the U.S. |
Request for Question Clarification by
larre-ga
on
20 Aug 2002 20:32 PDT
T+1 settlement is only presently available in Switzerland with an
offshore account and currency trades. Additional requirements apply to
foreign national trading. Cross-border T+1 settlement is problematic.
Would you be interested in a listing of European funds that are traded
through American subsidiaries of European banks and funds managers, or
American brokers, with T+3 plus approximately 1% per day early
settlement fees?
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Clarification of Question by
sdchap-ga
on
22 Aug 2002 08:18 PDT
larre-ga: Am I correct in understanding you to say that there is not a
single equity-based mutual fund with T+1 settlement in all of Europe?
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Request for Question Clarification by
larre-ga
on
22 Aug 2002 10:03 PDT
No, that's not what I'm saying. I'm sure that there are. However,
though I speak and/or read three European languages, neither myself or
several other colleagues have yet been able to locate such a mutual
fund and determine its availability to foreign investors, on an
exchange that is equipped for T+1, cross-border settlement. There are
European banks that welcome foreign investors and place trades on
their behalf through their investment departments. However, research
inquiries via e-mail do not generally draw much in the way of personal
response. I've received only pointers to brochures, and their general
organizational investment links. Their bankers and investment
departments make individual recommendations of appropriate fund
investments only with the disclosure of personal details that would
indicate the investor is seriously interested in such investments.
I would be happy to pass along this info, if that is something that
you are interested in, however, I feel that the original price of the
question is clearly too high for what is basically two hours of on and
off searching, reading, and e-mailing, and which is only tangentially
related to your original question. I would estimate the value of such
information at approximately $20-$25.
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Request for Question Clarification by
larre-ga
on
22 Aug 2002 23:10 PDT
Thank you, I'll proceed with the search for your ideal mutual fund
investment opportunity.
Just to illustrate some of the obstacles in this type of search, let
me introduce you to one of the banks I've been investigating: Jyske
Bank of Denmark. Their Private Banking products and services would
seem to meet your requirements. The Copenhagen Stock Exchange has T+1
settlement capabilities for some classes of trades. Their online
prospectus is shown at:
http://www.jbpb.com/1.0_get_in_touch/default.asp?sLangID=uk
Looks attractive and doable at first glance? Unfortunately, that's not
the case, as this Formalities page explains. Click on the Legal Notice
link on the left-hand sidebar.
http://www.jbpb.com/8.0_formalities/default.asp?sPageID=8.4&sLangid=uk
Subject to Variations and Local Law
"Investment products and services described on this website may not be
available to residents outside the European Union and are not
available to residents of the United States of America. The products
lawfully available to you as a client or visitor is determined by the
country of which you are ordinarily a resident."
I will be concentrating on locating banking and investment entities
which allow U.S. investors expedited access to foreign markets. Most
likely these resources will be American correspondent banks with
relationships to European banks such as Deutsch Bank and Credit
Suisse. I can provide Funds locators and other lists of European
mutual funds. I believe I can locate and list several European
brokerage houses that accept foreign investor accounts. I'll see if I
can locate what I consider to be reputable How-to Guides to Offshore
and International Investing, which may provide additional avenues to
establishing foreign investment accounts.
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Clarification of Question by
sdchap-ga
on
23 Aug 2002 09:54 PDT
larre-ga: Thank you. I apologize for not clarifying this earlier, but
the question relates to investment by a BVI Corporation (not a U.S.
citizen).
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Request for Question Clarification by
larre-ga
on
23 Aug 2002 11:28 PDT
Thank you for providing the origin information. The following type of
disclaimer would then be irrelevant to my search?
"This information does not constitute a distribution, an offer to sell
or solicitation to buy any securities in any jurisdiction in which
such distribution or offer is not authorised to any person. In
particular, the shares have not been and will not be registered under
the United States Securities Act 1933 and, may not be offered, sold or
delivered, directly or indirectly, at any time in the United States or
to or for the account of a United States Person. More detailed
information can be found at the Barclays International Funds website."
http://www.bahamas.barclays.co.uk/off-bif-ps.html
I'm not tying to solicit personal data from you. I'm trying to assure
that the answer I provide is directly useful to you and represents
investments that ARE available to you. I don't wish to waste your time
by providing non-viable information and links.
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Clarification of Question by
sdchap-ga
on
23 Aug 2002 13:55 PDT
Correct. That specific disclaimer is irrelevant.
