Orders arrive as they always have. What happens after is the part we change.
Subscriptions and redemptions come in from the asset manager's distributors. We check each one against the share class, pass it through to issuance, custody and settlement, and return the confirmation on the same channel.
Four steps, applied to every order.
The steps are the same whether the share class is tokenised or the fund is a traditional structure served by a transfer agent.
Distributors send subscriptions and redemptions by API or file. Nothing on their side has to be rebuilt.
Each order is validated against the share class terms before it moves. Orders may be grouped for execution, with allocation held at investor level.
Tokenised classes are issued and delivered on-chain. Traditional funds continue through the transfer agent and custodian already in place.
Execution and settlement confirmations return on the channel the order came in on, leaving your reporting and reconciliation untouched.
Fewer handovers, whichever fund it is.
For a tokenised share class, one firm holds the order from receipt to settlement on a single on-chain record. For a traditional fund, the transfer agent and custodian keep their roles and their own records, and we carry the order through to them, so there are fewer handovers rather than one record.
They keep their systems, their processes and their client relationships. Connection is an API call or a file.
Receipt, validation, routing and confirmation carry a single reference, so enquiries are answered by looking rather than by asking each party in turn. For a tokenised class that reference sits on the on-chain record itself.
The same routing serves both. A tokenised class settles on-chain; a traditional fund continues through its transfer agent and custodian. A first fund can move while the rest of the range stays where it is.
Orders can be netted for execution while each investor’s allocation remains exact.
You keep the client. We carry the order.
Routing sits inside the distribution and fund servicing arrangements you already have. Client onboarding, suitability and advice remain with the asset manager and the asset manager’s distributors. We carry the receipt, validation, routing and confirmation of the order, within our Luxembourg authorisation.
Routing is the front door.
Every investor service runs against the same on-chain register, operated by the same regulated firm. So adding one does not mean connecting another system.
Answered in advance.
Does this replace our transfer agent?+
For traditional funds, no: we route through to the transfer agent and custodian you use now. Where a share class is issued on-chain, the register function moves to us as control agent / transfer agent, which is a separate mandate.
How do distributors connect?+
By API or by file, in the layout they already produce. Mapping to the share class terms is done on our side.
Who is accountable if an order goes wrong?+
We are, within the mandate. Reception and transmission of orders is a regulated activity and we are supervised for it.
How are cut-offs handled?+
Cut-offs are set per share class in your time zone. An order arriving late is timestamped, carried to the next dealing point, and the distributor is notified.
Start with one distributor or one share class.
Enough to see the whole path work, and small enough to leave the rest of your operation untouched.
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