Integration of MFEX services into Euroclear Bank

The contemplated integration of MFEX into Euroclear Bank will be carried out by means of cross-border mergers in Europe and transfers of assets and liabilities in Asia.

It is contemplated that the integration would take effect on 1 January 2026.

In that respect, Euroclear Bank’s CSDR license has been extended to the new services, and we are engaging with regulatory authorities to, amongst others, establish new Euroclear Bank branches in Sweden, France, and Malaysia, while also extending the activity of existing Euroclear Bank branches in Hong Kong and Singapore.

We will continue to communicate our updates to you by email. You can also find the latest updates here.

Your sole counterparty will be Euroclear Bank, based in Brussels (Belgium), but certain operational tasks may be carried out outside of Belgium from operational centres/offices located around the world.

As a Financial Market Infrastructure (FMI), part of Euroclear Bank’s ability to service you properly comes from flexibility and multiple office strategy.

Euroclear Bank is the premier provider of settlement and related securities services for cross-border transactions involving domestic and international bonds, equities, derivatives, and all types of funds (e.g. Exchange-Traded Funds (ETFs), investment funds, mutual and private market funds). It is also a single-purpose settlement bank, authorised to provide helpful banking services to facilitate on-time settlement.

Euroclear Bank clients benefit from a single access point to post-trade services covering domestic securities from over 40 markets.

You can find more information about Euroclear Bank here.

Both Fitch Ratings and Standard & Poor's (S&P) Global Rating reaffirmed the strong credit rating of Euroclear Bank, with Fitch Ratings confirming a rating AA in October 2024, and S&P Global Ratings confirming an AA rating in May 2024.

Yes. Euroclear Bank is subject to strict compliance with applicable legislations concerning anti-money laundering and counter-terrorism financing including but not limited to relevant Know-Your-Customer obligations as well as recommendations issued by the Financial Action Task Force (FATF).

CSDR (https://eur-lex.europa.eu) is a European regulation which has established an EU-wide harmonised regulatory framework for FMI that are CSDs. CSDR aims to enhance the consistency, safety, and efficiency of securities settlement. 

Certain services may require particular actions from your side, including but not limited, amendments of contracts.

We will contact you in due time to explain the appropriate next steps depending on the service(s) concerned. This will also include providing you with the relevant new email address(es), telephone number(s) and the way we will communicate with you going forward.

No, the contemplated integration will have no impact on the current fees applied. The same agreed fee structures will remain applicable.

For most of our client contracts, no individual client consent is required. The contemplated integration will be executed via cross-border mergers (in Europe) and asset and liabilities transfers (in Asia), which are structured to ensure continuity of contracts. Clients will be notified of the effective date of the transfer and any operational impacts, but no re-signature is envisaged.

For specific cases, changes to (or assignment of) contracts may be necessary, and may require agreement or approval by the impacted clients. Although limited, these changes/approvals would be needed ahead of the contemplated integration date (i.e. 1 January 2026). We will, in due course, provide relevant information to the parties concerned.

The cross-border mergers and transfers of assets and liabilities will result in a transfer of all assets and liabilities to Euroclear Bank, to the exception of limited assets and liabilities in Asia. These exceptions will not have any impact on the services offered and the clients’ rights. The relevant MFEX entities will be dissolved/liquidated.

Euroclear Bank, as a Belgian credit institution, owes a general duty of discretion to its clients, which places considerable restrictions on its ability to disclose to third parties any information concerning its clients and their holdings.

Additionally, as an organisation processing large amounts of data, including data regarding customers’ financial circumstances, Euroclear Bank takes compliance with personal data protection rules very seriously and applies robust data governance standards, including compliance with EU General Data Protection Regulation (GDPR) and local laws where applicable. Data migration and access are being managed under strict internal controls, processes, and security standards.

You will be able to access all your account history on our portals.

For the trading and custody platform GFX, there is no need to update your SSIs for 1 January 2026. Nevertheless, we have decided to consolidate all trading and custody activity on our highly performant FundSettle platform, and we are therefore planning to phase out the GFX platform by July 2027. The FundSettle platform is being enriched with new functionalities. We will contact you in due course about the migration to FundSettle.