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Thanks for asking!
What an fascinating search this has been. I'll try and organize the
results in a manner that make it easy to sort through. I tried several
methods of finding unified cross-exchange data, however finally
settled upon searching by Exchange, and reading each exchange site to
determine if it matched your requirements. I'll list each Exchange
which is capable of T+1 settlement (clearing) and then links to
listings of mutual funds traded on that Exchange. Most of the Exchange
information is in English, and almost every mutual funds listing
provides basic fund information by simply clicking on the fund name.
Most of the Exchanges also link member brokers.
Exchanges
Iceland - ICEX (http://www.icex.is/vsm_vthi/owa/disp.birta?pk=781) -
claims settlement and clearing at T+1. A variety of funds trading is
available, both open and closed ended mutual funds.
Iceland - Open Ended Mutual funds
http://www.icex.is/vsm_vthi/owa/disp.birta?pk=1094
Guernsey - CISX - (http://www.gfsc.guernseyci.com/investment/index.html)
Channel Islands Stock Exchange claims T+1 settlement of cash trades.
Channel Islands Stock Exchange - Open End Funds
http://www.gfsc.guernseyci.com/investment/schemes.html
Euronext, Paris, Brussels, and Amsterdam Combined Exchange,
(http://www.euronext.com/en/) asserts same day settlement on cash
transactions, however, mutual funds (the terminology, anyway) seem to
be absent from their website. Instead, they describe Trackers, ETF
(Exchange Traded Funds) which differ from the traditional definition
of mutual funds.
Euronext Trackers
http://www.euronext.com/en/markets_prices/trackers_etf/information/
French Funds
http://www.euronext.com/fr/markets_prices/market_watch/national_indices/
Switzerland - The Swiss Exchange SWX
(http://www.swx.com/top/index_en.html) boasts the most modern
settlement and clearing system in the world. This exchange lists
"Investment Companies" which appear to be various equity funds, as
well as the Funds market.
Investment Companies
http://www.swx.com/cgi/issuers/listSegment?segment=IC&lang=en
Equity Funds
http://www.swx.com/cgi/tif/tif_db_query.pl?lang=en
Norway - Oslo Børs OSX
(http://www.ose.no/english/index.asp?lang=english) claims technically
T+3 settlement, however brokers advertise T+1.
Mutual Funds
http://www.ose.no/asp/fund.asp?lang=english
My Background and Resource Links
T+1 in Europe - An American Idea in a Foreign Land
http://www.gtnews.com/articles_se/4503.html
Regulatory Information - Europe
http://www.donnelleyfinancial-eu.com/serv_regeur.cfm
Mutual Funds Screener
http://cgi.money.cnn.com/tools/fundscreener/fundscreener.jsp
Tip - Select Europe in the International Drop-Down box - click
resulting link to view First 100
Morningstar.com - Independent Funds Opinion and Analysis
http://www.morningstar.com/Cover/Funds.html
Google Search Terms
mutual funds european OR international
stock exchange settlement periods
settlement "t+1"
mutual funds Sweden
mutual funds Island
mutual funds France
mutual funds U.K.
mutual funds Ireland
mutual funds Denmark
mutual funds Germany
mutual funds Luxembourg
mutual funds Norway
mutual funds Spain
mutual funds Portugal
mutual funds Greece
mutual funds Italy
mutual funds Estonia
mutual funds Bulgaria
mutual funds Hungary
Also, a number variations of individual language translation of the
terms 'mutual funds' plus native country names
Should you have any questions about the information provided, please,
feel free to ask.
larre-ga |
Request for Answer Clarification by
sdchap-ga
on
26 Aug 2002 07:55 PDT
BTW, do you have any insight into where to find historical NAVs for
the respective European mutual funds? (In other words, a European
equivalent to TrackData's DialData data service.) Will pay
additionally. Thanks.
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Clarification of Answer by
larre-ga
on
26 Aug 2002 09:17 PDT
Thank you.
I'll be glad to take a look and see what Global/European equivalents
toTrackData's DialData can be located. What languages would be
acceptable? You may post this query as a new question, directed to my
attention, if you so desire.
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Clarification of Answer by
larre-ga
on
26 Aug 2002 09:32 PDT
With a quick query, I found that TrackData covers many European
Exchanges. See their datasheet at:
http://www.trackdata.com/exch.html
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