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First in Luxembourg

CSSF approves Swissquote as a depositary bank



Swissquote Bank Europe can now act as depositary for Ucits and AIF funds. Pictured: Dave Sparvell, CEO Photo: Romain Gamba/Maison Moderne/archives

Swissquote Bank Europe can now act as depositary for Ucits and AIF funds. Pictured: Dave Sparvell, CEO Photo: Romain Gamba/Maison Moderne/archives

Luxembourg’s financial regulator has approved Swissquote Bank Europe’s request to act as a depositary bank for Luxembourg-domiciled funds, the bank announced in a press release on 18 January.

The approval of the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, makes Swissquote the first bank in Luxembourg to be able to offer depositary services to digital asset investment funds.

The move comes as part of the bank’s plan to develop its suite of B2B services and strengthen its position in European markets, the press release stated. Another part of this plan was the acquisition, early last year, of Keytrade Bank Luxembourg.

The CSSF’s approval means that Swissquote’s range of services to regulated funds in the grand duchy now spans the asset management value chain, and includes trading platforms, execution, custody (including securities-lending and digital assets) and depositary banking.

Dave Sparvell, CEO of Swissquote Bank Europe, stated: “Swissquote Bank Europe is demonstrating its commitment to serve Luxembourg’s financial ecosystem by delivering a tailored, pragmatic and focused approach to its institutional clients, enabling them to build and deliver a new generation of services for their own clients through innovative solutions powered by Swissquote.”

In 2021, the bank launched a platform on which to buy and sell cryptocurrencies.