For other services, we will provide more details in due course.

We are here to support you and answer any questions you may have.

Please either:

• email us at integration.mfex@euroclear.com
• call your Relationship Manager

The contemplated integration would take effect on 1 January 2026.

Your sole counterparty will be Euroclear Bank, based in Brussels (Belgium), but certain operational tasks may be carried out outside of Belgium from operational centres/offices located around the world. As a Financial Market Infrastructure, part of Euroclear Bank’s ability to service you properly comes from flexibility and multiple office strategy.

You will receive a notice with a reply coupon inviting you to consent to the assignment of your agreement to Euroclear Bank should you wish to pursue with us.

Should you wish to continue the relationship with Euroclear Bank, the reply coupon will need to be sent within a period of [4] months starting as from the date of the notice.

The termination of your agreement will be triggered.

Nothing, your agreement will automatically be novated as part of the merger mechanism.

No, the scope of the services agreed in your agreement(s) will remain unchanged – only the counterparty providing the services will change. Euroclear Bank will ensure the continuation of the services agreed in your agreement(s) with the MFEX entity(ies).

The transfer of assets and liabilities from MFEX Hong Kong to EB head office does not entail the automatic novation of the agreements. As a result, when MFEX Hong Kong is the main counterparty, as a client, you will need to give its consent for the assignment of the agreement to Euroclear Bank.

Yes, the same terms and conditions of your existing distribution agreement, distribution platform agreement and service agreement (as applicable) will continue to apply post-contemplated integration. Only your counterparty will change from the relevant MFEX entity(ies) to Euroclear Bank SA/NV (“Euroclear Bank”).

Please note that, if your agreement also contains clauses regarding the use of the MFEX Trading services, these clauses will be amended as set out below under II.1.

You will automatically, pursuant to the contemplated merger, have Euroclear Bank as new counterparty. No action will be required on your side. 

Specific action is required from our Hong Kong based clients. They will be proactively contacted by us to clarify which action is required ahead of the contemplated integration date (i.e. 1 January 2026). 

The scope of the services will remain the same. Euroclear Bank will ensure the continuation of the services currently provided.

No, the contemplated integration will have no impact on the current fees applied. The previously agreed fee structure(s) will remain applicable.

Yes, your contact person(s) will be the same. 

A specific email address has been created so you may also email us at integration.mfex@euroclear.com. 

No, the RuDA Service will change post-merger, with a simplified rebate process and more operational efficiency. 

We will reach out to you with the new contractual framework which includes (i) the service description, (ii) standardised specific terms and conditions and (iii) the subscription form. 

Your current RuDA agreement will terminate on December 31st, 2025 and you will be able to benefit from the new RuDA service offered by Euroclear Bank as from January 1st, 2025. 

We invite you to review the new documentation and subscribe to the new service by October 1st, 2025.

You will experience the next generation of rebate collection. The RuDA service offers a streamlined, compliant, and scalable model for managing fund rebates—taking efficiency and operational clarity to new heights. Please find below the main changes to expect:

• Simplified onboarding: a single, standardised contract under Belgian law replaces complex bilateral agreements, reducing legal friction and accelerating time-to-market.

• Faster payments: Rebates are collected on our cash account and wired to you within 24 hours of reconciliation—no bulking, no third-party delays.

• Operational clarity: With automated reconciliation and no need for custodian connectivity (if assets are held at Euroclear Bank), clients gain full transparency and control. The service is fully described in a comprehensive Service Description allowing you to monitor the quality of the service and our performance.

• Scalability: Designed to support growth, RuDA enables clients to scale rebate operations without technological constraints nor additional legal costs, covering all your commissions on Investment Funds and EMTNs.

No, the contemplated integration will have no impact on the current fees applied. The previously agreed fee structures will remain applicable.

Yes, your contact person(s) will be the same. 

A specific email address has been created so you may also email us at integration.mfex@euroclear.com.